We all have our favorite commercials, after all millions of dollars have been spent by insurance companies designing advertisements to amuse us so we remember them. Whether it's “Jake from State Farm” or the Geico Gekko, insurance companies are trying to sell consumers on their services, yet they never explain how their service is actually better.
Here's why: They are all basically the same, and if you drive or have a mortgage, you MUST have insurance. While insurance companies are not public utilities, they are highly regulated because it is REQUIRED BY LAW for you to buy insurance services. While it is sometimes hard to believe, the fact that the insurance industry is highly regulated shows that government is on our side. California, as well as 47 other states require that drivers have coverage to protect all parties involved in an auto accident.
When you think about how the insurance industry makes money, you realize that it is a volume business. So long as the company collects more money from their customers than they have to pay out in claims, they will make a profit.
While your own insurance company may be willing to assist you when you report a auto accident claim, or when you make a claim against another driver, keep in mind that your own insurance company has the same goal as the insurance company on the other side: save the company's money by paying out as little as possible. If you have to file an underinsured motorist claim after an auto accident, this is when the at fault party didn't have enough coverage, you quickly see how your own insurance company will start crunching numbers down to the penny, and using policy arguments about what they will and won't pay for. All of a sudden, the folks who were on your side are treating you like the villain and not the victim, casting doubt on everything you say and making you jump through hoops without knowing what's on the other side.
At the end of the day, insurance companies have one goal: saving their money for themselves.
Having an experienced injury attorney on your side can help keep the insurance companies in check.
An experienced attorney will know the common pitfalls individuals often overlook and can avoid encountering the traps and tricks used by the insurance companies to reduce the value of personal injury claims.
George Khoury, an experienced personal injury attorney at Beahm Law, was trained by an ex-insurance adjuster, and is skilled in the courtroom as well as in getting cases settled without having to go through the litigation process. If you've been injured in an accident or have any questions, contact us today for a free consultation.