Secrets of the Auto Insurance Industry
Miley Legal Group
As anyone who has dealt with an insurance company will tell you, most of them are not truthful and will try to confuse you enough so that you drop your claim.
Why is that? Why if they are in business to help you do they try to get out of paying claims?
Because, they want to make sure their profit margin is high and keep the premiums that you pay to them.
Did you know that insurance industry CEOs are paid more than most, if not all other CEO in every other industry, including Auto Industry CEOs and Tech Giant CEOs?
Insurance Claims are Denied, Delayed and Confused
In order to fully understand the grip insurance companies have on our money, let’s review the various secrets they hold and how they work to NOT pay out money to those that legitimately have a claim to it.
- Denying Claims
Most major insurance companies, like those that put you in good hands, have denied claims outright even though they are legitimate. This is the first tactic they use as a line of defense. Deny the claim and make the policy holders or their victims, fight tooth and nail to get any of it. Sounds good right? Not for those in accidents and those without attorneys to help them.
- Delay, Delay, Delay
Here is another common tactic that major insurance companies will use to keep profits to themselves. Once a claim is filed, they will delay as long as possible, in hopes that the person filing the claim will either give up or in some cases, die. As time goes on, the claim value can diminish, and insurance companies rely on this fact to pad their bottom line.
- Confuse Everyone Involved
Have you read your insurance contract lately? Did you understand it? If you are like most, you either did not read it, or if you did you didn’t understand it. You are not alone. In fact, most policies require someone with a legal degree to even understand the jargon they use. This allows the insurance companies to take advantage of those they sell them too.
How do you overcome all of these auto insurance claim secrets?
We have been involved in cases and dealing with insurance companies for years, and we still come across policy language that even makes us scratch our heads. So how do you overcome? Under most circumstances you need to contact an attorney. This is especially the case when you have been injured and have medical bills piling up. The insurance company will use every tactic it has to persuade or confuse you to settle early and cheaply. Now that you know some of their secrets, you can fight back and make better decisions about your accident claim.