GEICO Insurance made $2.1 billion in the second quarter of 2020. That kind of profit in one quarter has a lot to do with consumer claims they denied. Even if you receive an insurance claim, there are times the company minimizes the award. The truth is insurance companies train adjusters to provide you with minimum benefits for your injury claims.
Upon researching various insurance companies, it may be impossible to learn about insurance company secrets. It’s important to note that you may need knowledgeable and experienced legal help because there are so many insurance secrets regarding claims.
Insurance business entities have an agenda to help increase the insurance company’s bottom line. Please read on if you are interested in learning more about secrets the insurance companies don’t want you to know.
Insurance Company Secrets
A personal injury is more than an accident. Often a personal injury consists of an accident with physical, emotional, and psychological injuries. These type of accidents range from:
- Defective products or service
- Car accidents
- Slipping or falling
- Animal bites
- Work-related injuries
Even medical mistakes and malpractice falls within personal injury claims. Each personal injury claim involves recovery. Your recovery from an accident requires various medical costs so you can regain your health and well-being.
However, insurance companies attempt to minimize your pain, suffering, emotional trauma, or disabilities. The five secrets below are ones insurance companies keep well hidden and your insurance adjuster never mentions.
Insurance Company Tips
Always try to understand your insurance company’s financial strength. One insurance tip is to ensure that your insurance company can pay if you are filing a more difficult claim event. There are times that insurance companies cannot pay for claims due to their weak monetary health.
Almost all insurance companies have independent ratings. The ratings allow consumers a way to provide a grade or score based on their insurance experience in customer service and claims. It’s important to pay attention to that score because it can impact every future claim you make.
1. The Recorded Statement
If you have ever had an accident, insurance companies seem to go out of their way to have you provide a recorded statement.
Insurance companies push for a recorded statement because they know most of the time your statement can work against you as a claimant. Insurance companies ensure this outcome because the statements and questions required are designed to be used against you.
Also, most people think the insurance adjuster asking the questions wants to help them. That is not the case in most insurance agencies. It’s crucial that you try not to speak to an insurance adjuster without your attorney.
2. Insurance Companies Don’t Want You to Have an Attorney
There is no doubt that insurance companies want you to be without legal representation as long as possible. Insurance companies often have internal documents that report the monetary value for claims that have reputable attorneys helping claimants. When customers don’t have an experienced attorney, settlement offers are accepted at lower monetary compensation levels.
That means you may settle a personal injury claim for far less than what you deserved.
3. Your Medical History Is Relevant
If you have ever had to deal with a medical issue or concern before your injury claim, the insurance company can use it against you. Even if you weren’t responsible for the injury you suffered, the claim adjuster might try to highlight your previous medical conditions. Many times that’s how the insurance company pays you less than you deserve for the claim.
Insurance companies will base your compensatory claim on your pre-existing conditions. Insurance companies can also use your medical history to deny your claim outright, depending on the case’s circumstances.
4. Never Sign an Insurance Company Release Form
If you sign an insurance release form without an attorney, you may be signing your monetary compensation away. Sometimes by signing a release, you are also giving up your right to pursue additional claims. This can result in future damage to your health and well-being.
Many insurance companies count on customers signing releases to access the monetary settlement as soon as possible. Many claimants never realize by signing a release; there may not be a future legal path open. The signed release prohibits additional compensation from the parties that caused the accident.
5. Lawsuits, Insurance Companies, and Bad Faith Acts
Many people don’t know that most insurance companies are bound by good faith as required by law. If your insurance company exhibits bad faith practices, there is egalitarian accountability. Accountability is mandatory and listed in insurance customer contracts.
Insurance companies also have to pay customer personal injury claims within a given timeframe. This means that insurance companies must act in their policyholders’ best interest in a timely and fair manner.
6. It Can Be Too Late
It can be too late to file a claim, and your insurance company knows it. You have a certain amount of time to file a claim. The insurance customer claim is bound under a statute of limitations.
Every state has a different statute of limitation timeframe to file a personal injury claim. There are times when a person waits too long, therefore, voiding any compensation they would have received for their injuries.
7. Photos and Recorded Dates Help
Try always to take photos of the accident scene, your car, and any other vehicles involved. Record the date of the accident and anybody else’s injuries. It is vital to keep the dates and recorded details for any doctor visit or insurance call.
Every date and personal injury detail helps you tell the story of what you went through. Now that you have a clear way forward with your insurance company, it is time to hire a personal injury attorney.
Tips About Insurance Companies
If you live in California, Washington, or Colorado, there is a legal practice that offers customers superior knowledge and experience. Reach out to Sweet Lawyers when your ready to get what you deserve. Sweet Lawyers knows how and why insurance companies decide injury claims.
What’s more, Sweet Lawyers know every personal injury is unique. To help maximize your future recovery and well-being, Sweet Lawyers has the successful insurance claim results you need.
You deserve personal injury compensation that takes care of your medical and monetary needs. You may never have the health and wellness you once had, but you will have a positive way forward.