Like any large corporation, insurance companies are driven by profit which means that its interest in making a profit can conflict with a policyholder’s interest in settling a claim for a fair amount. Before settling your personal injury claim, here are some things you should know about insurance companies:
- Insurance companies often benefit from you not fully understanding how your insurance plan works.
- Insurance companies are obligated to interpret any poorly worded or misleading policy language in your favor, not theirs.
- Insurance companies make their money by investing, so they want to keep their money in those investments for as long as possible, which means it is to their benefit to delay in paying claims for as long as possible.
- Insurance companies will often offer you a lowball amount very early on, hoping you’ll accept it rather than hold out for a more appropriate amount.
- You are more likely to get more money from an insurance company if you have an experienced attorney on representing you.
- If too much time passes before you file your lawsuit, you will lose you entitlement to any recover for missing the statute of limitations.
- Insurance companies can be forced to pay punitive damages if it can be proven that they acted in any fraudulent or malicious way, this type of claim is known as bad faith.
- Insurance companies are legally obligated to act in good faith regarding the content of their policies and the amount they pay to settle a claim.
If you have been involved in an accident or some other incident and need to file a claim with an insurance company, contact a Denver personal injury attorney at the Law Office of Gregory A. Hall to schedule a consultation.