Missouri Personal Injury Attorney

How Insurance Companies Work

YOUR INSURANCE COMPANY IS NOT YOUR FRIEND!

You and your claim are obstacles that stand in the way of their multi-billion dollar profits.

An Insurance company is just that, a company. As a publicly traded corporation, they have one duty to those who purchase their stock,maximize the value of their investment. Insurance companies have teams of lobbyists and lawmakers in every area of government looking out for their bottom line.

The way an insurance company maximizes their stock value is to make huge profits. They have a multitude of ways they make money, but their main source is collecting premiums from their insureds. Insurance companies then use these premiums to invest in the stock market, among other things. When the economy is doing poorly, insurance companies are just like anyone else; they hunker down and refuse pay your claim, hoping the market will eventually rebound.

In the current economic climate, we have noticed that insurance companies will do nearly anything to avoid paying your claim. The fewer claims they pay, the less money they have to take out of their poorly performing investments, the higher their profits.

Insurance companies have another weapon in their arsenal- delay. The longer an insurance company can string you along, the longer they keep their money in their investments, the more investment income they generate. If an insurance company can delay paying claims for a period of months, they make pure profit simply by making you wait. Insurance companies also have a network of highly skilled defense attorneys who are experienced in the art of delay.

The last tool an insurance company uses is fear. Insurance companies scare people into not making claims, threatening to cancel their insurance or worse. Many of our clients do not want to harm the people that injured them accidentally. We do not either. Well before any money is paid to the injured party, the insurance company has already decided what they will do to the person who caused the crash. Not making a claim will not change their decision, as the liable driver has shown to be a higher risk to the insurance company.

Even if an insurance company cancels someone's coverage, there likely are many companies in Missouri willing to take their business. The money you leave on the table will only pad the bottom line of the insurance company liable for your injuries.

At Beck and Beck, we understand all the tactics used by these insurance companies. We use our knowledge to push claims through the evaluation and legal process as fast as we can.

Contact a Personal Injury Attorney from the law office of Beck & Beck and protect yourself legally in order to receive a fair compensation for your injury.

Watch a CNN special report on the insurance industry: