♪ Like a good neighbor, State Farm is out to make a lot of money! ♪
Doesn’t have much of a ring to it, does it? But unfortunately, it’s true about State Farm and many other insurance companies. While they may have benevolent slogans such as, “You’re in good hands with Allstate,” the reality is that these huge corporations are about maximizing their profits.
And they’re good at it.
Allstate posted $510 million in earnings in the second quarter of 2017 alone. Not too bad, when you consider that’s a 117 percent increase over the second quarter of 2016.
How did they do it? According to the book From Good Hands to Boxing Gloves: The Dark Side of Insurance by David J. Berardinelli, Allstate’s bloated profits are the result of its “delay, deny, and defend” tactics. That is, delaying payment on legitimate claims, denying payments altogether, and defending their actions in court when claimants are forced to sue for the compensation they deserved.
When a company operates like that, it’s no surprise that an article, The Ten Worst Insurance Companies in America, by the American Association for Justice, awards the No. 1 spot to Allstate. Also among the 10 worst were household names such as State Farm, Farmers, and Liberty Mutual. The article even quotes a former Allstate adjuster as saying, “We were told to lie by our supervisors. It’s tough to look at people and know you’re lying.”
At GibsonSingleton Virginia Injury Attorneys, we are well aware of the aggressive practices of insurance companies. We’ve even written a book called 7 Deadly Mistakes That Can Ruin Your Virginia Auto Accident Case, which we urge you to read – even before you get into an accident.
We hope you’ll never need to use this information, but click on this link to educate yourself so you’re prepared. If you have any questions, just call us at (804) 413-6777. Speaking with us is free, and we will sit down with you to discuss what’s best for your unique situation. There is a statute of limitations for filing a claim (or lawsuit) in Virginia, so don’t wait.
Want more information about auto insurance straight from the Commonwealth of Virginia government? Call today.
