Is an insurance pay-off considered taxable income?

Back in 2021, I financed a car for $60k. During the time I had the car, I would make extra payments on it. This year, the car was stolen. I only owed $15k at the time it was stolen. Insurance valued my car at $47k. $15k went to the bank to pay off the remaining debt and $32k went to me. Is the $32k I received considered taxable income?