Insurance Over Texas

430 Hwy 6 S. #102
Houston, TX 77079

About Insurance Over Texas

What you can do when your car is totalled

When your car has been in an accident, the insurance company may declare it a total loss and offer you the fair market value of the vehicle. In Texas, state law requires the insurance company to call it a total loss if the repairs are the same or more than the vehicle’s value. Insurance over Texas, located in Houston, TX, can help you get the insurance you need and will work with you if you have an accident in your vehicle.

The fair market value is based on a formula of many items, like the value of similar cars, the condition of your vehicle and such things. That will be all the insurance company will pay you for, and if you owe more than that on the car, you will still have to pay that debt off out of pocket. There is gap insurance to cover that if you owe more than the car is worth and umbrella insurance to extend your limits.

If you do not agree with the fair market value the insurance company offers, you can get your own estimate at your own expense. Gather comparison prices and go to the insurance company and talk about it.

In getting the fair market value, you are selling the insurance company your car in essence. If you want to keep the car, you may do so, but it is a little complicated.  Let your insurance company know you want to keep the car, and if it has not been auctioned, you can keep it. If it has been sent to auction, you may be able to buy it there. The insurance company will subtract the car’s salvage value and pay you the remainder of the car’s fair market value, minus your deductible. For all your insurance needs, visit in person or give us a call at Insurance Over Texas in Houston, TX.

 

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