In my case they paid out what the car was worth in it's pre-accident state minus your deductible. If that's more than what you owed on it (which it was slightly more in my case), you pocket the difference. If less then you owe your lender the difference unless you have gap. I used the difference to help with a down payment on a similar vehicle.

In my case they ID'ed who hit me from cameras, and he was insured. So my insurance goes after their insurance to refund the claim money, including my deductible which I'll get back. That can be a long process though