What You Need to Understand about the Insurance Industry

by actuate | March 13th, 2017

How do insurance companies make billions of dollars in profit every year? It’s simple math. They take in more insurance premiums than they pay out in claims. How do they do that? By running millions of dollars in ads that get you to sign up while denying or minimizing claims that come in. As long as they keep that scale tipping in their favor, the profits continue to roll in.

The thing you need to understand about the insurance industry is that although their marketing efforts center on how they’ll protect you in the event of an accident, your insurance company is a business first. Altruism is far from their first motivation. In fact, from the moment your accident occurs, you become a liability to them. In business speak, you get moved to accounts payable, meaning they owe you money. It’s in their best interests to minimize your claim, and they’ve become really good at it.

If you’ve been injured in a car accident, don’t try to take on the insurance company alone. Call a Norfolk car accident attorney at Lowell Stanley Injury Lawyers for a free consultation. We’ve been dealing with insurance companies for more than 30 years. We know what your case is worth, and we’ll fight to get you every dollar you deserve. Contact us today for your free, no obligation consultation.