Tough Times for Insurers as Lawmakers Pressure for Consumer Relief - Reyes Law Firm

Author: Angel Reyes  

In The News, Insurance

With COVID-19 having shut down most parts of America for nearly three weeks now, insurers are not immune to government pressure to help the general public. While everyone is looking for a job and an income, daily life is becoming harder to afford across the board. Massive layoffs have taken over during these unprecedented times and lawmakers are hoping insurance companies can do their part to help out.

Proposed bills have come out which would force insurers to pay billions of dollars out to businesses’ losses that stem from the government-mandated shutdown. The proposed bills would essentially call for policy rewrites and allow for compensation to flow towards policyholders. Insurance companies are claiming this is not fair to rewrite common legality to enable benefits where the policies never had the proper pricing in place for said benefits. This would cause a major decrease in funds for insurance companies, but aid many people in the process.

Additional propositions in these states are also pushing for insurers to expand their coverages under personal-vehicle policies. This would allow certain commercial activities like delivery of food to have coverage on personal vehicles for restaurant employees and owners to help stimulate the restaurant industry.

There is no doubt American businesses are all in need of some assistance during this time. Money seems to be in abundance with insurance companies during this time. With a small number of people currently driving, fewer payments are going to car accident claims. However, there are still quite a few people on the roads all across America. Their claim is they need to keep money in order to be able to pay out claims for expensive disasters like hurricanes, tornados, and typhoons.

Are Insurance Companies Helping At All?

One way insurance companies are starting to assist policyholders is by waiving fees, extending deadlines, and taking other steps to help them avoid unfortunate cancellations of their policies due to nonpayment. Some are beginning to allow for personal vehicles for deliveries of the essential nature. State Farm Allstate, American Family, Geico, Progressive, Liberty Mutual, Farmers, and 21st Century have all come out with a financial relief program for their policyholders.

The unwillingness to part with funds is not uncommon for insurance companies. Personal injury cases after car wrecks or truck accidents are viable proof this is a daily occurrence, not just happening during a pandemic. Insurance companies spend large amounts of money on attorneys whose main goal is to preserve their profits from individuals attempting to file claims due to injuries.

Car accidents are still occurring on a daily basis in Texas. Injuries are still happening as a result of these accidents. While insurance companies continue to withhold their funds from people that desperately deserve them, you deserve to have an attorney who will fight for your ability to recover proper compensation from your injuries during this pandemic.

Hire our Reyes Browne Reilley attorneys immediately for your injuries resulting from a truck or car accident. We even help those who have personal injuries from other avenues as well. You can reach out to us for your 100% free consultation anytime 24/7. If we don’t win your case for you, you don’t pay us a single dime! Call your 5-star injury lawyers today at (214) 526-7900.

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