(Ben Jackson) writes:

I thought the parachute attachment cables ripping out of seams in the
composite airframe is what totalled it.

Nah, that's just some bondo. The straps lie in channels in the airframe,
and there is a thin layer of composite glued over the top of it.

Deploying the chute isn't that bad from an insurance perspective. The
avionics, engine and probably many other parts will have significant
salvage value.

There's an additional wrinkle to this that I hadn't considered, but
was pointed out by a Cirrus-savvy insurance broker: the straps make
off-airport recovery of the aircraft much easier because you can hook
them to a crane or heavy-lift helicopter and lift the airplane out,
instead of having to chop it into pieces and drag it. Recovery costs
are not insignificant...