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Article: Big Insurance Companies Vs. You: Tipping The Scales In Your Favor

Big insurance companies have thousands of claims representatives, investigators and an army of attorneys to represent the company's best interests. You have - yourself. So, how can you tip the scales in your favor so that David can beat Goliath? Try these:
  • Understand how insurance companies operate. Despite their advertisements, insurance companies aren't sitting around worrying about your claims. They're generally not "like a good neighbor" and are not handling your claim in their "good hands." Insurance companies are in business to make money. The way they do that is simple economics - they collect premiums and pay out as little as possible. Recognizing that - especially when your insurer uses stalling tactics or offers you a settlement that is less than you deserve - is important to avoid being taken advantage of.
  • Know your state's laws. Insurance companies are regulated by the state(s) in which they write business. Each state has an insurance commissioner who oversees the state's insurance department. Each department's website generally contains a wealth of important information that you can actually use when dealing with your insurer such as an insurer's financial information, ratings or how to file a complaint.

    Remember, knowledge is power and an insurer is less likely to intimidate you when you know how the game is played. A link to each state insurance department's website can be found on the National Association of Insurance Commissioners' website at www.naic.org/.

  • Seek free advice. There's no reason not to seek the advice of someone who can help you - especially when that advice is free. In addition to contacting your state's insurance department (for free), you can also contact your state's attorney general to complain about your insurer's behavior - again, for free. A link to each state attorney general's website can be found on the National Association of Attorney General's website at www.naag.org/. Finally, most bad faith insurance lawyers offer a free consultation so you can discuss your situation and evaluate your options - whether you decide to hire that lawyer or not.

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