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Insurance Company Rip Off Tactics

By 4 December 2013News & Articles

How do Insurance Companies Try to Rip You Off?

Something we hear a lot when talking to prospective clients at GC Law is “The insurance company tried to rip me off”, so we thought we would take a look at how insurance companies try to get you to either settle quickly or try and avoid paying what compensation you are rightly entitled to.

We’ve gathered a list of the 3 most common rip offs by insurance companies:

RIP-OFF #1: PRESSING YOU TO TAKE A “FAST” SETTLEMENT. Sometimes injury victims get offered fast settlements by the insurance company. The reason for fast settlements is insurance companies know they can make even greater profits by NOT paying what’s rightfully due to an injured victim such as paying for permanent impairment of a body part, permanent disability, or paying for future medical expenses or loss of future income as a result of an accident. Before you settle your case, you want to make sure you know the full extent and future effects of your injury. Insurance companies know that injured people who can’t work are financially vulnerable and a quick settlement could save them thousands.

RIP-OFF #2: BEING TOLD THAT “YOU MAY LOSE YOUR CLAIM OR YOU WON’T GET ANYMORE THAN WHAT THE INSURANCE COMPANY OFFERS.” Some insurance representatives talk injured victims into taking a lesser settlement, because the insurance adjuster says, “they have no objective injuries and may receive little, if any, compensation.” Insurance companies use fear as a basis for talking injury victims into cheap, quick settlements. Don’t be afraid to contact a lawyer to see if you have a valid claim.

RIP-OFF #3: BEING ASKED TO “SIGN HERE.” Accident victims can get so confused about what they’re signing that the injured victim can sign away his/her rights to a fair settlement. That’s why you must read the “fine” print. You should consult with a lawyer before you sign anything.

Remember before you sign anything requested of you by an insurance company, it’s best to get independent legal advice. If you are unsure what to do, contact GC Law direct via our Free Case Review page or call us on 1300 302 318.

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