Liberty Mutual Insurance
Most of us are at the mercy of an insurance company at some point in our life. Despite the fact insurance companies are portrayed as our best friend on television, most insurance companies care most about their financial bottom line rather than yours. Of course you want to believe your insurance company will take care of you when you need them, and perhaps you will get lucky and they actually will do that. More likely, you will need a dedicated Mississippi personal injury attorney by your side to ensure you receive a fair settlement from either your own insurance company or the insurance company of the person responsible for your injuries. If you have Liberty Mutual Insurance—or are thinking of getting it, below are some facts you might be interested in.
Liberty Mutual Named Tenth-Worst Insurance Company in the Industry
In order to identify the worst insurance companies for consumers, the American Association for Justice did a comprehensive investigation of investigations and complaints, news accounts from across the country, court documents, SEC and FBI records, and even depositions from former adjusters and insurance agents. Unfortunately, Liberty Mutual made the top ten worst insurance companies, although it did come in at tenth place. According to the article, like Allstate and State Farm, it has been alleged that Liberty Mutual also engages in the standard deny, delay and defend tactics. Further, regulators have alleged that Liberty Mutual engaged in systematic bid rigging.
The same charges were leveled at AIG, Zurich and ACE, who settled charges they colluded with Marsh & McLennan in a bid-rigging fraud, however Liberty Mutual has refused to concede guilt. Liberty Mutual has also faced litigation from its own vendors who claim the company’s cost-cutting measures have resulted in poor claims processing. Liberty Mutual has pulled out of many states, including hurricane-susceptible states such as Florida and Louisiana, as well as some of the northern states such as New York, Massachusetts, Maryland, Rhode Island and Connecticut.
Learn what you can do if the insurance company is not offering to pay for all of your damages.
Facts and History of Liberty Mutual
- The forerunner of today’s Liberty Mutual, The Massachusetts Employees’ Insurance Association began operation on July 1, 1912. As a mutual company, Liberty Mutual is owned by policyholders.
- Liberty Mutual opened its first branch office in Springfield, Massachusetts in 1914, and issued its first auto policy the same year.
- In 1936, Liberty Mutual became the Number 1 writer of workers’ compensation insurance, and in 1937, the company expanded to all 48 states.
- In 1957, Liberty Mutual introduced two prototype “survival” cars, with features such as headrests to prevent whiplash and safety belts.
- In 2007, Liberty Mutual was recognized by J.D. Power and Associates for Customer Service Excellence.
- In 2012, Liberty Mutual agreed to sponsor the U.S. Olympics.
- Liberty Mutual is based in Boston, Massachusetts and employed over 45,000 people in more than 900 locations across the globe in 2008.
- At the end of 2008, Liberty Mutual Group had $104.3 billion in consolidated assets.
Liberty Mutual—the Good and the Bad
According to Reviews.com, here are the pros and cons of Liberty Mutual, straight from consumers:
- Liberty Mutual offers the best selection of homeowner discounts in the industry.
- Liberty Mutual is a good option for bargain hunters.
- You can receive an immediate Liberty Mutual discount if your home has been recently renovated or is less than 13 years old.
- You can receive discounts from Liberty Mutual for having sprinklers or smoke, fire and burglar alarms in your home.
- If you go three years without making a claim, Liberty Mutual will give you an additional discount.
- Liberty Mutual offers online quotes.
- Liberty Mutual offers 24-hour emergency repair service if your home has sustained covered damage and you need immediate help to avoid further damage.
- Liberty Mutual’s mobile app provides full access to the policy management system.
- Liberty Mutual does not offer coverage for older homes which require an H08 policy.
- Liberty Mutual does not offer coverage for commercial farms and ranches under commercial operations.
- While Liberty Mutual is a financially stable company with fairly positive ratings, their scores are not consistent across the board.
Class Action Lawsuits Against Liberty Mutual Insurance
Very recently, the California Supreme Court handed down a decision which stemmed from class action lawsuits filed by adjusters working for Liberty Mutual Insurance Company and Liberty Mutual Group’s San Diego-based unit, Golden Eagle. The decision struck down a 2007 California appellate court finding that claims adjusters are not exempt from laws requiring employers to pay overtime wages. Liberty Mutual was pleased about the decision which ruled insurers may not have to pay adjusters overtime, based on the claims managers’ level of decision-making.
What You Should Know About Filing a Claim
According to car industry estimates, every adult driver across the United States is likely to file an auto accident claim about once every 17.9 years. This number stems from the 10 million accidents of all kinds each and every year, from multi-car pileups to parking lot bump-ins. In 2009, just three out of every 1,000 of those accidents involved a fatality. While they may not be deadly, these accidents will be costly. More than 2 million people are injured in crashes every year, and in 2010, the average claim for injuries was $23,450.
In order to ensure you are properly compensated for your auto accident, remember the following:
- Never give a recorded statement to an insurance company, and keep the details you give about the accident to a minimum until you have spoken to a Mississippi auto accident attorney.
- Never go on social media and discuss your accident. Social media is regularly used in personal injury trials, and even an innocent comment or photograph can end up costing you.
- Never accept a quick settlement offer from an insurance company. Immediately following your accident, your body is flooded with adrenaline. This can mask symptoms of a more serious injury, which may not manifest for days, or even weeks. If you accept a quick settlement offer, you could find you are responsible for your medical expenses.
Getting Legal Help After Your Accident
If you have suffered an auto accident or other type of personal injury in the areas of Southaven, Horn Lake, Hernando, Walls, Tunica, Olive Branch, Desoto County, Memphis TN or Shelby County TN, contact Stroud, Flechas & Dalton as soon as possible at (662) 536-5656. We will be your advocate and will do our best to ensure you receive equitable compensation for your injuries.