Probably, BUT the way it works is if your insurance company pays you IT takes over your rights to go after third parties who may be responsible (it's called subrogation) such as the actual thief and the possibly negligent garage.
Make sure you ask your carrier about how you can recoup the deductible as if you can go after the garage without its consent you may foul up its rights to do so and thus your insurance company will come after you for what you cost them by going after the garage. My sense is that they will give you a choice -- either sue the garage on your own and forget having them reimburse you or take their settlement less the $500 deductible and if they eventually recover that from the garage they'll pay you. (But don't wait home for the check....)
