What if an agreement cannot be reached with the Insurance Company on the Actual Cash Value?

If you and your insurance company fail to agree on Actual Cash Value, you may have the right to hire an appraiser via the Appraisal Provision of your auto policy. Under this provision, you and the company each hire appraisers, and the two appraisers try to come to an agreement on the value of your vehicle. If they cannot reach an agreement, they will select an umpire to make the final decision. Both you and the company will share the cost of the umpire. You may have an appraiser in mind. If not, one source may be the Yellow Pages.

If you and the other person’s insurance company fail to agree on Actual Cash Value, you may be able to seek payment from your own insurance company if you have purchased collision coverage. Under this process you would be subject to any applicable deductible and policy payment provisions. Your company, if it chooses, could then pursue reimbursement from the at-fault driver’s company. If you did not purchase coverage for damage to your car, you would have to attempt settlement directly with the other company, or you could seek legal advice. If the value of your claim is under $4,000 you can pursue it in Small Claims Court. To pursue larger amounts you may want to consult with an attorney to discuss your options.

From: Washington Insurance Commissioner Fact Sheet