Search threads here and you'll find upholstry shops did it for that amount for forum members. My mechanic quoted me 4 hours at $90 an hour, which is a little more, but he's not an upholstry shop expert!
It's my understanding that it will depend on the condition of your top, specifically the stitching around the plastic window. Your insurance adjuster will probably make the call. When my back window ripped, I was given a check to replace the whole top. Even after the deductible, I was left with over $2k.
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1997 Honda Accord | V6
2004 BMW 330i | ZHP | SOLD
2000 Porsche Boxster | SOLD | http://www.986forum.com/forums/showthread.php?t=9114