Can a car insurance company take back a diminished value offer?
Last year, I was rear-ended, and the insurance of the at-fault driver covered my repairs, which totaled $14,700. Afterward, I hired an appraiser who determined my car had a diminished value of $4,175. When I submitted this claim to the at-fault driver’s insurance, they initially offered me just $300 and then stopped responding to my follow-ups. After I filed a complaint with the Office of the Commissioner of Insurance, they finally contacted me again and upped their offer to $2,000. While it’s lower than I expected, I’m concerned that pushing for a higher amount might lead them to withdraw their current offer and push me into a court battle. My question is this: If I attempt to negotiate for more and it doesn’t work out, will the $2,000 offer still be valid?
It’s understandable to be concerned about the possibility of the insurance company rescinding their offer if you try to negotiate for more. Generally, once an insurance company makes a formal offer, it should remain valid for a certain period, unless they specifically state otherwise. However, it’s crucial to review the terms of that offer and any correspondence you’ve had with them.
If you decide to negotiate for a higher amount and the insurance company feels that you’re being unreasonable, they might withdraw the offer, but that is not guaranteed. It’s often a balancing act—trying to secure fair compensation while also weighing the risk of losing what you’ve already been offered.
One approach could be to express your desire for negotiation while also making it clear that their offer is below your appraiser’s assessment. This way, you’re providing them with a rationale for your request. It’s also a good idea to document all communications, so if you feel the need to escalate the situation legally, you have a clear record.
If you’re feeling uncertain, consider consulting with a legal professional who specializes in insurance claims, as they can provide tailored advice based on your specific situation and help you navigate the negotiation process more effectively.