Call Now • Open 24/7 903-597-6000

Your Right to Payment if Your Car is a Total Loss

Question : 
The other driver’s insurance company has declared my car a total loss because of an accident. Is the insurance company required to pay me its replacement cost?

Answer : 
No. The insurance company only has to pay you the fair market value of your car at the time of the accident. The fair market value of your car is what you could have reasonably expected to sell it for in your community. If you paid more for your car than it was worth, or if you owed more on your car than it was worth, you may lose money.

Even if it is a total loss, your car may still have salvage value. If you choose to keep your car, the insurance company can deduct its salvage value from the amount they pay you for your car.

Free Case Review

You have nothing to lose by letting our attorneys advise you of your options. For a no-cost, confidential attorney review of your case, contact us using the form below or by calling us at (903) 597-6000.

Contact Us
Name
Name
First
Last

Our Personal Injury Lawyers Are Featured in the Top 100 Personal Injury Trial Lawyers Our Personal Injury Attorneys Have Been Texas Super Lawyers for Decades Our Lawyers Have Been Recipients of the Mult-Million Dollar Advocates Award for Personal Injury Lawyers

From one former client:
"I am so happy to have chosen the best law firm around. The staff is amazing in handling your questions promptly. I hope I don't ever need them again, but if I do, there is no question I will be back. Thank y'all so much for helping me." - Heather N.