The insurance company will estimate what they can get at auction for the totaled VX and offer you a lesser amount to keep the VX.

In 2008 (pre-VX for me) I had a 2003 Explorer "totaled" in an intersection. The insurance company offered me $9K or $7K if I wanted to keep my totaled Explorer with a salvage title.

Keeping the VX might be worth it if the damage wasn't too bad. You may end up on top financially and just have a salvage titled VX.