Car accidents can be traumatic experiences, and dealing with insurance companies afterward can add to the stress. The insurance company’s main goal is to minimize its financial liability, which may not always align with your best interests as the policyholder.
As such, it’s essential to understand your rights and responsibilities as a policyholder and know how to tell if the insurance company is treating you fairly. Here’s what you need to know about determining whether your insurance company is acting fairly toward you and your claim.
Understanding Your Insurance Coverage After an Accident
Automobile insurance is mandatory in most states and is designed to provide coverage for damages and injuries resulting from car accidents. Your insurance policy will outline the types of coverage you have, including liability, collision, and comprehensive coverage.
Your insurance policy will also specify your financial responsibility in the event of an accident, including your deductible and policy limits. Your deductible is the amount you pay out-of-pocket before your insurance kicks in. Policy limits are the maximum amount that your insurance company will pay out for a claim.
It’s also important to note that insurance companies are businesses and their primary goal is to make a profit. This means that they may try to minimize payouts or deny claims altogether if they believe it will benefit their bottom line. If you feel like your insurance company is not treating you fairly after an accident, there are steps you can take to protect yourself.
Insurance Companies Are Working for Their Interests
During the investigation process, it is important to remember that insurance company partners such as adjusters and investigators are working for their interests rather than yours. While they may seem friendly and helpful on the surface, their ultimate goal is to minimize payouts on claims.
This means that they may use tactics such as downplaying injuries or damages sustained in an accident in order to reduce payouts. They may also try to pressure you into accepting a settlement offer that does not fully compensate you for your losses.
Accusations of bad faith can arise when an insurance company fails to act fairly and honestly toward its policyholders. Some examples of bad faith accusations include:
- Failing to investigate a claim properly
- Refusing to pay a valid claim without justification
- Delaying payment on a valid claim without justification
- Offering an unreasonably low settlement amount
- Misrepresenting policy provisions or coverage limits
Recognizing When an Insurance Settlement Offer is Too Low
When you’re involved in a car accident, one of the most important things to consider is whether or not the insurance company is offering you a fair settlement. But how do you know what a fair settlement offer looks like?
Every case is different and there are many factors that can impact the amount of money you receive. However, there are some general guidelines that can help you determine if an offer is too low.
Firstly, consider the extent of your injuries, lost wages, and other damages. If your needs aren’t met by the settlement offered, you may need to seek a better offer.
It’s important not to rush into accepting a settlement offer without first reviewing all the details and ensuring it covers all your losses. Insurance companies may try to pressure you into accepting an offer quickly before you have had time to fully assess your damages and expenses.
Insurance companies are businesses, which means they’re always looking for ways to save money. One way they do this is by offering low settlements in hopes that policyholders will accept them without question.
Seek Out a Car Accident Attorney for Your Case
In conclusion, being involved in a car accident can be a traumatic experience that can leave you feeling vulnerable and helpless. It is important to understand your rights as a policyholder and to know how to determine if the insurance company is treating you fairly after an accident.
Even with precautions taken, there may still be instances where an insurance settlement offer is too low or unfair. This is where hiring an experienced car accident attorney becomes crucial.
At Kohan & Bablove LLP, you have options to seek out compensation even if the insurance company is unwilling to settle with you fairly. To learn more, reach out for a free consultation with our attorneys by calling 1-844-404-2400 or filling out the following online contact form.
