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Insurance Companies, Tort Reform and Money

August 7, 2006 by Jonathan Stein

I often hear people talk about how expensive insurance is. They tell me that insurance costs a lot of money. They blame it on “frivolous lawsuits.” They complain about how these cases cost the insurance company so much money that it affects everyone.

Well, I just tried a case against an insurance company. And they spent $10,000 to defend a case that would have settled for $6,000. Yes, they spent more on a case then the case was worth. And that does not even include paying their attorney.

Let me see if I get this right: let’s spend more money defending a case than the case is actually worth? Does that make sense? Anyone else run a business like this?

The next time the insurance companies tell you about the high cost of insurance, ask them how much they spend defending legitimate cases! As I have said before, if they would make fair and reasonable offers on cases, they would be making more money.

Categories: Auto Insurance, Insurance Operations, Personal Injury

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