Negotiating with an insurance company after getting in an accident can be tricky, even in the best of times. Hopefully, the insurer will thoroughly investigate your claim and offer a settlement that fairly covers your financial needs, and you can move on with your life confident that the cost of your accident is covered. Unfortunately, this isn’t always the case. Sometimes, insurance companies enter into negotiations without any intention of offering a fair settlement, or even offering a settlement at all. If the insurance company is found liable for negotiating in bad faith, they could be punished with large fines and punitive damages.
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Bad faith is a term that is used when an insurance company improperly denies a claim without a reasonable basis or refuses to offer a settlement consistent with claims of a similar nature without a reasonable explanation. Insurance companies, like any organization, company, or person that enters into a contract, are expected to negotiate with honesty, fairness, and in good faith. This includes thoroughly investigating any claim in order to offer a reasonable settlement based on the relevant factors.
Along with failing or refusing to investigate a claim, there are a variety of ways an insurance company could display bad faith negotiation tactics:
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Insurance companies have a vested interest in keeping their settlement offers low, but when that interest becomes more important to them than adequately serving their customers, they may resort to bad faith negotiation tactics. If this is the case, it may be in your best interest to hire a law firm to assist you in securing the financial compensation you deserve.
Our New York City attorneys at The Perecman Firm, P.L.L.C. have been representing clients for over 30 years, and have successfully recovered over $400 million in verdicts and settlements. Fill out the form on our website for a free case evaluation, or give us a call at (212) 577-9325 to set up a meeting with one of our NYC attorneys to discuss your bad faith insurance claim.
The Perecman Firm, P.L.L.C.'s team of NYC personal injury attorneys have recovered more than $400 million in verdicts and settlements for their clients. We understand the financial and emotional toll a serious accident can have on your life. That’s why we dedicate ourselves to maximizing your recovery and securing what you deserve.
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