Car insurance commercials always portray their representatives as helpful and concerned for the well-being of their customers. They act as if their only focus is getting their client back on the road after an accident. The truth is the insurance company’s goal is to give you as little as possible when you have an accident. You pay for insurance coverage, but don’t expect your adjuster to be looking out for your best interests. Here’s what insurance companies don’t want you to know.
Insurance Companies Exist to Make Money Off of You
Insurance companies stay in business because they make more off their customers than they pay in claims. The more insurance pays for your accident, the less they make, so they will offer you as little as they think they can get away with.
They Can Use Medical Statements Against You
It may not be in your best interest to give your insurance company recorded statements or access to your medical records.
If you sign a statement that indicates you’re not that hurt or that the accident might have been your fault, the insurance company can use those statements to deny your claim. They can also use your medical records to say injuries from your accident actually came from a prior incident. Many companies pay doctors to examine medical records looking for just such an excuse. For example, if your physician treated you in the past for a sports injury, the insurance company may say your knee pain is not related to the accident.
They Want You to Take Their First Offer
Before they settle, insurance companies weigh whether they’ll make more money paying you a small claim right away or delaying payment in the hope of finding a way to deny financial responsibility. If they’re quick to make a settlement offer, most likely it’s because they know they owe you money and they want to pay less than what you deserve.
They Make Money When They Delay
Insurance companies make most of their profit from investing premiums. When they have to settle, it reduces the amount they have to invest. The longer they wait to pay your claim, the more time they have to use your money.
They Hope You Won’t Hire an Attorney
People who are represented by attorneys typically collect more money than people who are not. Insurance companies train adjusters to do anything they can to discourage people from consulting a lawyer after an accident because they know the involvement of an attorney will cost them more.
If you’ve been in an auto accident, you’ve been through enough already. Insurance companies have resources and staff to avoid paying what you’re owed. You shouldn’t have to face them alone. An experienced car accident lawyer can represent you to achieve the best compensation. Call Gallon Law at (419) 843.6663 today.