The insurance company should value the car on its depreciated value, not the amount paid or outstanding. Some insurance policies also have a "waiver of depreciation" which values the car at "replacement cost" for the first few years, obviously on new cars only.

1999 Red / Tan SVT #1969 of 2760 Built 4/21/99 K&N, DMD, FMS Wires, ES Insert / Bushings, PF End Links 17" FSVT 5-Spokes Factory Spoiler 35% Tint All Around