In today’s economic environment, insurance companies are affected the same as regular companies. When the market for securities drops, and people are losing their homes, insurance companies are facing non-renewal of premiums and losses in their safe investment of capital. Additionally, many companies have had to pay out huge claims for natural fire and floods, more often than I can recall in recent years.
As a result, many insurance companies are now lowering their payout of claims for personal injury cases. What can we do as aCalifornia personal injury attorneys during this period. Here are a few ideas.
first, I suspect that the reduction in offers and amounts is only temporary while the financial and housing markets settle. Once the largest of the issues is addressed, I expect it will be business as usual.
I also believe that if the carriers are reducing their offers to personal injury victims, they will have to pay the full value of the case later in litigation. Therefore, I am recommending that we file and serve in Orange County Superior Court to move the cases along.
Additionally, I am also of the opinion that currently it may be better to file and serve the lawsuit than to attempt a settlement, as a defense attorney is not as likely to be swayed by the current economic environment when evaluating the case for settlement authority.
What I would not encourage during this short troubling time, is settling cases at less than full value. That will give the insurance companies incentive to continue their cost cutting and also reward bad behavior on their part. So let’s keep up the good work and get full value in settlement despite the extra effort that current economic times may require.
If you need a California Personal Injury attorneythat is not willing to settle your case for less than full value, call us at 1 888 752 7474 for a free consultation.