When you purchase an insurance policy and pay all of your monthly premiums, you have a right to expect the insurance company to provide the full benefits to which you are entitled when an unfortunate event occurs. You rely on these insurance benefits to cover your losses when you get sick, suffer damage to your home after a natural disaster, are injured in a car accident, or have any type of legitimate claim. When the insurance company fails to fulfill their obligations, it can be financially crippling to you and your family.
Unfortunately, many insurance companies are more concerned with their bottom line than they are about fulfilling their obligations to the individuals they insure. As a result, insurance companies often act dishonestly, denying legitimate claims or trying to unfairly reduce the benefits to which you are entitled.
These actions constitute fraud, and you may be entitled to receive compensation for any damages you suffer as a result. In many instances, a class action lawsuit is the best way to join forces with others who have suffered similar damages so that you can recover what you rightfully deserve.
Common Examples of Insurance Fraud
Some common insurance fraud lawsuits involve the following unscrupulous practices:
- Unrefunded credit insurance premiums – If you pay off your vehicle early, you may be entitled to a partial refund of prepaid credit insurance premiums made at the time of the original loan. Unfortunately, insurance companies often fail to provide these refunds in order to increase their profits.
- Insurance premium overcharging – Some insurance billing policies result in policyholders getting charged higher premiums than are agreed upon in their policy. This is especially common with life insurance. If you have been overcharged by your insurance company, you may be entitled to a refund for any unnecessary payments you have made.
- Inadequate compensation for totaled vehicles – Some dishonest insurance companies will offer their policyholders payments that are less than the book value of the totaled vehicle in order to increase profits.
- Auto insurance and Med Pay – Drivers who are insured in “no fault” states are legally required to purchase either Personal Injury Protection or Med Pay coverage to cover any medical bills associated with the accident, regardless of who was at fault. Often, insurance companies will defraud policyholders by offering settlements that do not adequately cover the costs of all medical care.
- Group health and out-of-network charges – Many health insurance companies try to increase their profits by forcing policyholders to pay more for out-of-network care than is called for in their policy. They accomplish this fraud by intentionally underestimating the cost of certain procedures, forcing you to pay the difference out-of-pocket.
Harvey L. Walner & Associates Can Help
The Chicago class action attorneys at Harvey L. Walner & Associates have extensive experience holding fraudulent insurance companies accountable for their actions. We have more than 35 years of experience handling class action cases, and have participated in many cases involving insurance fraud. Our attorneys have recovered nearly $2 billion for our class action clients, often serving as lead or co-lead counsel on the many of these cases.
Please contact Harvey L. Walner & Associates today to schedule your free insurance fraud consultation. We serve class action clients nationwide from our offices in Chicago, Illinois.