If you’re reading this, you’ve written the insurance company and gotten a bad offer or been denied. You made a counter-offer and gotten another bad offer. You even made another counter-offer. The insurance companies don’t make it easy, do they? But we’re not done yet. Time for the third counter-offer.
This letter will contain much of the same information as the others, which is a good idea for documentation purposes, but we’re also going to add a new section: your comps.
Comps are vehicles that are comparable or similar to your vehicle. By documenting these vehicles and what price they sold for, you can establish an idea of what the actual market for your vehicle is. This is proof to show that the insurance company’s offer is too low.
The trade-in offers from the dealership were one form of documentation, but for this one, we’ll be looking at other sources. This will require a little bit of detective work. Basically you need to find vehicles similar to yours in your local area and document them. This documentation can come from your Auto Trader, Edmonds.com, Craigslist, or anywhere else that cars are sold. Be sure to get the price, the model, year, make, and contact information. If you can find three that are similar to your vehicle, that’s a good number.
You will most likely notice that these cars sold for a lot more than the insurance company’s comps. Thus, they serve as proof that the insurance company’s offer is too low. If it happens that the comps are around the same as the insurance company’s, then that is information that the insurance company’s offer was actually good, and you should consider accepting their settlement offer.
Everything else in your letter should be the same as the previous offers. Don’t be afraid to repeat yourself, as those elements all form part of the paper trail, and are necessary.
Note that the offer expires in ten working days, and send it to the insurance adjuster.
If you’d like some help going through this process, a Car Crash Kit can provide you with form letters that include relevant Arizona case law and statutes. Also, included in your Car Crash Kit will be directions, suggestions on how to respond to common insurance company arguments, and how to settle your diminished value claim after you receive a fair settlement offer. The cost for a Car Crash Kit is only $50 and can help you recover hundreds to thousands of dollars more in compensation.
To see if your property damage qualifies for diminished value compensation just take our Free Quiz below.
Legal Disclaimer: This article provides general information and should not be taken as legal advice. Car Crash Kit is not a law firm and cannot provide legal advice. This article is an advertisement.