In 2021, the market size of the auto insurance industry is $311 billion and expected to grow. With numbers like that, it’s clear to see that insurance companies and their adjusters work to protect their profits whenever anyone files a claim. Unfortunately, insurance adjusters are quick to keep vital information from claimants if it safeguards their bottom line.
When you need compensation, it’s crucial to recognize your rights throughout the process. This also means understanding how insurance adjusters try to deny your claim using some secrets to avoid paying out a claim or to minimize the compensation you may receive.
Some of the secrets that insurance companies keep from claimants include the following:
- A quick settlement isn’t always helpful
- A fair settlement helps the insurance company
- A claim can require an attorney from the very beginning
- A lawyer can help maximize compensation
- A case can be settled before trial because it saves the insurance company money
- A friendly act is just that, an act
- A recorded statement can be used against you
Call our firm today at (312) 313-2888 to discuss your case.
1. A Quick Settlement Isn’t Always Helpful
Insurance companies are quick to offer a settlement because they want to get through the process quickly. A quick settlement, however, often means that the facts of the accident of not been investigated fully, and you may be offered less than you need to adequately cover the expenses associated with your losses.
A quick settlement is also an insurance company’s attempt to avoid going to trial.
2. A Fair Settlement Helps the Insurance Company
Insurance companies offer you a settlement that they may call “fair,” but in reality, it’s in their best interests. A fair settlement is an insurance company’s method of getting you to accept the settlement, even if it is much less than you deserve. A truly fair settlement should meet your needs and cover all of your losses.
Before you accept any settlement, it’s best to discuss the details of your case with a lawyer who can explain your options.
3. A Claim Can Require an Attorney from the Very Beginning
Insurance adjusters will try to convince you that you can handle a car accident claim on your own. They’ll try to use your trust in them against you because they know if you have an attorney, there’s a higher chance that they will need to pay more than they want to.
4. A Lawyer Can Help Maximize Compensation
Settlement offers are not always what they seem, and a lawyer can help you negotiate the terms of your settlement to pursue the maximum compensation to which you may be entitled. A lawyer utilizes numerous resources to help build your case up and provide sufficient evidence on your behalf, including the use of accident reconstructionists, medical experts, and more.
5. A Case Can Be Settled Before Trial Because It Saves the Insurance Company Money
In many cases, insurance companies want to avoid a trial because it can cost them even more money. While they don’t want to pay out too much in a settlement, they know that it can cost quite a bit to go to trial. Of all auto accident cases, roughly 5% of them go to trial, meaning insurance companies are more likely to settle for the right amount as long as you have legal help to guide you.
6. A Friendly Act Is Just That, an Act
Insurance companies are quick to act friendly if they believe they can get you on their side. The adjusters will sympathize with you, tell you they’ll help you get everything taken care of, and act like they’re looking out for your best interests. Unfortunately, they’re trained negotiators, and if they get you on their side, they’re more likely to take advantage of your rights.
7. A Recorded Statement Can Be Used Against You
In some situations, insurance adjusters will ask you to provide a recorded statement regarding your accident. You may hear from them that they will record the conversation for quality and training purposes, and ask for your permission to be recorded. You don’t have to provide this recorded statement on your own.
In fact, it’s important to have a lawyer handle any statements with the insurance company. A lawyer prevents you from saying anything that would effectively diminish the value of your claim or give insurance adjusters a chance to deny your compensation.
We recommend that you avoid speaking with insurance companies. If you can’t, and they request a statement, you can advise them that you would like them to speak with your attorney. Never give them a chance to take advantage of a vulnerable situation when they feel you may not know your rights.
At Walner Law®, we have experience representing auto accident victims in the process of filing a claim. We know how difficult it can be to sustain serious injuries and deal with insurance adjusters who are more concerned with profits over people. We stand by our clients every step of the way, safeguarding them throughout the process.
Our Chicago car accident attorneys are committed to helping you in your time of need. If you have suffered injuries because of someone else’s negligence, you can trust that we’ll be your voice, going above and beyond to seek the outcome you need when you need it most.
We offer free consultations to help you understand your rights and options. Call our firm today at (312) 313-2888 to get the most effective representation for your car accident case.