When you are injured in an accident caused by another party’s negligence, you should be compensated for your damages. When you file a valid Denver car accident claim with the insurance company, you expect it to be handled quickly so you can move forward with your life. However, insurance companies are in business to make a profit, and they will try to find ways to avoid paying you and to settle your claim for as little as possible. They often deny, delay, and attempt to devalue your claim.
If an insurance company is delaying your claim, you need experienced legal representation to help you secure the compensation you deserve. Schedule your free consultation to discuss your legal options today.
Delaying Claims Saves Insurance Companies Money
Insurance companies are focused on their profits. Every dollar they pay out in claims reduces their bottom line. By delaying valid claims, insurance companies benefit in several ways.
First, delays wear you down psychologically and financially. The insurance company hopes you will eventually become so desperate for money that you will accept whatever lowball settlement they offer just to end the ordeal. When you are facing mounting medical bills, lost wages, and the stress of recovery, even an unfair settlement can start to look good.
Second, insurance companies earn interest on the money they hold. Every day they delay paying your claim is another day that money sits in their accounts, making more money. While this might only amount to small percentages on individual claims, delaying thousands of claims every day adds up to a significant amount of money.
Third, delays help insurance companies manage their quarterly financial reports. By pushing claim payments into future quarters, they can make their current quarterly results look better.
Delay Tactics Insurance Companies Use Against You
Insurance companies use many tactics to delay valid claims. Some of the most common unfair strategies they use against you include repeatedly requesting the same information. You may submit your medical records to the adjuster, only to have a different adjuster request them again weeks later, claiming they did not receive the original ones.
Another tactic insurance companies use to delay claims is to launch an extensive investigation when the claim is straightforward. For example, the insurance company may require weeks of inquiry for a simple rear-end accident. They may claim they need to interview additional witnesses even when the fault is apparent.
Insurance adjusters may also ghost you. They stop returning your calls and emails, leaving you in limbo without updates.
All these tactics are used to increase insurance companies’ profits.
Colorado Law Protects Against Unreasonable Delays
Colorado has established laws designed to protect policyholders from unfair insurance practices. Insurance companies are required to handle claims in good faith and resolve them within a reasonable timeframe. However, Colorado law does not specify precisely how many days the insurance companies have to settle your claim.
When an insurance company delays a valid claim without a legitimate reason, it may be in bad faith. If you are a victim of bad faith dealing by an insurance company, Colorado law enables you to recover additional compensation beyond the value of your original claim, including attorney fees and penalties.
Contact Dan Caplis Law Today
If you believe your insurance company is deliberately delaying your valid claim, document every communication with them, and keep copies of all documents you submit. You do not need to accept unreasonable delays in your claim.
At Dan Caplis Law, we have decades of experience dealing with insurance companies. We know how to apply pressure when an insurance company adjuster is not acting in good faith, and we can take legal action when needed to secure the compensation you deserve.
Do not let insurance companies take advantage of you. Call (303) 770-5551 or visit our contact page and schedule a free consultation to discuss your claim.