Despite providing a crucial safety net for millions of Americans, insurance companies at the end of the day are as concerned with making profits for their stakeholders as providing services to their policyholders. It is in their best interest to reduce the payment amounts to policyholders who make a claim. There are a number of techniques regularly employed by insurance companies to mitigate payouts that you should be aware of in order to ensure that your rights are respected and that you receive just compensation.
This article highlights some of the common “tricks of the trade” that are common practices deployed by insurance companies. Please do not hesitate to contact our personal injury attorneys if you feel that an insurer is unfairly exploiting your situation.
Discouraging Legal Representation
It is not uncommon for insurance companies to discourage their clients from hiring an attorney, despite the fact that they themselves employ numerous attorneys who are specifically charged with the task of challenging and weakening claims.
Do not believe an insurance company that tells you this must be handled on your own. This is not true. To discourage you from hiring an attorney, they often claim that hiring one will prolong the process or waste your money. Ask yourself why an insurance company would want a quick payout, if not to reduce the amount owed?
Profit over People
It is the goal of every business to make a profit, including insurance providers. Due to this, your insurance claim may be denied, delayed, or lowballed in an effort to cut costs. To counter denials of insurance claims or low offers, you need to demonstrate that the insurer has overlooked an important piece of information. Ask yourself if you have any documentation that shows the extent of your losses, such as medical or employment records, or pictures at the crash site. Whatever you do, do not accept a lowball settlement. Upon accepting a settlement, your claim is closed and an attorney can no longer help.
Insurance providers often minimize the collection of information or fail to be completely transparent with policyholders. In addition to minimizing the severity of an accident or harm, they may also blame the injured party for the accident, record and use their words against them, or attempt to pressure clients into accepting a lower settlement.
Our personal injury lawyers at Kanthaka Group are familiar with these types of situations when it comes to personal injury cases. Our recommendation is that one of your first calls immediately after an accident is to our firm. We are best positioned to protect your interests.
Our Colorado Personal Injury Attorneys Can Help
If you were injured in an accident and dealing with insurance companies in Colorado, we are here to help. Call our personal injury lawyers today at (719) 633-2222 for a free consultation.