Can a car insurance company withdraw a diminished value offer?
Last year, I was rear-ended, and the at-fault driver’s insurance paid for the $14,700 in repairs. After that, I hired an appraiser who determined my vehicle had a diminished value of $4,175. When I submitted my claim for diminished value to the at-fault driver’s insurance, they initially offered me only $300 and then ceased all communication. After I filed a complaint with the Office of the Commissioner of Insurance, they finally responded and raised their offer to $2,000. While this is less than I expected, I’m concerned that if I push for a higher amount, they might rescind their offer and force me to go to court. My question is, if I attempt to negotiate for a better deal (and don’t succeed), will the $2,000 offer still be valid?
I’m sorry to hear about your situation. When it comes to diminished value claims and insurance settlements, it can definitely be tricky. Generally, once an insurance company makes an offer, that offer is valid until you either accept it or the offer expires (if stated). This means that if you decide to negotiate for a higher amount, the insurance company shouldn’t be able to rescind the offer you’ve received—especially if it comes after a formal complaint.
However, it is crucial to review the terms of the offer and any communications you have had with the insurer. If you feel confident that you have solid grounds for negotiating further—like the appraisal you commissioned—then it’s worth pursuing. Just be prepared for the possibility that the insurance company might not be open to negotiations, but it’s unlikely they would just take back their offer without cause.
It may also be helpful to consult with a lawyer or a public adjuster who specializes in these claims to understand your rights better and strategize your next steps. They can provide tailored advice based on your specific case and the laws in your state. Good luck!