Secrets of Accident Claims Against GEICO Revealed
October 11, 2023 | Sagi Shaked | Personal Injury
GEICO – Government Employees Insurance Company – began in 1936 and has grown to become the second-largest provider of car insurance in the United States. With over 28 million vehicles insured across multiple states, its influence is considerable.
In large part due to its budget-friendly options depicted through talking gecko commercials, amongst other quirky advertisements, GEICO’s popularity continues to grow.
However, beneath these snappy marketing campaigns lies an understated but important fact: the longevity of this insurance behemoth isn’t just because of low rates. Much is owed to its sophisticated strategies for handling car accident claims, often designed to protect its interests and save as much money on payouts as possible.
As such, if you’re ever involved in an accident where GEICO is the insurer, it’s crucial that you understand these tactics and equip yourself to deal with them. Here’s the secrets you need to know:
Secret #1: GEICO Doesn’t Want to Pay Your Claim
The first thing to understand is that insurance companies like GEICO ultimately exist for profit – their primary obligation is to owners/shareholders rather than any policyholder. While they do have a contract (the policy), when it comes time to file a claim due to your accident, their objective naturally becomes saving as much money as possible.
This often takes form through attempts at disputing various aspects associated with claims. They might raise questions about exactly what occurred during the incident or scrutinize reported damages and injuries for legitimacy. They may even try to blame you for the accident – all in an effort to reduce the overall payout.
Secret #2: GEICO May Try to Get You to Give a Recorded Statement
After an accident, it’s common for insurance adjusters from GEICO to reach out and ask people for a recorded statement. They might even inaccurately suggest that it’s legally necessary for the sake of processing your claim.
However, this is typically an attempt at coaxing you into potentially making self-incriminating statements that could be used against you in order to limit or deny compensation.
It’s wise to decline these requests until after speaking with a personal injury attorney who can coach you and ensure you don’t say anything to harm your claim.
Secret #3: GEICO Will Try to Rush You into a Decision
Another common tactic involves rushing you through settlement talks. The goal here is to pressure victims into signing paperwork quickly without fully reading or understanding the terms.
Additionally, initial offers from insurance companies like GEICO tend to lean towards the lower end compared to what your claim might actually be worth. It’s always recommended not to rush this decision and to consult an experienced attorney first.
Secret #4: GEICO Doesn’t Care What Your Medical Costs Are
Insurance companies like GEICO routinely employ their own medical experts, who assess the costs of treatments and procedures pertaining to accidents and injuries. Unfortunately, these “experts” often assign undervalued worth to essential health services, identifying lower costs that don’t reflect the true expense involved.
Settlement figures are usually based on these internal recommendations, which means your actual medical bills might not be adequately covered in the payout they propose. If you’ve undergone significant health care such as surgeries or long-term therapy after an accident, these assessment discrepancies can lead to substantial financial burdens, underscoring the importance of having legal counsel when negotiating with GEICO.
Secret #5: GEICO Doesn’t Want You to Hire a Personal Injury Attorney
Perhaps one of GEICO’s biggest secrets is that they’d prefer you not hire a personal injury attorney. Insurance companies understand that these professionals are well-versed in their tactics and will protect your rights vigorously.
Having an attorney on your side ensures you don’t inadvertently sabotage your claim. They’ll also have the knowledge and skills to accurately value claims considering all related costs so you don’t settle for less than what you deserve.
If you’re involved in an accident where GEICO is the insurer, seeking advice from a personal injury lawyer should be one of the first things you do. Doing so could greatly influence the outcome.
Don’t fall prey to insurance company tactics like the ones GEICO employs. You may even have a bad faith claim against the insurance company, depending on their actions. Contact us today to schedule a free consultation with an experienced Florida personal injury lawyer.