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What if my automobile is considered a total loss?

 

A: If your vehicle is considered a total loss (the cost to repair it exceeds the value of the car), then you will receive a check for the value of the car, plus sales tax, title and license fees. If you have a loan on the car, that loan must be paid off first, and you will receive the excess money. If your car is determined to be worth less than the outstanding balance on your car loan, then you will be responsible for the difference. If you purchased "gap" insurance with your loan, then that insurance will cover the difference. Oftentimes, there is a dispute as to how to calculate the value of your car. Websites that assist in this valuation process are NADA Guides, Kelly Blue Book, AutoTrader.com, Cars.com, and Edmunds.com.


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1310 W. El Paso Street
Fort Worth, Texas 76102
Phone: 817-294-1900
Toll Free: 800-354-MARK
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North Tarrant County Office
9500 Ray White Rd., Suite 200
Keller TX 76244
Phone: 817-294-1900
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3102 Maple Ave, Suite 400
Dallas, Texas 75201
Phone: 214-327-8000
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