SeanCarlo Lopez | September 29, 2023 | Car Accident
Secrets of Accident Claims Against GEICO Revealed!
As the third largest insurer in the United States, the time may come when you are involved in a car accident involving a driver insured by GEICO. If that happens, the following secrets may help you with your claim, along with the assistance of an attorney experienced in handling GEICO claims.
Secret #1: GEICO Provides Cheap Insurance
GEICO was rated as the second cheapest major car insurance company, only behind USAA, according to U.S. News.
Value Penguin rates GEICO as the third largest insurance company in the United States, noting that it covers over 30 million vehicles across 18 million auto insurance policies. This means that to turn a profit, GEICO has to deny and minimize as many claims as possible so that its lower-costing insurance policies cost more than the amount it pays out for claims.
Secret #2: GEICO Protects Its Profits
GEICO has written $38.1 billion in policies. This for-profit company teaches its adjusters how to deny and minimize claims in order to protect its bottom line. GEICO hedges its bets by offering less expensive premiums to attract customers and then denying valid claims from people who are injured by their insured.
Secret #3: GEICO Might Try To Blame You For the Accident
One strategy GEICO uses is to blame the victim for the accident.
The insurance adjuster may try to get the victim to give a recorded statement (often shortly after the accident when they may be under medical care and not focused on the conversation) and then dissect it to find anything to use against the victim, such as:
- Statements they are “fine” as a courtesy comment
- Statements that later contradict things discovered during an investigation
- Statements that their injuries are not as serious when the victim doesn’t know their full extent
Adjusters might also ask you to sign medical release forms so they can gather medical records that show pre-existing injuries they blame on your current injuries. This is another way to deny or minimize the value of your claim.
Secret #4: GEICO Will Try To Minimize the Value of Your Claim
When it’s not possible for GEICO to completely deny your claim, it may still try to devalue it. GEICO does this in a couple of different ways, including:
Using Computer Programs To Determine Your Damages
GEICO tries to ignore your actual damages and uses computer programs to assess them instead. Their adjusters plug in different information into these programs to determine what your damages should be, including your medical expenses.
Their offer is then based on these calculated damages, which are determined by doctors and others who work for them and are designed to protect the insurance company’s profitability.
Offering Fast, Lowball Settlement Offers
Another way GEICO tries to minimize the value of your claim is to offer a fast, lowball settlement offer before you have a chance to consult a lawyer who can tell you what your claim is actually worth.
It is important to realize that when you settle your claim, you are agreeing not to sue. You are accepting whatever amount of money the insurance company has offered. You will not be able to demand more money down the line if you discover your damages were more than you thought they were.
In order to determine a fair amount of compensation, you need to consider all of the ways the accident may impact you, including now and well into the future.
You may be able to recover compensation for the following losses:
- Ambulance charges
- Emergency medical treatment
- Ongoing medical care
- Physical and occupational therapy
- Costs to repair or replace your vehicle
- Rental car expenses
- Lost income
- Used employment benefits
- Replacement home services
- Reductions in earning capacity
- Pain and suffering
- Emotional distress
When you consider all of these losses, your claim might be worth more than you originally thought.
Secret #5: GEICO Doesn’t Want You To Hire a Lawyer
Remember that GEICO wants you to accept the lowest amount of compensation possible (even $0) so that it can protect its bottom line. Its adjusters are employees of the company. They are not looking out for your best interests.
The only way to ensure your rights are protected is by hiring a car accident lawyer who will have your best interests in mind. Contact a lawyer to level the playing field.
Contact Our Car Accident Law Firm – Lopez Law Group Accident Injury Attorneys
700 7th Ave N Suite B, St. Petersburg, FL 33701