When you buy a policy, the insurance company probably wants you to believe that they are on your side. Some companies even use it as their national slogan. The insurance agent will probably be friendly and tell you how beneficial the policy is going to be for you.
The important thing to remember is that your insurance company is not actually on your side at all. The insurance company’s goal is to earn money. They do this by collecting monthly premiums from everyone who purchases a policy, and then they pay out claims to the policyholders who need to use them during the year.
What this means is that the insurance company’s best tactic to increase yearly profits is simply to reduce those payouts. They already know that they are going to get the insurance premium payments. The yearly earnings are the difference between what they take in and what they pay out, so refusing claims – or providing very small payouts – helps the bottom line for the insurance company.
Shouldn’t they have your best interests in mind?
Yes, your insurance provider should have your best interests in mind. They should try to help you get the money that you need.
But there is often a conflict of interest. Is the insurance adjuster really trying to help you seek proper compensation and get the payout you need? Or are they trying to wrongfully deny the payout so that the company earns more annual revenue?
If you believe that your insurance company has been operating in bad faith, then you need to know exactly what legal steps you can take.
