We've been dealing with insurance companies for years and are extremely familiar with the way they work. They have several secrets they don't want you to know about, especially if you've been in a car accident. We all know insurance companies are in business to make money and they really don't want to pay any out. But did you know they work hard at paying as little as possible on each and every claim made?
As you probably know, insurers collect premiums, which are based on a variety of statistics. This data provides insurance carriers with statistical and other information to set rates, based on your state's minimum coverage laws. As a result, "X" number of premiums must be collected to meet costs and expenses, including paying claims.
Bottom line, the more premiums collected and the fewer claims paid, the more an insurance company profits. Claims represent a loss in profit to insurance companies. There are numerous ways they attempt to reduce claims. We have listed a few things insurance companies don't want you to know if you have been in an accident and knowing these secrets will be empowering.
5 Things Insurance Companies Don't Want Car Accident Victims to Know
1. The adjuster is not your friend.
An insurance representative, often called an adjuster, is not your friend, but is working to pay out as little money as possible for a claim without violating the law. Sure, an adjuster may seem friendly and caring, but remember, adjusters are really not there to help you after a car accident. They are instead hired to protect the interests of their employer. Adjusters are trained negotiators and are paid to negotiate your claim.
2. Adjusters are taught to be pleasant to injury victims.
Insurance company studies show that when someone is treated in friendly manner, that person is less likely to hire an attorney. Knowing this, adjusters are trained to be courteous and kind to those who haven't hired a lawyer. Not to say adjusters are bad people because they are like us, but it's an adjuster's job to pay as little money as possible. So while you are chatting, the adjuster is taking notes during each conversation and the reality is that whatever you say could be used against you at a later date.
3. Insurance companies don't want you to hire a lawyer.
Insurance companies know that if you hire a lawyer after a car, truck or motorcycle accident, they will likely pay out more money than if you went through the process without legal counsel. When you hire a lawyer, it becomes your lawyer's job to work in your best interest and maximize your settlement after a being injured in an accident. If fact, studies show that injury victims with a lawyer receive higher settlements.
4. Insurance Adjusters request recorded statements.
It's human nature to shake-off the impact of an accident and be apologetic when involved in an accident, particularly if it seems minor. Insurance companies know this and are betting on the fact you tell someone at the scene you were not injured or that the accident was your fault. They are also betting that you will "admit fault" or say you are not hurt during a recorded statement. In both instances, it will be used against you to pay less money.
5. Insurance companies delay, deny and defend claims.
Insurance companies have several explanations why they can't settle a claim. Often they want all medical billing and records as well as every piece of paper related to your case before they will evaluate your claim. Another delay tactic is to use doctors to review your records and search for pre-existing condition, evaluate how much medical treatment you have or have not received or any other issues to deny and defend your claims or pay less. They will also deny you were ever actually injured. Finally, they will defend their denial in a drawn-out legal action, especially if the you don't have a lawyer.
Vititoe Law Group deals with big insurance companies daily and we understand their tactics to reduce the value of your claim. Our experience can help you maximize the worth of your case when you've been injured in an auto or other type of accident. If you or someone you love is involved in an auto accident, you need to seek medical care immediately and consult an experienced personal injury attorney as soon as possible. Don't let the insurance companies take advantage of you. Don't wait to learn about your legal rights and if you are entitled to any compensation for your injuries.