Lawyers’ fees account for 40% of insurance pay-outs
March 25th, 2008 by GilesLawyers’ fees account for 40 per cent of the cost of claims paid by motor insurers. In an interview on the BBC today, a representative of the insurers suggested that claimants who do not use a lawyer are likely to get a more generous settlement than those who do, and claims can be settled more quickly.
There should, of course, be a system that provides a fair and speedy resolution of claims. But the fault is not all with the lawyers. Insurance companies are not always as quick to pay out as their customers would like and, of course, insurance policies contain all sorts of exclusions designed to minimise the risks for the insurers - and which only come to light when the policy holder makes a claim.