Relying on a car insurance company to pay you a decent sum of money after an accident isn’t a winning strategy. Sometimes insurance companies pay out, but they also lowball their offers and sometimes deny valid claims. Getting proper compensation can be a battle.
Are you currently considering negotiating a settlement with an insurance company? You probably won’t get far. Here’s why you can’t rely on an insurance company for adequate compensation.
1. Insurance companies aren’t on your side
Car insurance companies don’t exist to help injured parties; they’re corporations that exist to generate profit. They’re always looking out for their bottom line and will do anything to limit payouts. For example, insurance adjusters must follow strict rules that include lowballing offers and sticking to a maximum payout for each claim.
No matter how hard you try and no matter how great you are at negotiating, you’ll never get more than the maximum payout set for your claim. If you’re lucky enough to get the maximum, it might cover your medical expenses, but probably won’t cover anything else.
If you’ve been injured in a car accident, hiring an attorney is the only way you’re going to get adequately compensated. You might get something from the insurance company on your own, but a personal injury attorney can get additional compensation like lost wages, lost future income, and pain and suffering.
Your claim is worth more than just your medical bills. Even a minor injury can make it hard to live a normal life. For instance, if you can’t move your finger or wrist, you can’t type. If you rely on your ability to type to earn a living, you’ll experience a significant setback while you heal.
2. Negotiating lowball offers is exhausting
Have you ever tried to negotiate a better price for something at a flea market? It’s not easy. You have to really work someone to get them to come down on their price, even when the price is high.
It’s the same with car insurance companies, but in reverse. They’re going to give you lowball offers every step of the way. You’ll have to fight hard during each round of negotiations just to get a little more compensation. Multiply that by three or four rounds and you’ll want to take their offer just to end the process.
To avoid the exhaustion of negotiating with a car insurance company, talk to an attorney about your case. If you have a good case, an attorney will be able to recover far more compensation than what you’d get by relying on the insurance adjuster’s offer.
3. Valid claims get denied
So, you think you have a valid claim? That may be true, but that doesn’t mean the insurance company is going to pay on your claim. In fact, many valid claims are unfairly denied.
If you’re counting on the insurance company to pay out simply because your case is clearly valid, you’ll be disappointed if your claim is denied. When your claim is denied, you can always appeal. However, you need to be absolutely certain your claim was valid. The best way to know is to consult with an attorney.
You can’t expect a car insurance company to pay out on a claim, even when you know your claim is valid. Keep it in the back of your mind to contact an attorney to discuss your case.
4. You might get the runaround
Insurance companies are notorious for delaying claim payouts. That’s because they want to keep their money as long as possible so it can continue earning interest. The longer they take to pay out your claim, the more profit they make.
One of the tactics car insurance companies use to delay claims is to send you more paperwork to fill out. Another tactic is to take their time returning phone calls. If you need that money immediately, you can’t count on it coming in anytime soon.
If you’re going to wait for your payout, you may as well file a lawsuit. You’ll still have to wait for a settlement check, but you’ll most likely get a higher amount of compensation, making it worth the wait.
Move on your claim as quickly as possible
Whenever possible, hire a personal injury attorney to move on your claim quickly. Don’t waste your time waiting for an insurance company to pay you mere pennies compared to what your claim is worth.
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