Well it's like a car being totaled, once they pay you for it, it's theirs. You may be able to buy it back from them for a "discounted" price but it would actually belong to them. In all probality you will not see the gun for a while and when/if you do it could very well be trashed (all scratched up, etc.) which would lower the value quite a bit.
Say for instance, cops findit ona robbery suspect, he drops it on the ground, when they cuff him they kick it around on the pavement, then it's kept 3 years in the evidence room. Once it's returned to you it would be worth very little. Call the insurance company, tell them that it was returned to you but in whatever condition it actualy is in. You would have to ask them what they want you to do with it. Once they give you "disposition" instructions you can offer to buy it for whateveryou want to offer.
Now that being said. Ifyour insurance co. is out of state. They will just tell you to keep it since they would incur more costs in even getting it to them.
Also, if they want it back, insist it goes through a FFL and they pay the "fees" that way it's no longer in your name;).