Millions of dollars over many decades have been spent on one thing: convincing the public that insurance companies have your best interests at heart. Whether we are talking about the Geico Gecko, the Peanuts cartoons, the ?Good Hands People,? or any of the many others, it is clear that these companies are working overtime to secure their reputation in the community. After all, when bad things happen, it is the insurance company that steps in and makes everything ok. Right? Well, actually?no.
Insurance companies, like most other companies, are motivated by profit. In other words, their one goal, above all else, is to make money. The less money they spend, the more money they make. If you are insured, and suffer a loss that is covered by your policy, your insurance company is obligated to pay you. They do not, however, have to make it easy. Whether you are dealing with your own company or the company that represents the person responsible for your loss, there are many strategies that these companies use to either deny a claim outright or minimize the amount they are required to pay.
Something else to consider is how interest works when discussing insurance company money. For every dollar that an insurance company does not pay out, interest is earned on that money. So, even a minor delay in paying your claim can mean a significant amount of money to your insurance company. Such a delay may mean nothing to a big corporation, but to you following an accident, it can mean the world. Would a company that is looking out for your interests put you through this? No.
Books can, and have, been written discussing the ways in which insurance companies take advantage of even their own customers. When you are in an accident that is someone else?s fault and they are covered by insurance, you are up against a giant corporation with thousands of employees, hundreds of attorneys, and a virtually unlimited budget. All determined to keep you from getting what you deserve.
Insurance companies are not your friend. Remember this, and you will be well ahead of the game the next time you have to deal with such a formidable adversary.
Source: http://www.marcsnyderlaw.com/blog/2013/03/18/insurance-companies-are-not-your-friends/
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