What to know: GEICO Insurance Claims
GEICO believes that 15 minutes can save you 15 percent or more on car insurance. But before you let the funny commercials and signature Geico disarm you, understand that dealing with this particular insurance agency is not always a joyride.
GEICO in one of the biggest names in auto insurance in the United States, and the second largest car insurer in Texas. GEICO is owned by Berkshire Hathaway, a $770 billion conglomerate with interests in multiple insurance and re-insurance companies, like Gen Re. The company thus possesses great resources and expertise that gives them up an automatic advantage in negotiating claims with their clients. However, with the right help, you can show them that you’ve done your homework and won’t be easy to take advantage of. We believe that by working with an attorney to handle your GEICO insurance claims, you’ll be able to substantially increase the value of your payout.
GEICO’s business model saves you money on premiums by settling claims far below fair value. Usually, their team of adjusters is given a ceiling on how much they can offer on your claim. They are trained and instructed to offer you a value LESS than this ceiling. If you negotiate, you will only be able to push them up to the ceiling value, as they have no authority to give you more. Depending on the value of your claim, this could result in a substantial underpayment.
In some cases, the difference between the adjuster’s initial offer and their authorized ceiling price can be measured in the tens of thousands! Especially in these scenarios, going at it alone can be financially imprudent. If you are unfamiliar with historical precedents and laws governing the situation, you may be leaving massive sums of money on the table. This is money you are entitled to. A trained and experienced attorney can help you bring it home.
When you introduce an attorney, GEICO starts to pay attention. The first thing they’ll do is reassign your case to a new adjuster. Even though all adjusters are trained and mandated to undervalue initial offers, this new adjuster will claim that it was basically a misunderstanding or mistake. They will proffer a new, improved offer.
The new offer will almost always sit below the potential settlement amount. But whether a case is settled or goes to trial is not always black and white. It often depends on what legal issues are relevant to the case.
If the disputed details in the case are around liability, or who is at fault, GEICO is known for taking claimants to trial and arguing for their case. However, if the disputed facts are around the cash value of damages, GEICO is far more likely to settle out of court, making the process is easier and less costly for all involved.
In instances of no property damage but bodily injury, GEICO is likely to avoid paying fair value, making a trial one of the only options for getting the payout you deserve.
Why Hire an Attorney for handling GEICO Insurance Claims
Why do you need a lawyer to handle your injury claim against GEICO? GEICO will try to use many tactics to reduce and delay the compensation owed to you after a wreck with a GEICO-insured defendant. You need an experienced lawyer who knows all the secrets of accident claims against GEICO. As we’ve explained above, GEICO can be stingy with their payouts to claimants.
This is how the household name insurance company affords its iconic marketing campaigns, low premiums, accident forgiveness perks, and, yes, stellar profits. Most policy holders simply roll over and accept sub-par payouts just to avoid the paperwork, legal stress, and time fighting for their rights. However, if you’re serious about getting the payout you deserve, there is no better way than hiring an attorney for your GEICO insurance claims.
An attorney understands the legal system, historical precedents in past cases, and the strategies that the insurance companies rely on. It can be challenging fighting a giant corporation like GEICO alone. Their fleet of professional adjusters and attorneys are paid and trained to give you the least amount of money possible.
The best way to fight back is to lawyer up. You don’t need to go to trial to use an attorney. An attorney specializing in auto accident insurance can consult on every step of the process, from dealing with the adjuster and negotiating initial offers to negotiating a settlement out of court. Ultimately, an attorney will help you map out the best strategy for maximizing value. If your claim is high value, it will be especially profitable to settle or go to trial. In these situations, a lawyer is critical for helping you navigate the complexities of the court system.
GEICO may rely on underpaying policyholders for their high-profit margins, but that doesn’t mean you have to let them get away it. By hiring an attorney and fighting GEICO, you can receive the fair value payout you deserve.