6 Secrets Your Insurance Company Hopes You Never Find Out
Most of us bank on insurance as a safety net when life takes an unexpected turn. We trust the insurer will be there for us when we need them most. However, not all insurance companies operate with our best interests at heart. Insurance companies are businesses, and like any business, their goal is to maximize profit. They accomplish this goal by maximizing policy premiums and minimizing claim payments. However, unlike other businesses, insurance companies owe unique duties of good faith towards their customers. This blog reveals six secrets your insurance company hopes you never find out. With this knowledge, you can fight back when it’s time to file a claim.
- Hidden Exclusions in Your Insurance Policy
Most insurance policies contain hidden exclusions that can significantly impact your coverage. These exclusions can range from certain types of accidents to pre-existing conditions not covered under your policy. Insurance companies know that if they highlight the exclusions, policyholders may decide not to buy coverage. As such, they don’t mention it until you file a claim, at which point you realize you’re not covered. Ensure you thoroughly read and understand the terms of your policy before accepting coverage so you’re not caught by surprise when it’s time to file.
- Lowball Offers
Insurance adjusters often evaluate accident damage to minimize payouts, using lowball offers as a strategy to protect the company’s profits. If you’re seeking quick compensation, for instance, if you’re facing significant financial strain, you risk accepting far less than you deserve. Before accepting a settlement offer, consult a skilled attorney to ensure you’re fairly compensated.
- Disputed Medical Bills
While you might think the insurance company will automatically cover your bills after an accident, they hope you never find out that they’ll dispute the validity of these costs. What may seem like a friendly conversation with an adjuster can quickly become an argument when they later claim that some of your medical bills are “unnecessary” or “excessive.”
- Recorded Statements
Insurance companies often use recorded statements to twist the narrative and claim that you were partially or wholly responsible for your accident. Statements like “the stairs looked safe” can be twisted to show that you were partially at fault. Before providing any recorded statements to an adjuster, it’s wise to consult with a personal injury attorney to ensure what you say doesn’t jeopardize your claim.
- Social Media Monitoring
When you file an insurance claim, the insurance company may monitor your social media accounts to find evidence that contradicts your claim. For instance, posting about a vacation, even if it’s from before your injury, can be used to challenge the legitimacy of your claim. Once you file a claim, it’s best to adjust your privacy settings and avoid posting anything that could be misinterpreted.
- Surveillance Tactics
In addition to monitoring you on social media, your insurance company may go a step further by hiring private investigators to follow and observe you. The aim is to catch you doing something that contradicts your claim, such as engaging in activities you’ve said you cannot do. While this can feel invasive and frustrating, it’s a common tactic used to discredit your injury and lower your compensation.
Contact Us for Legal Help
If you’re facing difficulties with your insurance claim, contact our skilled Tampa insurance bad faith lawyers at Gunn Law Group P.A. today to discuss your case and secure the compensation you deserve.
