Geico touts their easy claim process on TV ads and is famous for “15 minutes could save you 15 percent,” but this ability to settle claims quickly and save you money comes at a severe cost to injured auto accident victims. The insurance conglomerate is the second largest in the U.S. and spends approximately $1 billion a year on advertising. The company brought in a whopping 26.3 billion in 2016 alone. However, this money does not necessarily trickle down into the settlement offers for those who file accident claims for serious injuries.
Like all companies, Geico’s number one priority is to make a profit, but an insurance provider who spends so much on advertising should also provide adequate settlements to injured victims. They’re proud to share they can settle claims in as little as 48 hours and make the steps “as hassle-free as possible,” but the speed of which they close these claims does not mean the offered settlements are anywhere near fair. Employees may be cheerful over the phone, and you may get accident forgiveness for your first at-fault accident, but when it comes time to receive compensation for your medical expenses and vehicle damage, you will likely be offered well below what your case is worth.
The typical process of filing a claim with Geico involves using the website or mobile app. Once you’ve submitted your Geico claim for your auto accident, an insurance adjuster will review your coverage. He or she will contact all parties involved, record statements, and go through in-depth interviews with each one. They will also examine pictures, and police reports to evaluate the facts, assign blame, and offer an initial settlement. This initial settlement will most likely be far, far less than the actual cost of your medical expenses for severe injuries such as a brain or spinal cord injury that comes with lifelong costs and disability.
The adjustor’s first offer is a percentage of the maximum amount they’re allowed to provide for your auto accident. If your case is worth $400,000, you may be offered just $125,000. That’s when a car accident lawyer comes into play. Our Virginia attorney can help you file a lawsuit against Geico to ensure you get the compensation you’re owed for your injuries, vehicle damage, and any pain and suffering you’ve endured.
Once we’ve filled your auto accident lawsuit against Geico, they will come back with a higher offer than before, which might be $200,000 in the example used above. That figure is still too small to cover the extensive damage catastrophic injuries cause to your overall quality of life.
The true value of your claim comes down to the severity of your injuries and the circumstances of the accident. If you’re found at fault for the accident, you may not have much room to negotiate, but the best way to approach an accident claim with Geico is to contact an experienced attorney such as those at Portner & Shure in Virginia.
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If you or a loved one has been injured in an auto accident, please contact our attorneys in Virginia as soon as possible at (703) 916-1227 or (703) 734-8790 for a FREE case evaluation. Portner & Shure provide personal injury and criminal defense legal services to clients in Virginia, Washington DC, and Maryland.