Posted By Eugene Bruno & Associates Posted in: Car Accident.
Do you know how your automobile insurance company stacks up against the competition? The American Association for Justice (AAJ) has identified the 10 worst US insurance companies, based on consumer complaints to state regulatory agencies and lawsuits filed on behalf of consumers.
What makes Allstate the worst? According to AAJ, Allstate puts profits over policyholders. Allstate maximizes their profits by refusing to paying claims, by delaying payment on claims, and by forcing those injured through no fault of their own to hire an attorney and go to court in order to be fairly compensated for their injury. These are some of the tactics I see every day working to protect my clients who have been injured in car accidents.
While Allstate may be the worst of the bunch, it is not alone. AIG (yes, the same one we taxpayers bailed out in 2009), State Farm, Farmers, and Liberty Mutual are also on AAJ’s 10 worst lists, despite that they have enjoyed record profits over the past few years and despite paying multi-million dollar salaries to their executives. In 2007, Allstate’s profits were $4.6 BILLION and its CEO was paid $10.7 million. For the same period, AIG’s profits were $6.2 BILLION and its CEO was paid $14.3 million; State Farm’s profits were $5.5 BILLION and its CEO was paid $11.7 million; Farmers profits (for all of Zurich Financial) were $5.6 BILLION and its CEO was paid $10.3 million; and finally, Liberty Mutual’s profits were $1.5 BILLION and its CEO was paid $27 million!!
Big insurance companies like Allstate have put profits ahead of their policyholders for too long. According to AAJ, they do whatever it takes maximize profits and CEO pay at the expense of consumers like you. These companies rake in huge profits and their CEOs take home equally huge salaries paid for by policyholders like you. Isn’t it time the companies who advertise themselves as “good neighbors” and “the good hands people” actually look out for their policyholders more than their bottom lines?
You can fight insurance industry greed by supporting pro-consumer insurance regulations and reform such as requiring insurance companies to respect consumer rights and obtaining prior approval from the Insurance Commissioner before raising insurance rates.
And, most importantly, if you or someone you know has been injured in a motor vehicle accident, motorcycle accident, or any other type of accident and the other driver is insured by Allstate, State Farm, Farmers or any of these “worst” companies, hire an experienced injury lawyer, because you’re going to need an experienced injury lawyer looking out for you.