Why Do Insurance Companies Drag Out Claims?
Insurance companies are notorious for dragging out claims, leaving claimants frustrated and without the money they need. But why do they do it? There are several reasons why insurance companies drag out claims, and understanding them can help you prepare for the process.
One of the main reasons why insurance companies drag out claims is to wear down the claimant. They know that the longer the process takes, the more likely it is that the claimant will accept a lower offer just to get money in their pocket. This is why it’s important to remain firm and not give in to any lowball offers.
Another reason why insurance companies drag out claims is to create a statute of limitations defense. This means that if the case is not settled within a certain amount of time, the insurance company can use the statute of limitations as a defense against the claim. This is why it’s important to keep track of the statute of limitations in your state and to make sure that your claim is filed within the allotted time.
Finally, insurance companies may drag out claims in order to avoid paying out a large sum of money. They may try to delay the process in order to avoid paying out the full amount that the claimant is entitled to. This is why it’s important to make sure that you are filing a claim for the full amount that you are entitled to.
Understanding why insurance companies drag out claims can help you prepare for the process. It’s important to remain firm and not give in to any lowball offers, keep track of the statute of limitations in your state, and make sure that you are filing a claim for the full amount that you are entitled to. By doing these things, you can help ensure that your claim is settled in a timely manner.
