November 07 - Insurers and Brokers Settling Compensation Claims Directly With Clients Without Solicitors
We have recently seen on a number of occasions a new trend amongst insurance companies and insurance brokers offering to settle claims for compensation with injured accident victims directly. Often accident victims receive a letter from the insurance company or broker advising them they do not need to use a solicitor to claim compensation but can claim directly from the insurance company. Sometimes they even offer an incentive to avoid using a solicitor, some flowers or even an extra amount of compensation. So why are they doing this?
The starting point is to remember why insurance companies exist:- to make profits for their members. If they can avoid you using a solicitor, then they can avoid paying legal costs. As part of any claim made by an individual they are also entitled to claim their legal costs, which is why solicitors can offer "no win no fee" arrangements, with the insurance company paying their bill if they do win. However, if the insurers can persuade you not to use a solicitor they can save more money and make more profits. Now if they offer you an incentive why not avoid a solicitor?
If you have a solicitor on your side they are doing one thing only, acting in your best interests. If you are made an offer by the insurance company but do not have a solicitor, how will you know if the offer is a fair one? An independent solicitor will review all of the evidence and then negotiate for the best possible settlement for you. If an insurance company has a duty to maximise its profits, will it be able to make the right offer of compensation to you? Ultimately it is for the accident victim to decide. If you are approached following an accident by an insurance company, why not talk to an independent solicitor and the insurance company and then make your decision? But remember that important point, it is "your decision" and your decision only. Neither a solicitor or an insurance company should put any pressure on you to make you go use them.
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