Five Secrets Insurance Companies Wish You Didn’t Know

The Illinois accident attorneys with Stein & Shulman fight every day with insurance companies on behalf of their clients. The firm’s experience has revealed five secrets insurance companies do not want you to know.

Insurance companies grow profits by investing the premiums their customers pay for coverage.

Insurance companies, especially those that offer discounts and the like, would never turn a profit if they just took their customers’ premiums and held on to them in an escrow account. Instead, insurance companies invest their clients’ premium payments. Therefore paying out a settlement reduces the amount they can invest and diminishes the company’s profitability.

Insurance companies prefer that a claimant handle the claim personally instead of hiring an attorney.

Insurance companies can save money with quick and easy settlements and might attempt to persuade an accident victim to take a smaller sum as compensation for injuries following an accident. However, experienced Illinois personal injury lawyers know the value of the claim and will counsel their clients to fight for the largest settlement possible.

Insurance companies know that stalling can lead to paying out smaller claims.

If settling quickly did not work, then the next best tactic an insurance company can try is playing the waiting game. Insurance company adjusters and lawyers know that people who are injured are in a tight spot physically, emotionally, and financially. The longer the claim process lasts, the more pressure the plaintiff might feel to settle the case because they need the money to pay off bills and get back on his or her feet again.

Insurance Companies Record Everything

All calls to the insurance company are recorded in one form or another. They cannot record your statement without your consent, but the adjuster will take notes of phone calls, which they could use against you at some time in the claims process if you say something that was not helpful to your claim. Having a lawyer speak for you alleviates that problem.

An Offer of a Quick Settlement Means that the Insurance Company Knows It Could Lose Money on Your Claim

If an adjuster offers you a settlement shortly after your accident, you can reasonably assume that the adjuster believes that your claim might cost the company a lot of money. Seek the advice of a skilled Illinois personal injury attorney before talking with any insurance company representative. 


Stein & Shulman, LLC has over 45 years of combined experienced in Illinois Personal Injury Law. You can receive a free and instant case review by calling our office at 312.422.0500.

Stein & Shulman, LLC
134 N LaSalle St, #820
Chicago, IL 60602
Website | Directions