How Car Insurance Companies Remain Exceptionally Profitable
We pay hefty car insurance premiums to help protect ourselves in the event of accidents. The negligent driver who leaves you injured does the same. The insurance companies’ business model is predicated on risk, and our premiums reflect the risk involved. Sometimes, accidents do happen, and the insurance company is required to do what it is paid to do by compensating the injured party for covered losses. Unfortunately, insurance companies are sometimes more focused on profits than they are on the actual provision of coverage.
The Accident in Question
If another driver's negligence leaves you injured in a car accident, you are in a real bind. Not only are you nursing injuries, watching your medical bills mount, and missing work, but you also have to contend with the at-fault party's insurance company in your effort to obtain compensation for the damages you have suffered – in their entirety. In addition to your lost wages and medical expenses, your damages can include your physical and emotional pain and suffering, which can be considerable.
The Insurance Company’s Stance
The at-fault party’s insurance company is responsible for covering the damages you have endured. In fact, this is the service it is paid to provide. Nonetheless, the insurance company may be invested in paying you as little as it can possibly get away with, and toward this end, there are a variety of tactics at its disposal.
Apportioning Fault
Even if the other driver is clearly to blame for the accident that leaves you injured, the insurance company may attempt to fob a portion of the blame squarely back on you. For example, the insurance company may say that your failure to be on the lookout for their client's negligence leaves you with 25 percent of the fault. You are well-advised not to fall for this tactic.
Complicating the Issue
The insurance company might take it upon itself to complicate the claims process to the point that you simply give up and go away. Such complications can include:
Denying your claim outright in the hope that you will give up
Using stalling practices as leverage (knowing that you need the settlement amount sooner rather than later)
Requiring arduous steps and procedures that tempt you to give up in frustration
Offering an Early Settlement
If the insurance company offers you an early settlement, take a moment to consider what their motivation is. Sometimes, insurance companies make early, unreasonably low settlement offers before the recipients are fully aware of the extent of their damages and are desperate enough to accept almost any offer.
It Is Time to Consult with an Experienced Killeen Car Accident Attorney
Insurance companies are adept at turning profits, but dedicated car accident attorney Brett Pritchard at The Law Office of Brett H. Pritchard in Killeen, Texas, is similarly adept at successfully advocating for and obtaining just compensation for his valued clients – like you. To learn more, please do not hesitate to contact or call us at 254-501-4040 today.