Insurance companies often advertise that they are on your side, no matter what. However, when you actually get in a car accident you start to realize that they are not on your side at all.
In today’s video, Burlington, Vermont personal injury lawyer Drew Palcsik shares 5 insurance industry tricks. These are common tactics that they use to pay you less money for your injuries. If you want to get the most from your car accident lawsuit, be sure to watch today’s video.
5 Insurance Company Tricks
Hey, everyone. It’s Drew from Champlain Valley Law. In today’s video, I’m going to share with you five insurance company tricks you need to know about when trying to settle your car accident claim.
5 Insurance Company Tricks
It doesn’t matter if you were in a car accident just last week or you’re negotiating a claim for an accident that happened months ago. You already know that insurance company adjusters’ claims to be on your side are far from the truth. The reality is the adjuster for the other driver’s insurance is going to use a lot of different tactics to get you to accept the lowest offer possible. If you want to know how to handle an insurance claim to get the most money possible, you need to know some common insurance industry tricks. Here’s what the insurance companies don’t want you to know about how their adjusters handle claims.
Trick number one- Acting like your friend.
As soon as the other driver notifies his or her insurance company about the accident, you can expect to get a call from the adjuster. If you’re still waiting for that call from the claims adjuster, you should know this. They’re probably going to be friendly. They may express some concern and ask how you’re doing, but don’t be fooled. Their kindness is part of the training. Insurance adjusters know that they can get more information out of you by being kind, courteous, and sympathetic because any information that you share with them will likely be used to reduce that settlement offer. For more detailed information on this, see our separate video on giving a statement to an insurance adjuster.
Trick number two- You may not need to settle the claim as quickly as it seems.
When you’re talking to the insurance adjuster, does it seem like you’re being rushed? Are they letting you know that the offer is available only for a limited time? Does it seem like there’s pressure to resolve the claim? All of this is by design. Now, it’s true. You can’t wait forever to resolve a claim for personal injury. There’s a statute of limitations to be concerned about. In both New York and Vermont after a car accident, the statute of limitations is generally three years from the date of the collision. But a lot of the time, insurance adjusters would like you to think that you have to resolve the claim within weeks after the accident happened.
Generally, they try to resolve the claim as fast as possible and not on favorable terms to you. They don’t want the claim to go on because they don’t want you to find out how bad your injuries are or have a chance to talk to a lawyer and find out what the claim is really worth. Even if your injuries seem relatively minor in the weeks or months after your accident, don’t settle your claim quickly. At a minimum, you’ll want to finish your course of medical treatment and either recover or at least know what your expected recovery will be. This is because you only get one chance to settle a personal injury claim, and you want to be sure that it includes all of the harms and losses, including future losses.
Trick number three- The lowball offer.
If the insurance company is putting a ridiculously low amount of money on the table, chances are they know it, and they’re hoping that you need money quickly so that you’re not willing to wait for the full damages that you’re entitled to. You can bet that they probably think you’d rather have some money quickly rather than wait and get the full amount of damages that you’re entitled to. If the insurance company has already made the lowball offer and you’re trying to fight it on your own, it can be a real uphill battle. Insurance companies have entire teams of people dedicated to fighting claims like yours every single day. Even if the insurance company bumps up the offer along the way, the longer the money stays with them, the more interest they make and the more profit they recover.
Trick number four- Using what you say against you.
Remember, this goes back to acting friendly and getting you to talk a lot. Insurance adjusters are trained to listen carefully to all of your statements and listen for things that are considered admissions of fault or acts inconsistent with the claim that you’re making. If anything you say seems contradictory or seems at odds with their driver being at fault, they’re going to try to use it as a basis to deny or reduce their obligation to pay you for your injuries. Even short conversations with an insurance adjuster can be very tricky. While you do have an obligation to cooperate and speak with your own insurance company, you should be very wary when speaking with an insurance adjuster for another driver. In fact, you have no obligation whatsoever to speak to the insurance adjuster for the other side. They won’t tell you this, but in most cases, auto accident claims are handled based solely on the medical records and other paperwork. Anything you tell the adjuster is usually used just to reduce the amount of the payout.
Trick number five- They are 100% capable of paying you more money.
You know that insurance companies typically exist to make a profit. Ordinary people pay their premiums regularly to make sure that on a day like this when something happens and they need the insurance, it’s there to cover the claim. But insurance companies make money in part by denying claims and reducing the amount of payout. In other words, they have to bring in more money than they payout. Look, not every claim is worth millions of dollars, but the law requires insurance companies to fairly handle insurance claims and to pay a reasonable sum to cover the harms and losses covered by their insured when they’re at fault.
There you have it, five insurance company tricks to reduce or deny your claim. I hope you found the video helpful. If you did, please like it and subscribe to our channel. And if there’s something else you’d like to hear more about, let us know in the comments section below. Thanks for watching, and we’ll see you next time.