HA. My deductable for vandelism is 300.00 canadian. I had someone beat in my 2000 civic's bumper in a mall parking lot, and they took off. Damages were 795.00. Vandelism covered it, and I had to pay the deductible.
I pay about 70 bucks per month for insurance, full coverage. Rumour has it, that's about to change thanks to higher rates coming out.
As for wet sanding the clear coat....I guess it's all what you see as better. Painting your car should be, in my opinion the very last option. No matter how good the body shop is, new paint like that wont last, it'll just bubble / peel over time. I'd take my chances with a thinner clear coat, and start using Zaino wax to help restore the clear coat some. Not sure if I spelt zaino right. But, if the scratch is too deep....your screwed anyways.
Good luck.