Delayed Insurance Claims
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The claimants that accepted the low offers were given their settlements quickly and had no qualms throughout their claim. The people who do not accept the low offer are forced to wait, face financial hardships, and eventually file suit against the insurance company just to receive the money that is rightfully theirs.
Why does this happen? In the mid 90’s big name insurance companies began using a new model to settle claims and the primary reason for doing this was so the insurance company can pocket more money. In the actual outline for this plan, used by Allstate and many other big name insurance companies, it stated, “Improving Allstate's casualty economics will have a negative economic impact on some medical providers, plaintiff attorneys, and claimants…Allstate gains---others must lose.” (Mollie Riley, The Huffington Post)
Insurance giant Allstate has used this plan and its gain is indisputable. In 2007 Allstate made $4.6 billion in profits, doubling their income from the 90’s, and yet they still don't want to pay their clients the money they deserve. These companies get away with this behavior because many people do not know if the amount they’re being offered is sufficient or if the insurance company’s decision on whether the incident is covered is correct or not. The only way to know if your insurance company is being straightforward with you is to hire an attorney with expertise in the insurance claim field.
Don't let the insurance companies intimidate you and force you to wait for your settlement. Sixteen percent of adults have experienced financial hardship while waiting for a claim to be settled. (Mollie Riley, The Huffington Post) Don’t let yourself become part of this sixteen percent before you seek legal advice and representation. After you have been in an accident and/or injured it is imperative to contact an accident attorney at The Pisanchyn Law Firm as soon as possible so we can begin fighting for your full and adequate compensation.
For more information about Insurance Company Claim Delays, see Mollie Riley’s article, “Insurance Claim Delays Deliver Massive Profits To Industry By Shorting Customers” in The Huffington Post.
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