Insurance companies love to make themselves look friendly, helpful and supportive. Their ads often feature exaggeratedly warm characters or spokespeople with soothing and calming voices in order to make people feel safe and secure when they think of that particular brand of insurance.
There’s a reason that all of those companies use a similar approach to making themselves seem like their customers are so important to them. It isn’t just because they want to attract customers that have already signed a policy with another company.
It’s because the insurance industry is in a constant position of crisis management. They have a tendency to leave policyholders and those who file valid claims vulnerable by refusing to pay those claims or offering inappropriately low coverage when someone needs help after a motor vehicle crash.
Insurance companies make money when they don’t approve claims
If you have had insurance on your vehicle since you were old enough to drive and have never had a crash, you may have paid enough in premiums by this point in your life to cover the cost of a good used car, likely several times over. Insurance companies only profit when they take in more in insurance premiums than they pay out in claims.
Companies try to reduce the risk they have by charging individuals that represent a greater likelihood of a claim, such as those with a bad driving record, significantly more for the same coverage. They can also engage in bad faith insurance practices that involve intentionally avoiding paying out the appropriate amount for a valid claim by a policyholder or someone hurt by a policyholder.
Insurance adjusters may try to trick or manipulate you
There are several ways in which an insurance company can try to manipulate a claimant for the benefit of the company. In some cases, an adjuster could ask that the person who files a claim provides a recorded statement.
During that recording session, the adjuster may ask multiple questions intended to get the individual to admit to some degree of responsibility for the crash. Even just apologizing might be grounds for the company to claim partial fault on your part. As if that weren’t bad enough, the likelihood also exists for the company to present you with a settlement offer that seems appropriate on the surface but actually comes nowhere close to covering all of your costs.
Verifying the long-term financial impact of your injuries, getting help with negotiations and taking great care with any statements made to the insurance company are all going to be part of a successful strategy for maximizing the compensation that you receive. Getting help from someone who has experience working with insurance providers may improve your chances of a positive outcome.