When to be wary of an insurance settlement offer?
Make sure you comprehend and accept the terms of the release form before signing it if the insurer gives you a settlement letter along with it. For instance, there is a different legal issue if you make a property claim and the insurer includes a liability waiver for personal injury in the settlement package. Before you sign that paper, you should be certain beyond a doubt that you will never need to make a personal injury claim.
While some insurance firms are notorious for their strategies of delaying and denying claims, others have a reputation for fairly and swiftly resolving claims. The insurer is required to pay if you submitted a medical claim in accordance with the guidelines. If they don’t, you could have to sue the insurance provider and, as a last resort, submit an application to MVAIC.
According to written premiums, the New York State Dept. of Financial Services rates insurance firms according to the percentage of complaints that have been upheld against them. In 2010, Long Island Insurance Co. and Allstate had the greatest percentages of upheld complaints: 265 out of 355 complaints, and 180 out of 1,023 complaints respectively.
(Total complaints against any insurer are not included in these rankings. They consist of customer complaints as well as No-Fault arbitration complaints that are successful on appeal or reimbursed by the insurance provider within 30 days after the consumer wins.)