ROPE Report

Wednesday, September 18th, Michael and I had Kayla Blount, with 317 Insurance Advisors, return to talk to us about why Oklahomans have such EXPENSIVE CAR INSURANCE.

I have to say, I’m rarely shocked by anything the guests on our show say, but this one got me.

Did you know that there are people – often outside of the US – who give money to law firms to help car accident clients get bodily injury claims? Yup. You know me – I’ve got to research it myself before I am really going to report on it – and yup, it’s 100% accurate. It’s called, “Third Party Litigation”.

Click here to read a really great description by the Insurance Information Institute of what 3rd Party Litigation is, what it can do to the insurance industry and your bottom line as a consumer needing car insurance. And here is another short informational piece that describes the damage this practice is doing to economic inflation.

Watch Kayla describe this fun little practice and how it negatively effected one of her clients:

Here in Oklahoma, at least two organizations have been found to be engaging in this practice of financing law firms to collect vast over-market settlements for their clients with car insurance companies, usually over often hard-to-detect soft tissue injuries.

Westfleet Advisors is an American-based organization that uses funds from PRIVATE investors (outside the stock exchange) to prop up law firms attempting to gain large settlements for their clients which are then split up between the client, the law firm and the investors, leaving car insurance companies with HUGE payouts or litigation bills, the cost of which then roll on down to the consumer.

If you might be unconvinced that 3rd Party Litigation isn’t making a difference in your pocketbook, realize that an author from Westfleet Advisors themselves wants you to know that “$2.7 Billion of Capital Committed in U.S. Commercial Litigation Finance Industry in 2023“.

But it’s not only PRIVATE investment firms that take part in this ‘for the love of money’ scheme. I found several that trade publicly on the American Stock Exchange that do the very same thing for their investors – fund law firms to get big payouts for clients at the expense of automobile insurance companies and THEIR clients.

For example, Burford Capitol has offices in the US and all over the world. They’re happy to say that they’re publicly funding the misery of American consumers on their website.

So what are we to do here?

Watch the full video when you have time (find it on YouTube and Rumble). Kayla has a lot more great information outside of just the clips I pulled out. A full viewing of the interview will help you put everything in context.

Contact your legislator and tell them that OKLAHOMA MUST HAVE TORTE REFORM IN THE AREA OF VEHICULAR ACCIDENT JUDGMENTS NEXT SESSION before we all go broke just trying to lawfully drive our vehicles on Oklahoma roadways. You might propose it like this; if the legislature wants to make laws about how we can operate our vehicles on our roadways, they better help us afford to follow their laws (of course it would be better if they quit writing so many laws, but let’s start there).

Next, watch the short video below that talks about what you can do PERSONALLY to stop yourself from being victimized by a car accident. Take notes, save the video, whatever you need to do to follow Kayla’s advice and help keep yourself – and by extension your pocketbook – safe.

Lastly, TELL ALL YOUR FRIENDS BY SHARING THE VIDEOS/BLOG, ETC. We’ll never win the hearts and minds of legislators if we don’t come at this problem with one really loud voice and that will take all of us we can muster up!