• Personal Injury FAQs
• Motor Vehicle FAQs
• Slip and Fall FAQs

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Motor Vehicle FAQs

What if the insurance company says my vehicle is totaled, but is offering me less than the amount that I owe on my car loan?

Texas law only requires that the insurance company pay for the fair market value of the vehicle, not the balance owed on the car loan. This can cause problems particularly for owners of newer vehicles, since there is a sharp decrease in the fair market value after a new car is purchased. Because of this drop in value, when a loan has been taken out to buy the vehicle, there is often a substantial period of time before the loan balance is less than the fair market value of the vehicle. During this time period, if the vehicle is totaled in an accident, the vehicle owner is not only left without a vehicle, since the fair market value of the vehicle is paid to the lien holder - the bank or loan company - but the vehicle owner is also left owing money to the bank or loan company, and is without funds to buy a new vehicle. For this reason, it is a good idea to purchase "gap" insurance, which applies in exactly this situation, and which pays for the difference between the fair market of the vehicle and the balance owed on the loan and the fair market value of the vehicle.

If you are injured in an automobile accident you need to contact an experienced Texas Personal Injury Attorney. Contact us today.