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Why does it take a long time for an insurance company to offer an accident settlement?
Wiki User
∙ 15y ago
The insurance companies do not like to give away their money on accident settlements so they take their time for a number of reasons. One is to let them fully analyze the nature of the injury of the plaintiff and the liablilty of their insured. This keeps them from overpaying on injuries. A second, is to simply stall the issue hoping the plaintiff will get itchy for the settlement and maybe get afraid that a jury might award nothing. This makes plaintiffs agree to take less. A third is that as long as the insurance company still has the money in its own accounts, it is invested and earning money for it. Insurance companies make the most of their money by investing the premiums, not just keeping them. The longer they keep the settlement amount the more money they make on their investment. I am sure there are more than just these, but these are enough for now.
Wiki User
∙ 15y ago
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You were recently in a car accident their insurance company went with a 5050 split you got your insurance company involved and they found the other party 100 at fault what is the next step?
Let your insurance company know everything that you know about the accident and about what the other person's insurance company has proposed, and then let your insurance company handle the rest. If the other person was 100% at fault for the accident, your insurance company has a very powerful incentive to reject the counter-party settlement offer of a 50/50 split. Let your insurance company know everything that you know about the accident and about what the other person's insurance company has proposed, and then let your insurance company handle the rest. If the other person was 100% at fault for the accident, your insurance company has a very powerful incentive to reject the counter-party settlement offer of a 50/50 split.
Can a bank offer you a settlement on a charged off auto loan and later refuse the settlement offer because you received a check from your auto insurance company to fix your car from an accident?
Yes, the bank or any lending institution can withdraw any offer unless a contract has been signed by all parties.
What services do the Globe life and accident insurance company offer?
Globe Life And Accident Insurance are a company that was founded in 1951 it is now based in Oklahoma city and has over 3.8 million policies in force. It provides Life, Accident and Health Insurance coverage.
What companies offer accident forgiveness insurance?
Allstate, Liberty Mutual, GEICO, and Nationwide offer accident insurance to customers seeking accident insurance.
What services does Stonebridge Life Insurance Company offer?
The Stonebridge Life Insurance Company offers whole life and term insurance, accident and hospital coverage, accidental death insurance and dental insurance.
Can you refuse to have an insurance company carry out repairs to your van and do them yourself after an rta?
after an insurance company is involed after a road traffic accident can i refuse thier offer and do the repairs myself
How do you determine the value of scarring due to the negligence of another person in an accident when reporting it to the insurance company?
If someone is seeking damages from an injury as a result of an auto accident and they are not satisfied with the offer from the insurance company I would suggest that a lawyer be consulted.
You were in an accident 2 years ago and the other person is suing is she suing you or the insurance company?
She is suing you and you must notify your insurance company of the lawsuit. They will pay, make an offer to settle or defend you.
What does standard life offer to its customers?
Standard Life (Standard Life and Accident Insurance Company) is an insurance company that offers life, health, and annuity products to senior age customers.
How long does it take insurance companies to offer second settlement offers?
It's just up to the company. They may or may not make a second offer, depending on whether they are going to stand firm on the first offer as a fair and adequate settlement or not.
If an insurance company made a settlement offer and a check was to be written when they realized they were not the at-fault's insurer at the time of the accident are they still liable?
NO, They are not liable if their insured was not at fault or was not their insured regardless of whether a check had already been written or not. In fact should they have issued a settlement check and later determined they were not liable, The insurer can demand a refund of the settlement amount they issued.
After settling with the insurance company for a totaled car do you keep the car or does the insurance compnay?
Legally, if the company pays you for the totaled vehicle, it belongs to them. You can offer (if they don't) to by the scraps back. This would be deducted from your settlement and you would be paid the difference.
