If your insurance claim was denied in bad faith, you could win extra damages in a lawsuit. In addition to the cost of the loss you were claiming, you could be awarded compensation for any other financial losses caused by the bad faith of the insurance company, for emotional distress caused by the misconduct, and for any embarrassment or loss of reputation you suffered due to the improper claim denial. In some cases, you may be eligible for punitive damages, which are meant to punish bad actors.
According to the National Association of Insurance Commissioners, the number one complaint that consumers have about their insurance coverage is delay in handling claims. This concern accounts for over 17 percent of all policyholder complaints. Under Oklahoma state law, insurance companies must either pay or deny your claim within 45 calendar days. But what should you do if 45 days have passed and you have not received payment or have received only a partial amount?
Purchasing insurance gives us a sense comfort that if something goes wrong, we have financial support behind us. However, while you did your part by making costly premium payments, sometimes big insurance companies just don't want to pay up. They find excuses to deny claims or shortchange you.