Thursday, January 31, 2013

A Platform to Argue

An armored truck took out the rear quarter panel of my truck a few months back. No one was hurt and the armored truck company quickly referred me to their insurance company to get the damage repaired. "Let the games begin!" After a few months of chasing my tail trying to get the truck fixed, I went back the other day to the armored truck company (couldn't get any satisfaction with the insurance company) and reminded them that this was their problem, not mine, and they needed to send someone over with a rent car to pick up my truck and take it in to have it repaired. No matter that I was stopped at a red light when I got hit, both the armored truck company, and the insurance company made getting it fixed my problem. Today, they brought me my rent car!

This most recent foray into the wonderful world of insurance comes on the heels of no less than three really good insurance fights last year! WHY WON'T THESE PEOPLE DO WHAT THEY ARE SUPPOSED TO DO, AND HONOR THEIR CONTRACT/POLICY?? Simple: Shareholders.

More and more there is talk in this country of a revolution. I'm convinced the revolution most probably will start over insurance and insurance companies. Rampant deception caused by excessively conservative policy interpretation has been inflamed by shareholder greed as they demand greater return on their investments. Who gets squeezed? You and I do! The more policies that are sold, and the more money insurance companies can take in translates to higher profit margins if  the company can weasel you out of benefits. 

Everyone knows that you have to have insurance. But when you buy protection, what do you really have? A platform to argue with the company that sold you the policy. Most likely they won't honor the face value language written in the policy. Congratulations, you've just invested your hard earned money to buy a place at the negotiation table. "Well the policy really doesn't say that, we interpret that phrase to mean this instead!" And on it goes.... If you don't like it, your Big Protective Brother's attitude is 'go ahead and sue me - we've got more money than you do, and we'll bleed you to death.'

Maybe it makes sense to hire an insurance attorney to read every policy before purchase so that all of the loopholes can be exposed. Do you suppose Big Protection will negotiate out the inconsistencies that are discovered? Good luck with that fight!