Insurance Companies Use Unfair Claims Settlement Tactics to Decrease the Value of Your Claim
Unfair claims settlement tactics by designUnfortunately, most insurance claims settlement negotiations are not patterned to provide you with a fair settlement. More often than not, insurance claim settlement tactics are inherently unfair, and are designed to pay out the lowest amount possible.Insurance companies use time to affect claims settlementsTime can manifest itself as an untimely delay to wear you down, or as pressure point to force you to settle.While time delay tactics are the more typical expectation, insurance companies likewise recognize that there are specific circumstances where they are more likely to keep settlements low if they can make an offer to you soon after your loss. The company will gamble – usually successfully – that in the immediate time frame after your loss, you are more likely to accept less than before you can consider your options. Consider the foll employment law advice for employers owing situations.Expect a lowball claim settlement offer before you have the opportunity to research the fair market value of your claim.If your loss involves a serious disruption in your life, fighting with the insurance company is not on the top of your list at that point. Expect your turmoil to result in a serious devaluation of your claim.Resist the first offer of settlement.In either of these examples, resist the first offer of settlement. Your time is well spent researching the fair market value of your loss. Check value sources online or obtain independent repair estimates from reputable repair professionals. If you are seriously injured, consider consultation with an attorney.Recognize that if you do reject the initial offer, it is likely that the insurance company will utilize a delay of your legitimate claim to enhance your dilemma of uncertainty. Time is costing you money.
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