Biggest Insurance Companies: Why You Need a Lawyer

After a car accident or other injury, you expect the insurance company to help. You pay your premiums faithfully. So, you should get fair compensation when it’s time to file a claim, right? Unfortunately, it’s rarely that simple. This is especially true when you deal with the titans of the industry. The goal of the Biggest Insurance Companies is not to pay you what you deserve. Their goal is to pay as little as possible to protect their bottom line.

Many people don’t realize a version of the Miranda warning applies to insurance claims. In effect, anything you say can and will be used against you to devalue your claim. This article lists the nation’s largest insurers. It also explains why you need an experienced lawyer to handle all communications for you.

The Titans of Insurance: America’s 25 Biggest Companies

A handful of massive corporations dominate the insurance industry. They possess vast resources. If you have an auto or home policy, or file a claim against someone who does, you are likely dealing with one of these giants. According to the most recent market share data from the National Association of Insurance Commissioners (NAIC), the 25 largest property and casualty insurance companies in the U.S. include household names like:

State Farm, Progressive, Berkshire Hathaway (GEICO), Allstate, Liberty Mutual, Travelers, USAA, Chubb, Farmers Insurance, Nationwide, The Hartford, American Family, Erie Insurance, Auto-Owners Insurance, CNA Financial, Cincinnati Financial, Tokio Marine, Zurich Insurance, Markel, W. R. Berkley, Arch Capital Group, The Hanover, American International Group (AIG), Old Republic International, and Sompo Holdings.

These companies collectively control a huge portion of the insurance market. They employ armies of adjusters, investigators, and lawyers. All of them are trained with one primary goal in mind.

The Adjuster’s True Role: Protecting the Company’s Bottom Line

The insurance adjuster who calls you after an accident may sound friendly and helpful. They might say they just need to “get your side of the story.” Or they may want to “clear up a few details.” You must understand that their true role is to protect their employer’s financial interests. The adjuster is not on your side.

According to consumer guides from the California Department of Insurance, it is important to be cautious when speaking with an adjuster from the other party’s insurance company. Giving a recorded statement without legal counsel is one of the biggest mistakes an injured person can make. An adjuster’s goal is often to find reasons to reduce or deny your claim.

How “Anything You Say Can Be Used Against You”

Your words are the most powerful tool an insurance company has to fight your claim. Here are a few examples of how an adjuster can twist innocent, everyday statements against you:

• Downplaying Your Injuries: The adjuster asks, “How are you today?” You politely respond, “I’m okay, just a little sore.” They will note this. Later, their company will argue your injuries must not be serious. This happens even if a doctor later diagnoses you with a severe soft tissue injury.
• Unintentionally Admitting Fault: After a crash, you might say, “I’m so sorry this happened.” An adjuster can misconstrue this common courtesy. They can frame it as an admission of partial or full fault for the accident, even if the other driver was clearly negligent.
• Speculating on Facts: The adjuster might ask, “How fast do you think the other car was going?” If you guess a speed, they will use it against you. If a later investigation shows a different speed, they will argue your memory is unreliable and your testimony is not credible.
• Discussing Pre-existing Injuries: If you mention an old back injury from years ago, the insurer will try to blame all of your current pain on that pre-existing condition, rather than the recent accident.

A Lawyer Is Your Best Shield Against the Biggest Insurance Companies

Given these tactics, the best way to protect yourself is to have a legal professional handle all communications. When you hire a personal injury attorney, they become a shield between you and the insurer.

Your lawyer will:

• Handle All Communications: They will notify the insurance company that you have representation. They will instruct the insurer to direct all future communication to the law firm. This action stops the calls and pressure on you immediately.
• Provide Only Necessary Information: Your attorney knows what information the insurer legally needs. They know how to provide it without damaging your claim.
• Prevent Recorded Statements: They will prevent you from giving a recorded statement that the insurer can use against you. Instead, your lawyer will present the facts of your case through carefully prepared legal documents and evidence.
• Build Your Case for Maximum Value: While your lawyer handles the insurer, you can focus on your medical treatment. Your attorney works to gather medical records, accident reports, and expert opinions. This helps build a strong case designed to recover the full value of your damages.

How KAASS LAW Can Help

At KAASS LAW, we have extensive experience dealing with the tactics used by the Biggest Insurance Companies. We understand the challenges individuals face when they go up against these massive corporations. Our firm dedicates itself to leveling the playing field for victims of negligence.

We handle a wide range of Personal Injury cases. We work on a contingency fee basis. This means you pay no fees unless we win your case. Our team takes over all communications with the insurer from day one. We protect you from their tactics and fight to ensure you receive the full and fair compensation you deserve. If you need to file a claim against any insurance company, big or small, please Contact Us for a free, confidential consultation.

Conclusion

The Biggest Insurance Companies in the nation have a significant resource advantage over the average person. They are not in the business of voluntarily paying fair settlements. They are in the business of maximizing profits. Remember, their adjusters receive training to use your own words against you. The single most important step you can take to protect your rights after an injury is to let an experienced attorney speak for you. Having a skilled advocate in your corner ensures that you are not intimidated or tricked into accepting less than you deserve.