Q: Do I have to accept what the insurance company is offering to replace my truck?
I was involved in a MVC on 5/9/19. It involved 5 vehicles with my vehicle being in the middle. The vehicle that caused the accident was a moving truck with a trailer. It took over a week before their insurance company would authorize me to get a rental. Because when the person that caused the accident didnt give them all the info in regards who was involved do this delayed everything. So I missed work since I didnt have a working veh and I had to pay for my towing. The insurance company finally sent someone out this Monday to look at my truck. They totaled my truck out. Their total loss dept contacted me and said they would give me a set amount for my veh. Which would pay off my remaining balance. My truck is listed on my bankruptcy. So I gave them my bankruptcy info and they spoke with to get the payoff amount. Then they sent me an email saying they are sending them a check to pay off my truck. Well this still leaves me with no truck to drive to work, less 2 days of work, towing, etc
A: They should pay for your towing bill as well. But, you could have determined the FMV of your vehicle and counteroffered the company and possibly been able to get some money in your pocket for a down payment. Good luck to you and we hope that you were not injured in the accident.
A: If you were hurt contact a member of the Texas Trial Lawyers Assn. They give free consults. Do not sign a release until all your property related claims were paid, and then it should be "for property damage only." Watch any check you get doesn't say "release of all claims." Unfortunately the law in most states isn't that they have to front a rental but reimburse it. If you don't have the $$ for that, doesn't do you much good, so if that bothers you tell your state rep to change the law.
Unfortunately also no one needs to give you a replacement cost, just the cost of the vehicle, and if you owed the value of the vehicle, then you end up with no wheels. In fact if you owed more than the "market value" you'd end up paying on a set of wheels that no longer exists!