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Auto Insurance in Maryland: Have You Been Duped?

Auto Insurance in Maryland: Have You Been Duped?

If you’re driving in the state of Maryland, you know that having auto insurance isn’t a choice, but rather, the law.   There are minimum coverage amounts, which basically say, “you have to have ______ amount of coverage to drive.” These mandated requirement thresholds can lead drivers to believe they’ve got plenty of coverage if they get in an accident, but in most cases, that couldn’t be further from the truth.

In fact, not having “full” coverage doesn’t give you much protection at all, and in a sense, it protects the insurance company.  Read on to see why.

How Insurance Companies Make (and Keep) Money

Insurance companies count on the monthly payment that you and millions of others make each month.  This billion-dollar industry is so successful because of basic math:  you have to bring in more money than what you spend.

Making Money:  Insurance companies make their money by selling a volume of policies. To sell a volume of policies, insurance representatives or sales people will emphasize what the customer pays each month while often glossing over the details of the coverage.  For example, if you can get what the insurance industry calls “full coverage” for $100 per month by meeting the states minimum coverage amounts, you may immediately think your policy has everything you need to be covered in the case of an accident – your fault or not.

Like many other consumers, you accept the insurance quote, pay your bill monthly and drive day-to-day because you think your “full coverage” has you covered.   This ignorance leads so many car accident victims to a tough place because it isn’t until the accident happens that they realize, their full coverage isn’t nearly enough to cover the cost of damages to their car, their car’s worth, their car’s payment, plus any injuries associated with the accident.

The insurance company reps know it’s easier to sell a lesser policy than a more expensive one, so they take the money consumers are willing to spend, even though the coverage will probably only cover a small portion of the accident’s expenses.

If an accident and injuries occur, things get complicated fast!

Keeping Money: Although you THOUGHT your full coverage was adequate and despite the fact that you faithfully pay your bill when its due, you will likely learn that insurance companies are not as faithful about paying as you are.

Insurance companies secure the insurance industry’s financial well-being not only by selling a high number of policies but also by paying out as little as possible to the victims of auto accidents.  The insurance industry is a big business in the United States with an army of claims adjusters and lawyers whose sole job it is to keep claim payouts as low as possible.

Too many people who are entitled to a fair settlement don’t get what they truly deserve because they don’t know what to do when a claim is denied or when a lowball offer is made to settle.  Take comfort in knowing this:  there is someone who knows what to do when this happens, and he has made it his life’s work to step in and help in these specific circumstances.

Maryland Insurance Claim Lawyer

Larry Lapidus is an award-winning Maryland Insurance Claim Lawyer who has been serving residents in the state of Maryland for nearly three decades.  He is an expert in the region on insurance claim laws and has led extensive investigations into the practices of insurance companies with over forty years of experience fighting against insurance companies.  One of the best decisions you can make is to hire Mr. Lapidus to handle your insurance claim.

When someone chooses to get representation from a Maryland Insurance Claim Lawyer, the settlement is, in the overwhelming majority of cases, much larger than those settlement offered to individuals who handle their claims by themselves.

Call The Lapidus Law Firm for a free, no-obligation consultation at (301) 605-4296.  If you’re curious about what to expect during this meeting, know that you will be treated like a VIP and your case will be at the top of their team’s priority list.   The insurance company has its own experienced and capable lawyers, and if you have a meritorious case and elect to have The Lapidus Law Firm represent you, so will you.

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