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Tricks Used By Insurance Companies To Delay Compensation

Tricks Used By Insurance Companies To Delay Compensation

Most insurance claiming processes are complex and challenging to understand if you have never been in the process before. People do not know what they need to say, how the case should be, and how to answer questions when dealing with an insurance company. When you discuss settlement with your insurance company, you represent an expense to the company.

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Tricks used by insurance companies to delay compensation

Every insurance company makes money by selling their insurance premium plans throughout the year rather than paying them out in claims. So if you are discussing a settlement case for car injury in an insurance company, you have to become an expense to the insurance company. The company’s annual performance is determined by how much it could “save” and make a profit. So this is the most common reason why insurance companies try to minimize or reduce their payouts on each claim. Here are some most common tricks the insurance companies use to delay compensation. 

  1. Offering you a quick settlement

It may feel like a blessing when you get to hear back from your insurance company right after filing the claim. You may deal with medical bills or other treatment appointments to treat or diagnose your injuries. You may not even hire a lawyer from a law firm to seek legal advice. Insurance knows this already, and they will contact you to provide an offer that does not cover the total value of the claim. 

  1. Asking for a recorded statement

Your insurance company may ask you for a recorded statement as a part of compensation, but often it has an ulterior move behind it. Asking for recorded statements may seem harmless, which benefits the victim and insurer adjuster as they hold you to a piece of specific information in your statement. The insurance company can use this statement against you to show that you were either lying or providing inaccurate information in the process. In a recorded statement, the insurance company may trick you into admitting something that you did not commit.

  1. Delaying payments and not responding

Every insurance company has a significant amount of resources. It is easy for them to delay a process or hold off a potential payment. They often do this to demoralize the victim and make them desperate for money. In this way, the person ends up accepting an unfair offer. This is why you should hire an attorney while making claims in your insurance company.