Yep, have a bike shop assess the bike. Their likely response is that they cannot vouch for the bike's safety and hence it should be replaced. If the frame is metal (steel or aluminum), they may sign off on that part -- but it still might be more economical for the insurance company to just replace the whole bike.

Regardless of what happens, if you were struck by a vehicle travelling at 40 mph and you are still breathing, you came out of this alright. Hopefully you are not too banged up.