Insurance companies made headlines offering their policyholders refunds, credits, or one-time payments during the coronavirus pandemic. Many of their policyholders recently lost work because of the economic shutdown.
This is welcomed relief. But when ordinary business resumes, what will the insurance companies discount next?
All of the big insurance companies have announced refunds, which range from 15% to 25% of premium payments. Collectively, $6.5 billion is going back to policyholders.
However, $6.5 billion is not a lot to the largest auto insurer, State Farm. In 2018, it took in $81 billion and held $100 billion in assets. With such deep pockets, State Farm can surely afford to be a good neighbor when it really matters to you. So how will insurance companies act then?
Insurance companies are not in the business of performing acts of charity. They are supposed to compensate your pain and suffering after you are injured in an accident. But paying hospital bills is expensive and it doesn’t score them favorable publicity. Suddenly, doing what’s right does not come so naturally to them.
Instead of dealing fairly, they will:
When the insurance company discounts the value of your injury claim, it will cost your physical wellbeing and economic security.
You can get more with a personal injury lawyer and Sam & Ash are the personal injury lawyers who do what’s right:
We are available 24 hours to offer you a free consultation on your case at 702-820-1234. When it matters most, Sam & Ash will get you what’s right.