Being involved in an accident can have a huge negative impact on you and your family. A serious accident can cause extensive short and long-term injuries, can cause significant damage to your property, cost a considerable amount of medical bills, and repair costs and cause long-term pain and suffering. While most of us are covered against accidents by insurance policies, the insurance companies are often reluctant to pay out the full amount owed or will only consent to pay part of what the policyholder is entitled to. In this article, we will lay out all the things that you are entitled to as a policyholder and explain why you need to fight back and obtain a favorable settlement after an accident.
Your Insurance Company Must Prioritize Your Interests
Although insurance companies will try and deny it, your interests are far from being their priority. Insurance companies are no different from other big businesses, and their sole objective is to make money. It is, however, your legal right to have your interests prioritized by your insurance company, and so if they are not doing so, it is really important that you take the right steps to enforce this right. Many people don’t know what to do when this happens as they feel overwhelmed or intimidated by the insurance company and their lawyers and worry that if they don’t accept what is being offered, they won’t get anything. What those people don’t realize is that there are a whole host of things that an insurance company must do, which are sealed in law and are designed to protect you from bad faith dealings.
Your insurance company may try and lie about the terms of your policy, and the protection it does and doesn’t provide you and may try to intimidate you into withdrawing your claim or accepting a lower payout. It is so crucial that you know of insurance companies’ business models, which is to pay out as little money as possible to maximize their profits. Never accept your insurance company at their word, especially when it comes to paying out money after an accident because they will often try various deceptions and dirty tricks to wriggle out of paying.
You are Legally Entitled to Appropriate Damages
Even seemingly minor accidents can cause a vast amount of financial burden. If you have sustained injuries as a result of an accident, you will need to pay medical bills and further increase if you have long-term injuries which require physiotherapy or other aftercare. Additionally, if you had a vehicle accident, you may have a long list of costly repairs or a total vehicle replacement you need to pay for. Do not let your insurance company shortchange you when it comes to paying for your damages. Everyone is entitled to economic damages and non-economic damages. Economic damages include every quantifiable outlay you have had to make following an accident such as medical costs and repairs to your vehicle as well as the loss of earnings as a result of not being able to work. Non-economic damages cover unseen issues that have resulted from an accident such as pain and suffering as well as long-term trauma or disability. What many insurance companies will try to do is offer you a lower sum immediately, hoping that you will be convinced into taking that before you have done any research into what you are actually entitled to.
If this has been the case or your insurance company is refusing to pay any or part of your damages, you should immediately seek legal representation. It is so important for these claims where your insurance company is acting in bad faith that you get advice from a specialized accident lawyer who has experience with insurance companies trying to evade their financial responsibilities to their policyholders. Your attorneys will be able to make sure that you get the damages you are entitled to, which will be vital for enabling you to make a full recovery and carry on with your life.
Unfortunately, there are hundreds of thousands of accidents every year, and far too many people find themselves in the difficult position of their insurance company acting in bad faith. Especially at a time when you are injured, this can be extremely stressful and can leave you feeling totally helpless and abandoned. It is so crucial that you fight back and do not let yourself be tricked or intimidated into accepting an unfavorable settlement. Make sure to seek legal representation to make sure you get what you are entitled to.