In New York, if you’ve been injured or your property has suffered significant damage, then your insurance will be the first place you go to claim compensation for the damages. However, when your claims are deemed high-value, you may have a difficult time getting the compensation you need. This is because the insurance company will look into your claim with a fine-tooth comb and do their best to reduce your payout. When you face these challenges, you need an accident lawyer in NYC to help you out. In this post, we’ll be explaining why insurance companies fight high-value accident claims and what you can do to tip the scales in your favor.
What are the reasons for the high level of scrutiny in high-value claims?
One thing you need to remember is that the insurance company is not your friend. Even though they provide compensation for damages, insurance adjusters are instructed to do everything possible to try and reduce your insurance payout. Here are some of the reasons for the high levels of scrutiny in high-value claims.
- Protection of profits—At its heart, an insurance company is a profit-making enterprise. A high-value claim will represent a significant financial loss, and it will prompt insurers to dig deeper to either prove or disprove the claim.
- Determine application of coverage—Insurance companies will closely assess the situation to see whether they are liable to compensate under the insurance coverage. The point is to see if there is a way they can shift or reject liability for the incident.
- Prevent insurance fraud—New York has the third highest auto insurance costs in the US. The costs are driven up by rampant insurance fraud, forcing companies to engage in high levels of scrutiny.
- Pure comparative negligence – If you are partially at fault for the accident, your compensation can be reduced under the pure comparative negligence rule. That being the case, the insurance company will try to look for any fault that can help them knock off a few hundred or thousand dollars from your payout.
What are the tactics used to minimize payouts?
Since the goal is to reduce your payout, the insurance company will not shy away from adopting one or more of the tactics mentioned below:
- Offering an initial, lowball settlement – Insurance companies are quick to offer an initial settlement offer. This is most likely a low-ball offer, and the general rule is not to accept it. The insurance company is hoping that the financial pressure you’re facing after the accident will force you to accept it.
- Asking for recorded statements – During the insurance investigation, the adjuster can ask you to give a recorded statement about the accident. If you give such a statement, you are restricted to that description of the accident. You will not be allowed to add on additional damages should you develop complications from your injuries.
- Delay and deny – You can expect your insurance company to stall for time and drag out proceedings. The point is to break down your resolve and pressure you to accept a lower settlement.
- Surveillance – Insurance companies might put you under surveillance in an attempt to find information that can help them paint you in a bad light and contradict your version of events.
- Blaming the victim—They can also try to shift the responsibility of the accident to you, justifying a reduced compensation based on your fault in the accident.
What can you do to protect your claim against insurance scrutiny?
When the insurance company plays hardball, you need to level the playing field. You can do that by hiring an accident lawyer in New York to take up your case. With the help of your lawyer, you can gather the evidence you need to build a strong and compelling case. At the same time, your attorney will make sure that everything is filed on time so that your claim won’t be affected by missing deadlines. Your lawyer can also take charge of the negotiations for you. Also, they will coach you on what you should and should not say to the insurance company about the accident.
Conclusion
When you are presenting a high-value insurance claim, you need help from the best of the best. If you’re looking for the best car accident lawyer in NYC, then look no further than Alex Yadgarov & Associates. Over the years, we’ve handled our fair share of high-value accident insurance claims and know what needs to be done. We will be your sword and shield in the negotiations, protecting your rights and fighting for the compensation you deserve. If you want our help, contact us today and schedule your free and confidential consultation.
