Insurers have started going to the manufacturer to get repair quotes so that £4700 is to have fiat rebuild it with Gen Fiat parts and a full strip down and repaint.
If they give you the chance to buy it back then do it as it will only be worth £200 tops in its current state, then you go buy an MOT Failure Punto and use that to repair it as much as you can. any Mk1 would do just to get it back on the road, I recon I could repair that in 2 days as it looks a little worse tha my Cinq did after it bummed a Golf and lost and I rebuilt that in a day lol.