In the realm of personal injury law, a prevalent misconception is that filing a lawsuit is tantamount to causing personal financial ruin for the individual or entity being sued. The truth is quite different. In the vast majority of personal injury cases, it's not the person at fault who pays out of pocket – it's their insurance company.
Understanding the Role of Insurance
Most individuals, businesses, and other entities carry liability insurance for a reason. Whether it's auto insurance, homeowners' insurance, malpractice insurance, or any other type, the purpose is to protect the policyholder from bearing the brunt of financial liability if they cause injury to another person. These insurance policies exist to cover the costs associated with accidents, including any legal judgments or settlements that arise out of a personal injury claim.
When you file a lawsuit after being injured due to another party's negligence, the defendant's insurance company steps in. Their role is to manage the claim, which includes negotiating settlements and paying any judgments. It's not the individual or business who pays; rather, it's the insurance company that has been collecting premiums over time specifically for these circumstances.
The Reality of Insurance Payouts
Insurance is a billion-dollar industry for a reason: they collect more in premiums than they pay out in claims. As mentioned, insurance companies are for-profit entities, and their primary allegiance is to their shareholders, not policyholders. Therefore, they have an incentive to pay out as little as possible on claims to maintain their profitability.
Given this reality, there is no reason to feel guilty about pursuing a meritorious personal injury case. If you've been injured due to another party's negligence, you're not asking that individual to empty their personal bank account or sell their home to compensate you. Instead, you're asking their insurance company—the same insurance company that the at-fault party has been paying premiums to for protection in this exact scenario—to do what it promised to do: cover the costs associated with the accident.
Indeed, not pursuing a personal injury claim can lead to victims bearing unnecessary financial burdens, including medical bills, lost wages, and costs associated with pain and suffering. Remember, these insurance policies exist for this reason – to provide financial relief in the event of an accident caused by the policyholder's negligence. There is no reason to give the multi-billion dollar insurance industry any breaks!
Navigating the Claims Process
Unfortunately, dealing with insurance companies isn't always straightforward. As we've mentioned, insurance companies often employ tactics to minimize their payouts. This is where having a seasoned personal injury attorney is invaluable. An experienced attorney can help ensure that the insurance company treats you fairly and compensates you appropriately.
In conclusion, don't let guilt or sympathy for the defendant deter you from pursuing a personal injury lawsuit. Your claim is most likely to be settled by an insurance company – a billion-dollar entity that exists for this very reason. Stand up for your rights, and don't be deterred by the misconception that you're causing financial hardship for the party at fault. Remember, it's the insurance companies that will pay.
To learn more about the personal injury claim process or if you need assistance with your claim, please contact us for a free consultation.