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Well, it stinks that you won't get much from the deal, but it is better than still owing money on the loan after the car is totaled.
Paying cash for a car is great, but if you want a newer model, most people just can't do that and have to finance most of the purchase. The key with financing a car is to either put down enough on the car so your loan balance is always less than the value of the car, or pay extra for GAP insurance to cover your loan balance. No need to 100% write off financing a new car, just make sure you are covered if something like this happens again. You could technically go and buy another 2010 Corolla and finance it for about 2-1/2 years and be in just about the same financial condition payment wise. You got lucky this time since you owe about 2 years on it. Most people owe more on a car than it is worth for the first 2 years of the loan.
Good luck finding a replacement. I heard today that used car prices are already going up a considerable amount due to all the hurricane damage and demand for replacement cars, and not just in the NE but across the US.
As far as I know any cars that go under salt water are illegal to sell again... They are a total loss no matter what. Even if they just get wet to the carpets with say leaving the engine above water to the point it isn't filled full of salt water the rest of the chassi would have been in contact and so selling a storm car would be illegal.
My only personal experience was the Blizzard of 78 where I know for a fact salt water damaged cars were illegal to sell. and my uncles diesel M Benz had floated engine down but wasn't water flooded, that when i could drain the interior and jack the car up to get out a lobster pot and a few smaller boulders, I was able to start that car and run it to drive it out of what was left of the garage.
Never the less it was toast, all the while still looking great.
people need to look into ins and get good ins for replacement coverage, and or over value coverage. I have 1000 over value on my bike and replacement cost too.
This type of ins costs more than normal but if i crash or if the bike is stolen I get money enough back to replace the bike with a similar bike and + 1000, which cover items I can prove i added on, with receipts and pictures.
The OP just needs to go buy another car.... What ever ins does it does... It won't get this car fixed. That car will be headed for a shredder....
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