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Car Insurance - "What is your claim worth"?
Posted on 2/18/20 at 1:56 pm
Posted on 2/18/20 at 1:56 pm
Old topic, but having a day off recently and seeing a lot of attorney ads on the mid-day commercials really had me thinking.
The purpose of insurance is to put you back to where you would have been, if the accident never happened. To that end, no one should ever make money off an insurance claim.
I get that the more insurers pay out, the less profit they make, so they will always try to underpay. And I get that sometimes, the legal system is the only way to get the insurer to do the right thing.
What bothers me is that many of these tv attorneys aren't saying, "If you need help recovering and getting back to normal, call us". Instead, they say, "we will get you the max" or "Find out how much your claim is worth" or "We will make em pay". Not to mention, all the billboards and commercials indicating how much an attorney got a client, without mentioning what the actual damage and medical and lost wages costs were.
Sure, lawyers advertise in Texas, Mississippi, Alabama, etc. But it doesn't seem to promote this "get rich quick" scheme like they do here.
If you want to reduce car insurance rates, you have to reduce the payouts. Get rid of the jackpot nature of these claims, and you will find insurance costs will drop quicky.
The purpose of insurance is to put you back to where you would have been, if the accident never happened. To that end, no one should ever make money off an insurance claim.
I get that the more insurers pay out, the less profit they make, so they will always try to underpay. And I get that sometimes, the legal system is the only way to get the insurer to do the right thing.
What bothers me is that many of these tv attorneys aren't saying, "If you need help recovering and getting back to normal, call us". Instead, they say, "we will get you the max" or "Find out how much your claim is worth" or "We will make em pay". Not to mention, all the billboards and commercials indicating how much an attorney got a client, without mentioning what the actual damage and medical and lost wages costs were.
Sure, lawyers advertise in Texas, Mississippi, Alabama, etc. But it doesn't seem to promote this "get rich quick" scheme like they do here.
If you want to reduce car insurance rates, you have to reduce the payouts. Get rid of the jackpot nature of these claims, and you will find insurance costs will drop quicky.
This post was edited on 2/18/20 at 7:57 pm
12
Posted on 2/18/20 at 1:59 pm to LSUFanHouston
I am a personal injury attorney and I hate these commercials. I was in Texas for the LSU game and if they tell folks what they recovered, they also have to disclose the legal fees and medical bills to show the bottom line the client put in their pocket.
There are some First Amendment concerns with outlawing advertising outright, but requiring this level of detail and truth in your advertising probably passes 1A muster.
There are some First Amendment concerns with outlawing advertising outright, but requiring this level of detail and truth in your advertising probably passes 1A muster.
This post was edited on 2/18/20 at 2:00 pm
Posted on 2/18/20 at 2:01 pm to LSUFanHouston
quote:
I get that the more insurers pay out, the less profit they make, so they will always try to underpay. And I get that sometimes, the legal system is the only way to get the insurer to do the right thing.
Is this actually true?
Aren’t insurance rates set by the state of La.?
As the payouts rise don’t the insurance companies get to increase their premiums?
As long as premiums increase at or more than the rates of payouts increase, insurance companies make more money.
I’m thinking insurance companies doing business in La. and the trial lawyers both benefit from our system each blaming the other.
Posted on 2/18/20 at 2:03 pm to LSUFanHouston
quote:
Get rid of the jackpot nature of these claims, and you will find insurance costs will drop quicky.
Partially true. The bigger issue is that insurance companies refuse to pay a dime until you settle your entire claim, waiving your right to future indemnity.
Years ago I was in an accident and injured my shoulder. Other guy's fault. I had some severe deep pain in my left shoulder for almost a year. A month into the claim, the adjuster tells me he won't pay me back for my co-pays and other costs related to the injections and medication, along with CT scans and MRI's until I close the claim.
Hmmm, well frick you Mr. Adjuster. I don't know how long I'm going to need treatment and nobody's paying me interest on the money I'm out of pocket until I settle the claim. I'm wiping my hands of this right fricking now and getting my attorney involved.
That adjuster had the option of paying me $1,500 to reimburse me from all my out of pocket expenses and he, being forced by the company he worked for, refused. Instead I got a lawyer involved and he ended up paying me $15,000.
It's not my fault insurance companies have dumb arse claims handling procedures. I wasn't looking for a payout but I got pissed off when he denied my requests to be reimbursed each time I went to the doctor. I didn't want to deal with it and I was angry.
THAT'S the problem with insurance costs everywhere, not just in Louisiana. Change the way insurance companies operate in situations like the one I described and I guarantee you'd see a dropoff in those obtaining lawyers after accidents.
This post was edited on 2/18/20 at 2:06 pm
Posted on 2/18/20 at 2:04 pm to LSUFanHouston
Get rid of attorneys. You want to sue someone? You file it yourself and get a trial in 90 days. You present your case yourself at trial, and the defendant presents the defense themselves. No discovery battles, no motions, just present your case the best you can and live with what the jury decides and move on. Minors and the elderly can apply to have someone else represent them, but that person does not have to be an attorney.
