Rhode Island Car Accident Personal Injury News: Car Insurance Companies Make Huge Profits From COVID-19 Crisis
May 15th, 2020
Who’s making a lot of money from COVID-19? If you read our blog, you know that car insurance companies making out big time. Less cars on the road means less claims and less payouts. This means that we are all being charged too much for our car insurance in Rhode Island and Massachusetts.
The Wall Street Journal recently published a follow-up news article that, while the rest of the world suffers, Allstate Insurance Company made a rise in their net income this first quarter.… Allstate’s 1Q adjusted net income rose 47%! Their underwriting profit drastically jumped 92% to $1.34 billion.
Meanwhile, Allstate and other car insurance companies in Rhode Island are making a big deal about “giving back” some premium money to us, their captive customers (remember, we are required to buy auto insurance and the industry is supposed to be regulated by the state).
As previously reported though, it seems like a nice publicity stunt. The small premium give backs are a small token compared to huge profits like these. Hey Allstate, why don’t you give more of this money back to your customers? And how about increasing your charitable giving? Just my two cents.
Insurance Dispute Attorneys – Let Us Help You!
It’s not fair for insurance companies to take advantage of their policyholders, especially during a global pandemic. Insurance companies are in the business of making money—which often means they’ll try as hard as possible to minimize your compensation, delay your payout, or even deny your claim altogether. This can most likely result in a number insurance disputes.
We are required by the government to purchase auto insurance – but these companies often act against their contracts, known as “bad faith” practices. These bad-faith practices are used regardless of your policy type. The Bottaro Law Firm has experience handling a variety of policy claims including auto, home, fire, and commercial general liability. If you believe your insurance claim was wrongfully denied or handled unfairly, don’t give up – call our experienced legal team and we can help you achieve justice against these companies.
It’s Good to Know Mike Bottaro – 24/7 Top Rated Car Accident Legal Help
At the Bottaro Law Firm, we handle all types of personal injury cases such as car accidents and insurance disputes every day. Honesty. Integrity. Results. Our experienced legal team is here to fight for your rights. Contact us in any method you prefer 24/7 for a fast, free, and confidential consultation about your case. Text or call: 401-777-7777 or fill out our free and confidential online form.