You were hurt in a car accident someone else caused. It seems like a straightforward process that the insurance company would cover the medical claims you file. Yet, many will delay the process as long as possible. Remember that car insurance companies are for-profit organizations. That means that the more they pay out in a claim to you, the less profit they make. For this reason, they will try various strategies to reduce what they pay.
How Does Delaying Payment Matter?
In some situations, you may have provided very accurate evidence of the losses you suffered. You documented everything. You know (and they know) they need to pay the claim. Why do they delay in this situation? There are a few considerations.
In all situations, if you have an insurance company that is not treating you well or refusing to cover compensation you know you are owed, contact a Charleston WV car accident lawyer at Salango Law.
You Agree to Less
Perhaps the most important reason insurance companies use this claim is to frustrate you. By waiting, they know they are putting pressure on you. You need the funds to pay your bills, and they know that the longer they wait, the more anxious you will get about making payments.
Ultimately, many people cave in and accept less than they are owed because they just want this claim over with or because they need the money now. Sometimes, insurance companies will wait and then drastically reduce the amount they agree to pay without any logical reason.
Waiting May Get You to Give Up
The longer they wait, the more likely it is that the claimant will give up and walk away. In situations where your medical bills are covered by your health insurance, they may see this as the ideal time to just take their time, though the insurance company could go after them as well.
However, by requesting more information, going back and forth with questions, and delaying the overall process, they are going to get you to give up. You may eventually give up on some of the most lucrative components of your claim. That includes pain and suffering claims for post-traumatic stress disorder. It is hard for insurance companies to refute clear medical evidence of your injuries, but it is easier for them to fight back on pain and suffering claims. If they delay, you may believe there is nothing you can do and give up.
The Longer They Wait, the More Their Money Grows in Value
Insurance companies used various investments to build their profits. By delaying the compensation claims you have, they keep those funds in those investments growing in value. As a result, it suits them to leave those funds there as long as possible.
You have rights as the victim in these cases. There are rules insurance companies must follow, including not deceiving you and doing their job of paying what they owe. As a victim, it can be hard for you to get them to do that quickly. However, the pressure from a car accident attorney can turn the tables.
If you have been injured in an accident, contact Salango Law for a free consultation today.