Question 1

What if I owe more on my car loan than the settlement amount?

Accepted Answer

This is called being "upside down" on your loan. You are still responsible for paying off the full loan amount. This is where "gap insurance" comes in. If you purchased gap insurance when you bought the car, it will pay the difference between the ACV settlement and what you still owe.

Question 2

Can I keep my totaled car?

Accepted Answer

Usually, yes. You can choose to "retain salvage." The insurance company will pay you the ACV minus the salvage value of the car (what they would get for selling it for scrap). You would then get the car back with a "salvage title," and you would be responsible for getting it repaired and inspected before it could be legally driven again.

Question 3

How long does my rental car last?

Accepted Answer

The at-fault party's insurance is responsible for paying for a rental car for a "reasonable" amount of time. This usually ends just a few days after they make a settlement offer on your totaled vehicle, so it's important to act quickly.

car totaled Texas

My Car Was Totaled. What Are My Rights in Texas?

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