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What happens if you reject the insurance companies offer for the totaled car?
Wiki User
∙ 16y ago
If you do not agree with or wish to reject the companies settlement offer then it is time to attempt a renogotiation of your settlement. Remember that in Most jurisdictions the company is required to make an attempt to settle your claim within 60 days. They are not actually required to settle within 60 days, only to have made the offer. If you have reason to believe that the settlement offer was inadequate, you should clearly and calmly explain in detail how and why you have come to a different valuation of your claim. You will likely find the company receptive to your opinions and may get them to consider factors that they previously did not take into account or were not aware of when they made the first offer. Most Insurers with some few notable eceptions are eager to come to a fair settlement within the regulatory guidelines. After all, a 1,000 dollar good faith settlement with a satisfied claimant is worth more than 10,000 dollars in advertising. 1. If you reject the offer The company is now released from the regulatory time limit required to settle the claim. 2. Bare in mind also that the company only has to make an offer that is in line with the market or replacement value of the vehicle. Meaning the comparable value of the same or similar type vehicle. Sentimental value and extenuated values such as classic car value is not a factor in determining market value. Classic or Antique vehicle value should be covered on the Owners Policy with a classic auto rider attached to the owners policy.
Wiki User
∙ 16y ago
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