What Is The Value Of My Personal Injury Case? – Insurance Company Delayed Claims
I’ve seen over the years that insurance companies employ various models to combat claims. One method is outright denial. Here, the insurance company takes the position that either there was no accident or injury, it wasn’t their insured’s fault.
Another method is to delay the payment of the claim. Imagine a scenario with which Baltimore personal injury and accident lawyers are quite familiar. An insurer opens a claim file. The claim is worth 10,000 dollars. The claim can be paid today. If it is paid a year from today, that 10,000 can be placed at interest for that year, and earn 300 to 500 in today’s environment. If that doesn’t seem like a lot of money- Multiply it by 2,000, or 20,000. Now you’re dealing with the scales the major insurers deal with. Baltimore personal injury and accident lawyers Attorney Eric T. Kirk has also seen other effects of a delayed claim: the injured person –who needs to pay bills, pay rent, and buy food, might be a lot more willing to take less now rather than wait.