How to navigate your way through the insurance company maze
If you are injured and need to make a claim for injury to the insurance company, do you know how to get the most money from your claim? You probably have read or heard, especially those expensive ads you see on TV, that the insurance company is there to help you. It is not.
Making a successful insurance claim for injury - how to startYou have probably been told that if you are injured and make a claim to the insurance company for the responsible party that you will be properly compensated. Forget what you have been told. Insurance company claims adjusters sole responsibility is to pay as little as possible. No matter what your injury or your medical bills, the insurance company will offer you much less than the value of your claim. So, to avoid the low offers and delay you will be faced with, you must see your doctors, get the treatment you need, and disregard what the insurance company initially offers you. That may sound odd, but the initial offers you ever receive from the insurance company will always be way less than the value of your claim. The initial adjusters that try to settle with you are positioned by the insurance company solely to pay as little as possible. Insurance companies know that many people will take those low offers, and as to those that do not, the insurance company knows it is a cost of doing business. Since most people will take those initial unreasonable low offers, the insurance company will make huge profits. The best way to profit on your claim is to bypass those initial claims adjusters.
What to do when you reject the initial low insurance company offerNow that you have rejected the initial low offer and advise them you will litigate if needed, the claim will be transferred within the insurance company to a litigation claims adjuster. This person has more monetary settlement authority. Insurance companies have levels of settlement authority. Once there, you can now begin to submit your treatment records and billings, which will likely be given more attention. If the insurance company continues to stall, you need to be sure your doctors are documenting not only the injury, but the treatment, cost of treatment, and future prognosis. Insurance companies only respond to proven expenses, and you need to submit these expenses to get their attention. Every insurance claim has an insurance policy limit that the insurance company is dealing with. For example, if the claim is being made against a person with a $15,000 policy of insurance and you have medical bills of $10,000, the insurance company is likely to pay the policy limits. If however the policy limit is $100,000, the insurance company is more likely to fight the claim. The reason for the difference is because insurance companies have a good faith duty to properly defend their insured by not exposing them to excess judgments, so an insurance company is more likely to deal with the claimant more fairly when there is lesser insurance. I know that is hard to believe, but that is what happens. Now, lets assume you present your claim, and your doctors conclude your injury requires more treatment into the future, but the insurance company still will not pay the fair value of your claim. What do you do? At this point, the option is take the offer, which is likely still too low, or file suit against the person who caused your injury. The only way to get the attention of the insurance company is to file suit. This is the last option not only for you but also for the insurance company. Insurance companies always study statistics, and they always know that most people will settle for less than the value of the claim. That is how they make their profits (by settling claims for much less than the true value), but in order to get the true value of your claim, you likely will have to recover the maximum policy limit on the insurance policy, or file suit to seek it.