It will be, it's a Cat N, which is Non-structural damage, this sort of write off doesn't even require you to send the V5 logbook back to DVLA for them to mark it as a write off. I think it's down to what Phil wants to do with it, if he plans to sell the bike in the future, it being a Cat N would affect the selling price, however if he's going to keep it as a spare, I would agree with what others have said here and buy the bike back, he would still get £2,350 as settlement, he could use that as a down payment for another bike.