When you are in a car accident or motorcycle accident, you trust that the insurance company will pay for your injuries and property damage. After all, isn’t that what insurance is for?
Insurance companies are known for denying claims, increasing premiums and offering low settlements. After a Los Angeles car accident, it is not uncommon for an insurance company representative to call the accident victim and ask for a recorded statement. Insurers are looking for ways to protect their bottom line and saving the company money.
The American Association of Justice (AAJ) compiled a list of the top ten worst insurance companies in the country based on denied claims, increased premiums and refusing insurance to consumers. The AAJ’s report, titled, “The Ten Worst Insurance Companies in America – How They Raise Premiums, Deny Claims and Refuse Insurance to Those Who Need it Most,” ranked insurance companies based on the review of thousands of court documents and records obtained from the Securities & Exchange Commission (SEC). Researchers also examined information from the Federal Bureau of Investigation (FBI) and state insurance departments, as well as news reports and testimony from former agents and adjusters.
The list showcases a raising pattern of corporate greed from these 10 companies, many whom refuse to pay reasonable amounts for claims, reward their excutives for pressuring people involved in accidents to take low settlements, and increasingly raise premiums while enjoying high profits. One of the conclusions is that insurers place a higher emphasis on the bottom line than on policy holders. By denying claims, increasing premiums and offering low settlements, these insurance companies are able to hold on to more of their money, even though their customers have to pay the price. The list identified by AAj is as follows:
1. Allstate
2. Unum
3. AIG
4. State Farm
5. Conseco
6. WellPoint
7. Farmers
8. United Health
9. Torchmark
10. Liberty Mutual
Based on the report, insurance companies appear to put a higher emphasis on profits than policyholders. Insurers also commonly deny and delay claims, which allows them to hold on to more money. To check out the full report, click here.
If you have been seriously injured a Los Angeles auto accident, you should not try to face the insurance company alone. Contact Steinberg Injury Lawyers today at (800) 350-8888. We represent accident cases in Los Angeles County, Orange County, San Diego County, Riverside County, San Bernardino County, Ventura County and throughout California.
