I would say your best bet at this point is to part out the bike... You should be able to make back the $1400 you are out of pocket (GAP insurance would have covered you there by the way) pretty easily if the motor is still good.

By the way, consider yourself lucky. I had a brand new 2006 GSX-R1000 stolen three months after I bought it. I did have full insurance but did not have GAP insurance. Long story short, I ended up somewhere around $4,000 out of pocket after insurance pay out. Needless to say, I have GAP insurance this time around, and yes, I know how stupid it is to finance a toy... I am reminded each and every month when half my payment seems to go to interest charges!