Why Do Insurance Companies Delay Paying Valid Claims?
Their compassionate commercials and warm-toned radio ads lead us to believe that they are there to have our backs after an injury, but insurance companies in the United States are private businesses with profits as their motive. Their profits depend on paying out significantly less to injury victims than they take in premium payments. Delaying payment on valid injury claims is just one way that insurance companies protect profits at the expense of injury victims. An insurance company has much to gain by delaying payments on claims for as long as possible. They assign insurance adjusters for this purpose and to take other actions to protect their profits. A personal injury lawyer in Oklahoma City can help you get the compensation you deserve.
What Do Insurance Companies Gain by Delaying Valid Claims?
Sometimes an insurance adjuster reaches out right away after an accident to offer a fast settlement in return for signing away the right to a lawsuit. While some unwary injury victims fall for this tactic and receive far less than their claim is worth, other injury victims hold out for more and submit claims after fully calculating their damages. An insurance adjuster may then intentionally delay action on a claim by requesting redundant paperwork, losing documents, and failing to return emails and phone calls. They do this intentionally because it benefits them in the following ways:
- By lengthy delays, they wear down the injury victim and make them more willing to accept the next lowball settlement offer they throw their way
- Delaying brings the case closer to the statute of limitations for filing a lawsuit which may prevent the case from going to court. This time limit is two years from the date of the accident in Oklahoma
- Delaying progress on the claim keeps the amount of an injury victim’s payout in the insurance company’s account gathering interest for as long as possible instead of gathering interest in the injured person’s account
Delaying claims is a common tactic used by insurance companies against unwary injury victims, often when they are physically, financially, and emotionally vulnerable due to their injuries.
What Other Methods Do Insurance Companies Use to Protect Profits at Your Expense?
Insurance companies commonly delay, devalue, and dispute valid claims. They may call on recorded lines and then use the injury victim’s casual remarks out of context against them. They ask for medical authorization to review an injury report and then scour an injury victim’s back medical history to find a previous injury or medical condition they can blame for their symptoms. They also commonly use Oklahoma’s modified comparison negligence system against injury victims by assigning them an undue percentage of fault so they can lower the amount of a payout by the victim’s assigned portion of fault. For instance, by claiming that a car accident victim was speeding at the time an accident occurred, they might determine them as 25% at fault even if the other driver ran through a stop sign. This would lower a $100,000 payout to $75,000.
How Can an Oklahoma City Personal Injury Attorney Help?
When a serious injury results in significant economic and non-economic damages like medical expenses, lost wages, pain and suffering, and temporary or permanent disability, the results of a personal injury claim can make all the difference in how an injury victim is able to move forward. An experienced personal injury lawyer anticipates common insurance company tactics like delaying paying valid claims, disputing portions of a claim, or wrongfully denying the claim entirely, and takes counteractive measures to protect their client’s best interests. Contact Dan Davis Law in Oklahoma City and then refer the insurance adjuster directly to your lawyer for all communication.