1. New Bed- Not necessary
2. Repair Bed- Impossible, the metal is too badly stretched. If someone did
try to repair it, it would end up loking like a washboard.
3. Replace the Side Panel. I'll bet if you look at your Estimate again, the bid
is for a Side Panel replacement rather than a repair of the Side Panel.
$1600.00 is about right to R&R the Bed, replace the Side Panel, repaint
the New Parts and replace the Decal.
And, its not too late to turn it over to your Insurance Company and only be responsible for the Deductible.