Legal Question in Insurance Law in Texas
Car pay-off responsibility
I was hit from behind. The other guy was at fault. His insurance company decided to total my car. They won't pay it off. I can't afford to pay for the totaled car and get a new one. What do I do I need transportation. Is this legal
Asked on 3/19/01, 7:37 am
1 Answer from Attorneys
Charles Aspinwall
Charles S. Aspinwall, J.D., LLC
Re: Car pay-off responsibility
The insurance company is obligated to pay you the fair market value of your car. If your loan balance exceeds that figure, it is something you will have to pay. The insco is not liable for the amount of the loan, only the value of the car.
This is often a negative consequence of lonng-term automobile financing - the value of the car goes down faster than the balance of the loan.
Answered on 5/26/01, 11:40 am
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