Why Do Insurance Companies Delay Valid Rideshare Accident Claims?
In the event of a rideshare accident, it’s important to receive adequate compensation for damages resulting from the crash. However, insurance companies handling claims associated with Uber and Lyft accidents employ various tactics that can delay these valid claims to try to pay out as little money as possible. The following are the specific reasons they often delay claims as much as possible and how each can lead to an advantage for the insurance company:
The Longer Your Claim Takes, the More Likely You Will Accept a Low Offer
Insurance companies understand that over time, you may become increasingly eager to settle after an accident. Whether it’s due to mounting medical expenses, the need for repairing or replacing damaged property, or just general financial pressure during recovery, they know prolonged negotiations can lead plaintiffs to accept much less than what their claims are truly worth. A Jersey City Lyft accident lawyer can help fight for your rights and a fair settlement in your case.
You Will Have Less Time to File a Personal Injury Lawsuit
These delays also hold strategic significance concerning statutory limits in filing personal injury lawsuits. As insurance companies draw out the claim process, the window of opportunity for you to pursue legal action gets smaller. If you don’t have much time to file a claim, you’re probably more likely to accept an offer that isn’t quite what you deserve because it is better than receiving nothing.
They Make More Interest Off of Premiums by Delaying Claims
The longer an insurance company can delay paying out a claim, the longer they retain those premiums collected from their customers. This means interest continues to accumulate, ultimately making them more money, with less of a payout coming directly from their pocket.
They Hope That You Will Eventually Give Up on Your Claim
Delay tactics taken by insurance carriers may be calculated to wear you down mentally and financially, hoping this might cause you to abandon your fight altogether or settle for far less than what’s rightfully owed.
They Care About Themselves and Not You
Ultimately, the primary aim of insurance adjusters in personal injury claims isn’t about your well-being or securing fair compensation for you; it’s about maintaining their profits. These companies are inherently designed to minimize financial losses – meaning they employ strategies that benefit them, including delays, often at the expense of plaintiffs who require adequate reimbursement for injuries and damages sustained.
The Longer The Wait, The More Likely You Are to do Something That Jeopardizes Your Claim
With increased wait times comes higher frustration and a greater chance that you may inadvertently do something that undermines your claim – from agreeing to a lower offer out of desperation to sharing compromising information in social interactions (online and over the phone/in person) that can be used against you.
Thorough Investigation to Find Ways to Avoid Payouts
Insurance companies will often conduct in-depth reviews of every aspect related to the accident to find reasons to deny or reduce your claim. They could question the validity of your injuries, suggest contributory negligence, or dispute the circumstances surrounding the accident. Such extensive investigations can be used strategically to prevent payouts and protect their bottom line.
Understanding the motivation behind insurance companies’ actions is important when moving forward with a valid rideshare accident claim. If you are confronted by delays and complicated tasks imposed by these companies, contact us today to schedule a free consultation with a personal injury lawyer.