Can an auto insurer retract its written settlement offer for automobile theft if the vehicle was recovered before money or title was exchanged?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can an auto insurer retract its written settlement offer for automobile theft if the vehicle was recovered before money or title was exchanged?
My car was stolen about 6 weeks ago. My Insurer provided a written settlement offer 4 days ago, which I verbally accepted 3 days ago. Upon driving to the supermarket yesterday, I identified someone driving my vehicle on the road. I pursued the individuals and contacted local police. The individuals were apprehended and the car was recoverd. The arresting officer mentioned that the criminal was a drug dealer as few pill containers of marijuana and cocaine were found on him. The total damages to my car were only $4K and the offer was $24K. I do not want to take posesoin of the car.
Asked on May 14, 2012 under Insurance Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you did not sign a written settlement agreement with your insurance carrier with respect to the theft of your car that was recovered with $4,000 worth of damages, your insurance carrier is not legally bound to its settlement offer to you for $24,000 that you orally accepted.
For there to be a binding settlement agreement concerning your loss of the car, there would be required a signed settlement agreement by you and a representative of your insurance carrier.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.