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The Insurance Company Will Tell You That They Will Take Your Claim To Trial
The insurance company will try to intimidate you into accepting a low offer by telling you they will drag out the process and take the claim to trial.
They may even make you feel as if you have no case, so going to trial would place you in a lot of debt.
These are all strong-arm tactics to get an early settlement.
In reality, insurance companies want to avoid going to trial at all costs. Trial preparation is expensive, and in most cases, a jury will almost always side with the injury victim.
If you are unsure if a settlement offer is valid, speak with an attorney before agreeing to anything. You have the right to legal counsel throughout the entire claims process.
Your Policy May Have Additional Medical Benefits
Medical Payments Coverage is a type of add-on coverage that you may have as part of your insurance policy.
This coverage pays the medical bills of injured occupants in a vehicle regardless of who is found at fault for the accident.
The insurance company for the at-fault driver and your own insurance company may not even mention that this protection is available for your claim, even if they have seen that you have a policy.
This helps the insurance company reduce the number of payments it is making on your claim.
You may not even know if you have this additional coverage on your policy. It is, however, a very inexpensive additional option that you can select when you are purchasing a policy and is well worth the investment.
This eBook is not meant to say that the insurance companies are bad businesses that are out-to-get-you.
They are, however, a type of business that is driven for profits, and because of this, they will take advantage of every opportunity to save money.
Insurance Companies Use High-Tech Algorithms To Manipulate Your Settlement Offers
Although you are working with a specific insurance adjuster throughout the claims process, they only have a limited amount of authority on what to offer as a settlement for your case.
This is because all of the information that they gather about your injuries and losses is then put through a special computer program that generates the settlement offers.
These high-tech algorithms manipulate the information entered to minimize liability. They also come to lower offers by:
• Encouraging adjustors to remove or exclude higher-cost parts of the claim
• Reduce trauma severity so that a lower value is created
• Encourage adjusters that have no formal medical training to second-guess medical records and select lesser medical codes for injuries and treatments
• Prohibits adjusters from entering future medical care codes for the injury to reduce the settlement amount
• Reprices medical bills to amounts that the insurance company finds fair, not the actual amount of the bills
• Encourages the adjuster to select final medical prognosis codes that are lesser in value than the actual prognosis
• Tries to have the adjuster attribute some fault for the accident to the injured party so that the settlement amount can be reduced by that percentage