Can a car insurance company retract a diminished value offer?
Last year, I was rear-ended, and the at-fault driver’s insurance covered the $14,700 needed for repairs. Afterward, I hired an appraiser who determined that my car had a diminished value of $4,175. I submitted this claim to the at-fault driver’s insurance company, but they only offered me $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 offered $2,000. While it’s less than I was hoping for, I’m concerned that if I push for a higher amount, they might withdraw their offer and force me to take legal action. My question is, if I attempt to negotiate for a higher amount and it doesn’t work out, will the $2,000 offer still be valid?
It’s understandable to feel apprehensive about negotiating after receiving an offer, especially when you’ve already gone through a challenging experience. Generally, if you counter their offer or negotiate for a higher amount, they may be less inclined to rescind the original offer. However, their response can be unpredictable.
Here are a few points to consider:
Written Offer: If the offer of $2,000 was made in writing, it’s more likely to be honored, as it becomes a formal offer. However, be aware that insurance companies often reserve the right to review claims, and there’s a possibility they may reconsider their position.
Negotiation Strategy: When you negotiate, it’s best to present well-researched arguments to justify your request for a higher amount. This can strengthen your case and show that you’re serious about your claim.
Consult with a Lawyer: If you’re genuinely concerned about an adverse response, consider consulting with a lawyer who specializes in insurance claims or personal injury. They can provide guidance specific to your situation and help navigate negotiations.
Consider Your Options: Weigh the potential pros and cons of pushing for a higher amount versus accepting the $2,000 offer. Sometimes settling can save you time and expenses associated with potential legal action.
Ultimately, while there is a risk involved in negotiating, it’s a common part of the claims process. If you decide to pursue a higher claim, be prepared for different outcomes and have a plan in place for how to proceed based on their response.