Bike likely being totalled, now what?

I was in an accident, the other party was deemed liable and are paying for damages. My bike is worth around 2500-3000 dollars. The cost to repair the bike will be around 5,600 dollars. I am fairly positive that the bike is going to be totalled. What im wondering is what happens next? Will the insurance company pay me the 5600 dollars and total the bike? Or will they see that the market value of the bike is lower than 5,600 dollars and pay me less?