Third party capture is a growing problem and you might be at risk.
What is third party capture?
Third party capture is where an insurance company for the other party involved in a claim contact the injured party directly to settle their claim. What’s the problem with that you might think? Well, in contacting the injured party early it means the insurers can get to them before they get legal advice and as a result this can mean that the victims of accidents can under settle their claim. It is understandable that following an injury a victim will be anxious to get compensation.
However, it is often very difficult to get an idea of the extent of your injuries in the hours or days following an accident. And so it is very difficult to know how your injuries might develop. You might suffer a two week injury or your injuries might last six months. Therefore in settling your claim this early there is a genuine risk that you put yourself in position where your long term financial position is heavily compromised.
What to do?
Make sure you get independent legal advice. Don’t be put off by the prospect of having to go through solicitors to manage your claim. Yes, there are procedures which need to be followed, but they are all in an effort to make sure that you get the maximum compensation that you are entitled to and you shouldn’t compromise this in order to get a quick settlement. In settling your claim direct with an insurer you have to remember that they are restricted by a need to try and keep the premiums of their policy holders down so it isn’t in their interest to settle your claim for what it is actually worth.
