On most cars, the time and materials to do the actual painting is minimal (think BIG picture). The large cost is in the prep work to make sure the panels are perfectly straight. This is more time consuming than it sounds. Even on cars that have been well preserved there can be a LOT of little high and low spots that can't be seen until the car is being sanded.

On the insurance side, just a good solid complete repaint can be $3000 to $5000 with a standard two-stage. Now in this case, that would include stripping the trim off the car and typical panel prep. It will depend a great deal on how much work the body shop has to do to make it right.