If you are injured in an accident that is the fault of another person, you may need to get reimbursement for your losses from the insurance company of that person. However, even if your claim is supported by strong facts and evidence the fault is determined, it can still be hard to recover the fair compensation you deserve. This is the reason you need Cedar Rapids injury lawyers who will fight to ensure you get a fair settlement.
To file an insurance claim, you need to follow the insurance company’s complex process that involves specific steps. Such complexity is designed so that the company can delay the process and hope that you will give up your claim along the way.
How Insurance Companies Delay Claims Settlement
Delaying claims is a tactic that insurance companies use to mitigate their losses. They can make this happy by responding to claims slowly or communicating with you about different aspects of it. Also, they may ask for information from you that they don’t need. Some insurers even go dark and stop responding for several weeks or months after you refuse a lowball settlement offer.
Reasons Insurance Companies Delay Settlements
No matter what an insurance company uses, this works to its advantage. Here’s how:
- It lets the company generate more revenue. By waiting as long as possible before paying a claim, an insurance company can hold onto the money longer and earn more interest on it. A significant part of the profits the company makes comes from interest on savings and returns on investments.
- Encourage claimants to accept a lowball offer. Insurance companies know that an injured person has financial troubles because of being off of work for a long time. So, the delay the claims process, encouraging the claimant to accept any offer they make.
- Waiting for the statute of limitations to expire. Insurance companies delay claims settlement since they know the statute of limitations for filing a personal injury claim will expire. And when this happens, the claimant will not have the leverage to secure a more favorable settlement.
If you have suffered an injury and you are having issues with your insurance claim, contact a reputable injury lawyer for immediate assistance. Insurance companies use delays and other tactics to try to deny you what you are rightfully owed. Your attorney will put their extensive experience to successfully thwart these tactics and recover the highest amount of compensation for you.
