The Government Employees Insurance Company (better known as "GEICO") is an American auto insurance company. GEICO is a wholly owned subsidiary of Berkshire Hathaway that as of 2007 provided coverage for more than 10 million motor vehicles owned by more than 9 million policy holders. GEICO writes private passenger automobile insurance in the District of Columbia and in all 50 U.S. states. The company is notable for its copious television advertising, with several prominent campaigns running simultaneously in national markets.
GEICO generally deals directly with consumers via the telephone and the Internet, freeing up capital that would otherwise be spent on employing insurance agents in the field. The company is now the third largest direct writer of private auto insurance in the United States.
Lawsuits Brought Against GEICO Insurance
If you have been in an accident, there are is a good chance that you will be required to take legal action. Additionally, If you or the at-fault have coverage with a major insurance companys such as GEICO Insurance, it is critical to research how other people and organizations have successfully navigated insurance claims negotiations and settlements with specific insurance companies in order to achieve a just settlement or court outcome. Sufficient research will assist you in avoiding similar mistakes others have made when legally dealing with insurance companies. Research can provide insight as to which courses of action might affect the value of your settlement. It also helps highlight crucial legal strategies and avenues that have historically helped win lawsuits against major insurance companies such as GEICO Insurance.
Insurance companies are notorious for stalling the release of settlement funds until the last possible second. This questionable practice is implemented by an extremely high percentage of insurance companies. It is designed as both a money-making and a money-preserving technique. Major insurance companies usually have access to tens of billions of dollars due to high volume revenue and cash flow. Similar to banks, they invest these funds in order to amplify their profits. Even if they are required to pay a settlement, they will hold the money as long as legally possible in a leveraged effort to increase their own profits through the interest they earn on their investments.
In addition to delaying the disbursement of settlement funds, most insurance companies implement many of the following strategies to cut costs and generate profit:
Nickel and dime smaller individual clients with various charges with the knowledge they cannot afford to investigate their legal options.
Present clients with a very small initial settlement offer, as many policy holders do not realize they do not have to accept the insurance company’s first offer.
Wait until the last possible week to disperse funds, as some negotiations can last well over a year.
If you have sustained personal injuries that will be permanent, it is important to use an expert trial attorney.
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