Third Party Capture is probably something that not many people have heard of. It’s something that a lot of insurance companies have in place to try and save themselves money. If you have been involved in a road traffic accident, you will probably receive a lot of phone calls from numerous companies trying to persuade you to allow them to deal with your claim – even from the third party’s insurance company.
The third party’s insurance company will try to make it sound very appealing for you to place a claim with them directly. For example, they will promise to settle your claim very quickly, which means less hassle for you. They will probably also tell you that you could receive your settlement figure in a matter of weeks. This will probably all sound very nice until you realise what they are actually doing – The Third Party’s insurance company will offer you all these things is an attempt to cut their fees. If you choose to go with them it means that they don’t have to pay any legal fees to a company dealing with your claim – and it also means they will more than likely under settle your claim!
To offer you a settlement figure within minutes is, quite honestly, unbelievable. This is because no one can possibly tell you how much your claim is worth until you have been examined by a medical expert; it is only then that this evidence can be used to assess the value of your claim. The Third Party’s insurance company will have literally made the figure up; and they do it not just to save themselves legal fees, but to save on the amount of money they pay to you. If you under settle your claim with the Third Party’s insurance company and you are still suffering months down the line, you cannot claim for any further compensation.
An example of third party capture: A client has been involved in a road traffic accident whereby they have sustained a whiplash injury. The client is called by the third party’s insurance company in an attempt to persuade the client to claim with them. The insurance company offers the client a settlement figure of £1,000.00 to be in his bank by next week, should he chose to proceed with the company. The client accepts the offer. The client receives his compensation and is notified by the insurance company that his claim is now settled.
The client finds that in a few weeks he is still suffering with neck and back pains, he also finds he cannot go to work because his job is physical and the pain he feels whilst working is unbearable. The client finds that he is off work for almost two months; in that time his employer is unable to continue paying him his normal salary, and he finds that he has to pay for physiotherapy and prescription fees. It soon becomes clear that the £1,000.00 he received as his settlement sum does not cover the costs of his accident and the client finds he’s in financial difficulty. As the client has already accepted his settlement sum, he cannot claim for further costs or compensation.
If a claim is placed with an independent Personal Injury Law firm, you know that your claim is being handled with your best interests in mind. Medical Evidence should always be obtained for your claim; you should also be able to claim for your medical expenses and any further fees you might have had to pay.
So, don’t be persuaded by Third Party Capture as you will never benefit from it in the long run.
