Can an auto insurer retract its written settlement offer for automobile theft if the vehicle was recovered before money or title was exchanged?

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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 9 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.


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