What is Third Party Capture by Insurance Companies?

What is Third Party Capture by Insurance Companies?

“What is third party capture by insurance companies” is a question that any potential claimant should be fully aware of. Third party capture occurs when an insurance company makes sudden and direct contact with the victim of an accident who may have a potential claim against one of their customers. A settlement proposal will usually be made by the insurance company to the claimant. However the question remains of whether or not this settlement is enough to cover the injuries suffered by the victim, the medical costs they have to pay and if they have enough money to provide for their family if they cannot work.

What are the Risks of Third Party Capture?

The possible risks of third party capture should be well noted by potential claimants. As insurance companies have refused to set up an approachable and accountable method of safeguarding the rights of potential claimants, the companies are unfortunately not regulated in order to prevent the under-compensation of potential claimants, and so the risks of third party capture remain. In this case, if an offer of settlement was accepted by a potential claimant which later proved to be inadequate for their needs, the claimant would be unable to ask the insurance company for an increased settlement.

How Can I Avoid Third Party Capture?

In order to avoid the risks of third party capture, you are advised to have your compensation claim – and any unsolicited approach made to you by an insurance company – assessed by a personal injury solicitor. This way you will be able to receive a better idea of the compensation settlement you are entitled to. This amount will be based on the injuries you suffered, any deterioration in your quality of life since the accident, the trauma you have endured emotionally and any financial costs you have already acquired, or are likely to in the future.

What if my Finances are of Immediate Concern? Should I Accept the Offer?

It may be tempting for some to avoid the question of “what is third party capture by insurance companies” and simply agree to the offer of settlement. It is understandable to want to accept the offer if you are worried about finances in the short-term, or if you want to resolve the claim quickly. Nevertheless it should be remembered that, as the insurance company has made an approach, this indicates acknowledgement that their customer was responsible for your injuries. In this case, your solicitor should be able to arrange interim compensation payments which will ease your financial burden and also provide extra time in which to prepare a claim for adequate compensation.

Where Can I Receive Further Information?

If you have further questions relating to what is third party capture by insurance companies, it is advised that you get in contact with a solicitor who can study the specifics of your case. While we are aware that third party capture occurs, we are unable to surmise how frequently it takes place or the amount that claimants may be forfeiting due to the lack of regulation in the methods of insurance companies. In the case that a compensation offer from an insurance company has been received, the best option for any claimant is to consult with a personal injury solicitor at the earliest opportunity.