My car might be getting written off and it isn’t my fault. My car is on finance have gap insurance

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Can someone please explain what happens in the following situation?

Someone has crashed into my car today whilst I was not in it. They have admitted full liability, but it looks like a write off. We are just waiting for confirmation. I don’t understand fully what happens now. This is what I think will happen, if someone could confirm or correct me please, I would be so grateful.

These figures are not exact, just estimates.

I bought my used car just over a year ago for £6000 on finance, which with any added extras and interest came to about £8,000. I paid a £200 deposit and I took out gap insurance.

I am guessing that what will happen is:

They will value my car at say: £4000. That amount is paid to my car finance and my gap insurance covers the missing amount, for example the remaining £4000.

So, I am left with no debt but no car either.

If this is true, I can’t see how it is fair. I been paying off my car for over a year now and have paid back around £2,400 so far. If my thinking is right, I am left with out any money to buy a replacement car and will have lost the £2,400 I have paid so far.

I really hope I am wrong! I would be very grateful for any help!

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