As is often said, insurance is a product that you purchase while hoping to never have to use it. Because it is a hedge against something bad happening, insurance is one of those necessary evils that modern life requires. When a person has been hurt in an accident and an insurance company offers to pay a claim, it can seem like the victim should take the money and be thankful. However, it is important that Californians understand how insurance companies work, and how they need to be approached.
Like all private businesses, insurance companies exist to make money for their stake holders. These could be the owners, or, for publicly-traded corporations, the shareholders. They don't do this by paying out more on claims than they absolutely have to. When a claim is made, insurance adjusters do many complex calculations to determine how much the claim is worth, and how much the company might be liable to pay. This amount may or may not be the same as what one might be entitled to in a civil suit for damages, based on, for example, negligence.
Because of this, it might be a good idea for a California resident who has been injured in an auto accident or other incident involving insurance to consider speaking with an experienced personal injury attorney. These professionals have handled many cases and have dealt with insurance companies before. Some have even worked in the insurance defense industry and therefore have an intimate knowledge of how insurance companies tend to value various injuries and situations.
Knowing how far and insurance company may go in paying out a claim, and being willing to go to trial if the company won't offer fair compensation is an important tactic in negotiating personal injury claims. For more information, please feel free to visit our law firm's web site.