Insurance is one of the largest industries in the United States. The U.S. Department of Commerce reports that in 2015, California’s insurance industry was responsible for $35.3 billion of California’s total gross state product (GSP). While there is nothing wrong with a business wanting to make money, some individuals and companies take advantage of those suffering from severe accidents.
Over the years, we have seen some large insurance companies lowball their clients for their own gain. When an insurance company loses sight of how many people rely on them to recover from horrible accidents, lawyers and clients must take action.
Clients should not have to worry about their insurance company not taking care of their needs. Most people have insurance to make sure they are covered in the event of a severe accident. In order to make sure your insurance does not offer you less than you deserve, consider the following:
Your first step is determining the true value of your case. The true value will almost always be higher than the insurance company’s initial settlement offer. For an accurate determination, you must thoroughly assess and understand your situation. Consider all the information regarding your accident, including all the emotional, physical, and financial losses you have suffered because of the accident. Some examples include medical transportation, loss of income, physical therapy fees, loss of future opportunities, etc.
Once you have a valuation, you can send a demand letter to the insurance company. A demand letter includes a desired settlement amount for the injuries incurred. This letter should discuss all aspects of your case—how the accident happened, why the other party is at fault, what your injuries are, what medical treatment you have received and will need to acquire, how your life has been impacted, and any other helpful information.
Insurance policy limits are the maximum dollar amount that an insurer will pay per event for covered damages or losses under an insurance policy. Even if your medical bills exceed this amount, the insurance company will insist that the policy limits are all they can offer for the claim. It might seem like demanding the policy limits is your only option. However, a lawyer will inform you whether you have other options available.
Although your potential damages might exceed the policy limits amount of one insurance policy, there might be another policy you can recover from. The at-fault party might have other policies that provide excess coverage, like an umbrella liability policy. An umbrella policy typically gives additional liability protection to the negligent party. You can require the negligent party to sign an affidavit of no excess coverage. This affidavit requests that the negligent party provide information on all their liability insurance policies, thereby providing you with additional avenues of recovery.
Many times, an at-fault party was negligent while on the clock. Employers often carry more extensive insurance policies which cover these incidents of negligence by their employees. Therefore, it is essential to also include within the affidavit a request that the negligent party disclose whether they were in the course and scope of their employment during the accident. If a negligent party was working at the time of the incident, their employer is potentially liable, and a larger insurance policy is available for you from which to recover.
Handling a case with billion-dollar companies yourself is risky and causes you to receive less than you deserve. When you have an experienced attorney on your side, they will provide you with information and answer any questions you may have about your claim. With their assistance, you will have protection from any deception.
In California, you have two years from the injury accident to file a claim. The sooner you contact your lawyer, the more time our team at Arias Sanguinetti Wang & Torrijos has to guide you through the challenges of your case. We will answer any questions regarding your case and your options for recovering the best monetary compensation.
Insurance companies will try their best to avoid large hits to their pockets. When dealing with insurance companies, having a legal professional at your side when dealing with insurance companies will significantly increase the likelihood of receiving the monetary compensation you deserve.
Work with our Arias Sanguinetti Wang & Torrijos team for dependable and knowledgeable legal representation. Our award-winning attorneys have years of experience advocating for our clients’ rights. We are 100% confidential and are known by our community and peers to do whatever it takes to receive justice and recover the monetary compensation you deserve. Call (310) 844-9696 or fill out our contact form and schedule a consultation today.