Which Do We Hate More? Lawyers or Insurance Companies

Insurance Claims

Just like lawyers, you can hate insurance companies and even their agents and adjusters.  For your ability to succeed, you better know why you need certain types of insurance and how much insurance.

Not My Fault!

Some (insert favorite explicit here) driver crashes into you and it is their fault. You are seriously hurt, your occupation is impacted, your whole life system and routine are decimated. So it would seem only fair to speak with the party's at fault insurance company and demand:

  1. A new car
  2. Replace lost wages
  3. Educate or rehabilitate me for a new occupation if needed
  4. Financially compensate me for my pain, suffering and medical bills

Despite the trauma of an automobile accident, a slip and fall at a place of business or other injury ridden experiences, the accident itself can often times be the easiest part of the whole process.

Insurance companies proceed through their processes. They must assign an adjuster, the adjuster needs to “investigate” and determine if their insured is liable.  (To you, it may seem obvious, but the insurance companies are not necessarily merely going to believe you or the police accident report.) Next, the insurance company will want to see all of your medical records. (Yes, I mean all.  Even that doctor visit 25 years ago for a minor back strain?  Yep,  they want that too.)

In the meantime, you are going broke with no work, no car and limited mobility.  Where is the money going to come from for the next many months or years? Certainly not from the insurance company!

Lesson Learned?

Virtually every financial planner and of course, the Ormond and Ramsey's mandate tell us that we must have six months to a year under the mattress savings. We have no choice here, we cannot afford to be this thin. We must have liquid savings.

Understand the injury claims process.  Understand the time consumption involved and protect yourself with your own adequate medical insurance; automobile insurance; loss of business insurance and many months of liquid savings.