Why Insurance Policies Seem So Intangible—at First


You may have simple insurance needs, spanning one or two cars that must be covered, and perhaps health and life insurance policies covered for work. Or you may have a long list of insurance policies protecting not only you and your family, but also your home, business, and professional life. You may also be in the habit of purchasing other types of insurance too, such as travel insurance, credit card protection, and more. If you have a lot of money to throw around, buying numerous insurance policies may have little impact on your finances, and serves to protect them—along with giving you peace of mind. For most of us though, paying premiums can be challenging, and there is not that usual element of having a tangible retail item to enjoy.

The true value of insurance may never become apparent if a claim is never filed; in fact, you may look at years of premiums that were paid in, with thousands of dollars put toward what seems like nothing! In such a case, insurance may have seemed like a waste of money, but the alternative is to leave yourself unprotected and open to the possibility of financial ruin.

Your car is a good example of both the tangibility and intangibility of insurance. While you may be a car buff or not—super proud of your ride or just glad to have a commute—when you buy a car you are enjoying an object that you can sit in, admire, use, perform required maintenance on or make improvements on as desired. It does require protection in case of an accident (as do you) though, and if property damage or injuries occur, that is when insurance suddenly becomes very real—with numerous ‘wheels’ going into motion immediately when a claim is filed.

And although your insurance policy may have just been a stack of papers initially, once you receive payment (or a settlement) for a claim and are able to rectify damages, it translates into a return on all the premiums that you paid—and sometimes quite a substantial one. In other cases, there could be challenges in receiving payment for a claim. You may have been working with an injury or car accident attorney already, but if you suspect bad faith practices due to delays or outright denials of claims, it is time to consult with a firm like the Bolender Law Firm, skilled in dealing with bad faith insurance law.

If you need help reviewing your insurance policy, or if you suspect your insurance company may be denying your claim in bad faith, contact the attorneys at the Bolender Law Firm.  If a dispute over a claim cannot be easily resolved through a call or written communication, our attorneys will advocate on behalf of policyholders through litigation, arbitration, or non-binding mediation. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!

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