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Last year, the American Association for Justice published an article called “Tricks of the Trade; How Insurance Companies Deny, Delay, Confuse and Refuse” that is a scathing review of the tactics that insurance companies will use in order to not pay claims for their insured.
Although this was about the ways that some of the US’s most well-known insurance companies use to keep profits all for themselves, in many ways it is the same for our insurance companies right here in Ontario.
A For-Profit Industry
The insurance industry is a for-profit enterprise. Although they have no problem spending millions on advertising to get your business and trust, they are far less open with their money when it comes to paying insurance claims. As the article says, they “have endeavored to deny claims, delay payments, confuse consumers with incomprehensible insurance-speak, and retroactively refuse anyone who may cost them money” to the point of even offering their employees bonuses who successfully denied claims.
The Tactics
Denying claims is only one of the ways they ensure their own bottom line. Here in Ontario, we see these same tactics played out every day. Here are ways that it was found that the large insurance companies made money at the expense of their customers:
● Denied claims
● Delayed claims until customers finally gave up, sometimes until the death of their customers
● Had confusing and obscure clauses in contracts
● Discriminated against some customers based on credit scores
● Canceled or rescinded policies of customers with expensive to treat conditions
● Canceled customers who asked questions about potential claims
Can Insurance Be Trusted?
When you are involved in an accident, it stands to reason that you want to entrust your insurance company to be a safety net in times of need. But we Collingwood personal injury lawyers deal with the sad truth of the insurance industry every day. From outright denying claims to downplaying incapacitating injuries, the insurance industry is no longer the trusted safety net that people have counted on.
According to the article, one of the more disturbing things that the industry in the United States is doing is profiling based on lifestyle data that they can publicly retrieve. It seems as though things you buy and ways you spend your time may indicate whether you are inclined to file an insurance claim. If you fit into this “profile”, they will charge you more on monthly premiums or even deny coverage altogether.
Call a Legal Professional
If you have been injured in an accident, you owe it to yourself to get the advice of a personal injury lawyer in Collingwood. We protect the legal rights of our clients and make sure they are getting the compensation they deserve after an accident. Before you accept any settlement from insurance, make sure to speak to a legal professional to understand your rights. At BLFON Personal Injury Lawyer, we offer a no-cost consultation for your peace of mind.