Posted on 2/18/20 at 2:04 pm to boosiebadazz
quote:
they also have to disclose the legal fees and medical bills to show the bottom line the client put in their pocket.
That's a reasonable situation, and probably helps tamp down the commercials.
Posted on 2/18/20 at 2:04 pm to LSUFanHouston
I have a question that ties in a little with this.
If someone gets into a wreck and it’s a fairly new car, can you ever convince the at fault insurance company to pay for the depreciation on said car?
If someone gets into a wreck and it’s a fairly new car, can you ever convince the at fault insurance company to pay for the depreciation on said car?
Posted on 2/18/20 at 2:05 pm to LSUFanHouston
We got arse raped by a frivolous lawsuit recently, or at least our insurance did, but it will ultimately be us.
Posted on 2/18/20 at 2:05 pm to Number 9 Fan
quote:
Aren’t insurance rates set by the state of La.?
No, they have to be approved, but denying them is basically a hoke.
quote:
As the payouts rise don’t the insurance companies get to increase their premiums?
They have to in order to pay claims, this is the problem.
Posted on 2/18/20 at 2:08 pm to boosiebadazz
quote:
There are some First Amendment concerns with outlawing advertising outright
Bates v. State Bar of Arizona ranks right up there with Roe v. Wade, Dred Scott and Wickard v. Filburn as one of the worst in the history of the Court.
Posted on 2/18/20 at 2:08 pm to fallguy_1978
quote:
We got arse raped by a frivolous lawsuit recently, or at least our insurance did, but it will ultimately be us.
What happened?
Posted on 2/18/20 at 2:08 pm to TDsngumbo
quote:
The bigger issue is that insurance companies refuse to pay a dime until you settle your entire claim, waiving your right to future indemnity.
quote:
It's not my fault insurance companies have dumb arse claims handling procedures. I wasn't looking for a payout but I got pissed off when he denied my requests to be reimbursed each time I went to the doctor. I didn't want to deal with it and I was angry.
Do adjusters handle claims in LA differently than the other 49 states?
quote:
THAT'S the problem with insurance costs everywhere, not just in Louisiana. Change the way insurance companies operate in situations like the one I described and I guarantee you'd see a dropoff in those obtaining lawyers after accidents.
So again, this isn't so much about the high rates of insurance everywhere, it's about why LA's rates are so much higher than everyone else's.
While I understand everything you posted, I don't see how that is different in LA vs the rest of the country.
Posted on 2/18/20 at 2:09 pm to LSUFanHouston
quote:
They have to in order to pay claims, this is the problem.
Proving my point, bigger claims result in higher rates; thus bigger profits for the ins companies.
Posted on 2/18/20 at 2:10 pm to TDsngumbo
quote:
What happened?
Wife bumped a guy in a F250 at one of the metered interstate on ramps at about 2 mph in her Honda Accord. It just scratched the plastic bumper on her car (we didn't even get it fixed). No damage to his.
He got out saying he needed an ambulance. Even the cops were rolling their eyes. He eventually got like 26k.
Posted on 2/18/20 at 2:11 pm to LSUFanHouston
quote:
While I understand everything you posted, I don't see how that is different in LA vs the rest of the country.
It's probably not different in Louisiana than the rest of the country. The problem in Louisiana is you have lots of folks who are looking to strike it rich at claim time. You also have lots of folks like me, who get pissed off at claim time because the adjuster is treating you like you're trying to get something you don't deserve when in reality you're just trying to get what you need back but in the process you get pissed off to the point of not wanting to deal with it anymore and finally cave to a lawyer.
Posted on 2/18/20 at 2:11 pm to boosiebadazz
What they also don’t tell you is how bad the person who for $245,000 was actually injured, or how lucky they were to be injured by someone carrying greater than a minimal limit policy.
Posted on 2/18/20 at 2:12 pm to LSUFanHouston
Probably the subject of another thread, but why do these types of commercials bother you but us getting bombarded with the gecko and good hands and Aaron Rodgers all day not bother you?
Are we all under the impression those commercials are paid with anything other than our premiums (or investments made on our premium held in reserve)?
Are we all under the impression those commercials are paid with anything other than our premiums (or investments made on our premium held in reserve)?
Posted on 2/18/20 at 2:13 pm to Number 9 Fan
quote:
Proving my point, bigger claims result in higher rates; thus bigger profits for the ins companies.
If your weird math were true, why wouldn't they do this in every state?
Posted on 2/18/20 at 2:13 pm to TDsngumbo
quote:
A month into the claim, the adjuster tells me he won't pay me back for my co-pays and other costs related to the injections and medication, along with CT scans and MRI's until I close the claim.
That’s why you have Med Pay or PIP, depending on where you live.
Posted on 2/18/20 at 2:13 pm to CaptainsWafer
Agree wholeheartedly.
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