Can a car insurance company withdraw a diminished value offer?
Last year, I was rear-ended, and the insurance of the at-fault driver covered my $14,700 in repairs. After that, I hired an appraiser who determined a diminished value of $4,175. When I submitted my claim for this diminished value to the at-fault driver’s insurer, they first offered me only $300 and then stopped responding to my inquiries. After I filed a complaint with the Office of the Commissioner of Insurance, they finally reached out again and increased their offer to $2,000. Although that’s less than I was hoping for, I’m concerned that if I push for a higher amount, they might rescind their offer altogether and take this to court. So, I’m wondering: if I attempt to negotiate for a better deal and it doesn’t work out, will their $2,000 offer still be valid?
It’s understandable to be concerned about the insurance company’s response if you push back on their offer. Typically, once an insurer has made an offer, it doesn’t automatically rescind that offer unless there are specific reasons or new evidence that significantly change the situation. However, insurance companies can be unpredictable, and if you are negotiating for a higher amount, there is always a possibility they could lower their offer or withdraw it completely.
In your case, it’s a good idea to clearly communicate your reasons for seeking a higher amount, such as the appraisal value of $4,175. If you feel confident about your case and have documented evidence of the diminished value, it may be worth pursuing a higher offer.
You might also want to consult with an attorney who specializes in insurance claims to get personalized advice on your situation. They can help ensure you navigate the negotiations effectively while protecting your interests. Remember, you don’t have to accept the offer immediately, and it’s reasonable to negotiate, especially if you have strong supporting documentation for your claim.