Can a car insurance company withdraw a diminished value offer?
Last year, I was rear-ended, and the insurance of the at-fault driver paid for the $14,700 in repairs. After that, I hired an appraiser who determined the diminished value to be $4,175. I submitted this claim to the at-fault driver’s insurance, but 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 increased their offer to $2,000. While it’s still lower than I expected, I’m concerned that pushing for a higher amount might cause them to withdraw the offer entirely and risk having to pursue legal action. My question is: if I attempt to negotiate for a larger amount but don’t succeed, will I still be able to accept the $2,000 offer?
While I’m not a legal expert, I can provide some general insights based on your situation. Generally, insurance companies are not legally allowed to rescind an offer that has been made unless there are specific reasons, such as showing the claim was fraudulent or misrepresented. If you’ve received a written offer of $2,000 from the at-fault driver’s insurance company, that offer should generally still be valid even if you attempt to negotiate for a higher amount.
However, it’s important to read the terms associated with the offer. Sometimes, offers can be contingent upon specific actions, including accepting a settlement. If you’re concerned about pushing for more and risking the withdrawal of the offer, it might be wise to consult with a lawyer or an insurance claims expert before proceeding. They can help you understand your rights and the risks involved in negotiating further. This way, you can make a more informed decision about whether to accept the offer or pursue additional compensation.