Beware of Initial Insurance Claim Settlement Offers!

Nov 15, 2018

If you have submitted an insurance claim and feel the offer to replace your vehicle is inadequate, you’re probably right! Of all the Insurance offers we evaluate, there are only a few companies which make a reasonable offer and we can tell clients “you’re getting a decent offer.” It may be on the lower end of what the car is worth, but the cost of an appraisal isn't going to generate a sufficient return on investment.

The rest of the insurance companies out there are fair game, and in most cases they are so profit oriented that the cost of an appraisal is going to be well justified. We find the reason for this is that they perform preliminary fair market valuations with bad data.

What is their incentive to low ball their loyal customers? They do this because they know you need the money and you are vulnerable after the accident.

They also want to settle your claim quickly, which they know they can do once you accept their offer and cash the check. Most people accept the first offer the insurance company makes, and move on, albeit grudgingly!

What we have seen in the offers made to claimants is that the claims adjusters use one of several software programs that generate what appears to be a well-documented and substantiated appraisal of their vehicle.

What we find are mistakes, and the vehicles used as comparables are the insurance companies own claim vehicles. Sure, what better place to find market data than the claims department? These are wrecked cars that the insurance industry as a whole has paid what they call fair market value. They low ball other people on their claim and turn around to tell you that yours was only worth one of their own vehicles, not an undamaged car that the value was set thought the process in the appraisal clause of the policy, not what someone would have paid you for the vehicle prior to loss.

If you were offered a settlement based on a CCC One, Mitchell or some other similar Market Valuation Report, we can almost guarantee you’re being low balled. Even in their own policy Appraisal Clause they are required to hire an independent appraiser to represent their own value. Consider why that original offer is being discarded and an independent appraiser hired? Maybe that original appraisal used for the offer doesn’t hold up under scrutiny? Is the Independent appraiser hired truly “Independent” or do most, if not all, of the appraisals they perform on behalf of the insurance company? The point is, the insurance company is a business and they want to make a profit, they will do what they need to offer you the lowest settlement.

Hire a credible independent, impartial and objective auto appraiser to represent your best interest! The insurance company has a whole staff to only save them money! Protect what you already paid for in your insurance policy and get a Prior to Loss Appraisal from Auto Appraisal Network

Tags: All, car appraisal, cars, Auto insurance, Appraisal Clause, Total loss, Prior to loss

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Beware of Initial Insurance Claim Settlement Offers!

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