You have been involved in an accident. The insurance company makes you an offer. What do you do?
First, recognize that insurance companies are businesses with the purpose of making money. They do not have your best interests at heart. Next, learn their tactics so you can beat them at their own game.
The American Association for Justice lists tricks of their trade. These methods can cost you your rightful compensation if you don’t take action to counter them:
- Denial of your claim — Insurance agents are sometimes rewarded for the amount of money they save by denying claims. In some extreme cases, insurance companies fire employees who have paid out on too many claims. Outright fraud is often also the play of the day.
- Delay, delay, delay — Fighting the well-funded legal departments of major insurance companies can be an exhausting effort, especially while you are in pain. Insurance agents exploit your position by delaying your payments until you simply give in. In a worst-case scenario, insurance companies have been known to hold out until a person dies.
- Legalese and gobbledygook — Your insurance contract may seem like it was written in a foreign language. You may think you are covered only to learn, at the time you most need it, that an obscure clause prevents you from being paid on your claim. Don’t accept this explanation — fight back.
- Discrimination based on credit score — Credit discrimination is a new and serious problem in the insurance industry. You may be unfairly penalized for a poor credit rating and charged higher premiums based on this irrelevant information.
- Abandonment of the sick — Fortunately, the Affordable Care Act may make this tactic a trick of the past, but after years of collecting your premiums, insurance companies are notorious for canceling an insurance policy as soon as the policyholder tries to collect on a claim.
- Penalize the caller — An insurance company may hold even an inquiry against you, even if you ultimately decide not to file a claim.
Don’t sign away your rights. Make sure you are recovering your rightful damages for your claim and that you are being treated fairly following your claim.
A northeast Ohio insurance law firm can explain how you can successfully compete in the insurance game.
