Typically the insurance companie will pay the cost of the vehicle at the time of loss, they will not pay anything more. If you purchase a vehicle that is higher than blue book, then consider gap coverage to help with this type of situation.
It gets a little complicated. When a car is declared a total loss (cost of repair is 75% or more of the value of the car) the insurance pays for the fair value of the car. minus any deductible that applies. If there is a loan recorded against the car, the payment goes first to the company that made the loan, anything left gets paid to the owner. But if you owe more than the car is worth, the insurance company still pays what the car is worth (to the loan company). The owner is then responsible for paying anything the insurance company did not pay. You can look up the fair market value of a car on line at nada bluebook or Kelley blue book.
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