There are a number of options, the third party's liability lies at the repair cost to re-instate the vehicle to it's pre-accident condition. You could demand for it to be a total loss on that basis. It does also depend on whether you are claiming through your own insurer, an accident management company or directly through the third party.

You could contact the third party insurer directly and ask them to buy the car off you at £200,000 to negate the claim for loss of use of another vehicle whilst your vehicle is being repaired. On a £200,000 Ferrari, to provide an alternative vehicle will probably be costing over a £1000 a day. Should they buy your vehicle off you, they can then repair the vehicle in their own time, mitigating hire cost, and sell the vehicle later without it being a total loss. Should they do this, all parties will be happy. The other alternative is have the vehicle repaired, claim for diminution in loss as it will have reduced in value as a result of the incident and, should you still wish to not have the vehicle, sell it.