YOu REALLY need to get your insurance involved! the average hourly rate for insurance work should not apply to a car of this nature! how many of those insurance claims at 42/hr were for a car as rare as a cobra? Not many if any. Most of those were your wife's mini van! haha
Read over these threads... this guy owns a $100,000+ 68 camaro. He had the same problem you are having and he had to get his insurance involved because the guys insurance wouldn't agree to the labor rate. in the end, it all worked out and his car is almost fully repaired now.
Link to pics of the damge, you will see it doesn't look too bad really....
http://www.lateral-g.net/forums/show...ighlight=penny
And here's a pair of links on the insuing insurance battle
http://www.lateral-g.net/forums/show...ighlight=penny
http://www.lateral-g.net/forums/show...ighlight=penny