Do Insurance Companies Have a Time Limit to Pay?
If you have been injured in an accident it is likely you are dealing with insurance companies. When facing personal injuries because of the negligence of someone else, you will want to try and receive a settlement from their insurance company. This settlement is there to help you cover the costs of medical bills, lost wages, pain and suffering, etc. Even if you are in an accident that was your fault, you could be entitled to settlement money from your own insurance company.
How Long Will It Take Insurance Companies to pay?
The amount of time an insurance company has to pay a claim varies in each state. But, insurance companies must handle their claims in a “fair and efficient manner.” Insurance companies are supposed to act quickly in their investigation prior to determining if they will cover the claim. Once they decide to cover a claim, they need to do so within a reasonable timeframe. In most cases a reasonable timeframe would be 30 days. Some states have statutes that outline how long insurance companies have to complete each step of this process, while others leave the amount of time more ambiguous.
Will My Personal Injury Claim Be Settled That Quickly?
It is important to understand that although insurance companies are typically required to pay their claims within 30 days or so, once settled. However, that does not mean your case will be settled that quickly. The time limit starts from the day a settlement is reached and agreed upon. It could take 6 months to a year (or longer) in some cases to reach a settlement. This will be dependent on the complexity of your personal injury claim. We know you are anxious to be compensated, but sometimes sooner isn’t always better. If you settle too quickly you will likely get less than you deserve. With the help of a personal injury lawyer, it could take longer to settle, but you are likely to maximize your compensation.
What Can I Do To Speed Up The Insurance Companies Claims Process?
If you are looking to get a settlement payout as quickly as possible, the key is to be prepared. Thankfully when hiring a personal injury lawyer they can help speed up this process. When planning to go through the insurance company on your own it is important to have all the facts. Be ready to provide things such as a copy of the police report, photos of the damage, etc. You will speak with the insurance adjuster frequently and the investigation could take weeks or even months.
Settlement Claims Process When You Are At Fault
If you are at fault, typically an insurance adjuster will investigate the claim. The investigation process is used to determine the amount of settlement money to be paid. Settlement money from your insurance company is used to pay for injuries and property damage to the other injured party, as well as any injuries or vehicle damage you suffered.
Claims Process When You Are Not At Fault
If you are in an accident that is not your fault, but rather from the negligence of another party, similar steps will apply. But, you may have to contact the negligent parties insurance company to file a third-party liability claim for your personal injuries and damages.
When Will I Know How Much Settlement Money I Will Receive from the Insurance Companies?
This will vary depending on how many and what types of claims you filed. Also, it is important to understand there will likely need to be negotiations. Once all negotiations are done and you and the insurance adjuster come to an agreement you will know how much settlement money you will receive. Insurance companies will lead you to believe they have your best interest at heart, but that is not usually the case. Having a personal injury lawyer means having someone on your side who truly does have your best interest at heart. Additionally, settlement payouts tend to be higher with the help of a personal injury lawyer.
Contact a Los Angeles Personal Injury Lawyer Today
If you or someone you love has been wrongfully injured in an accident, finding the right legal representation is essential. Without it, the physical, emotional, and financial roadblocks can become too much to bear. That compounded by a system that does little to ensure that your rights as an innocent victim are protected. We won’t let that happen. At B|B Law Group we genuinely care about our clients and want to make sure they are taken care of following their accident.
At B|B Law Group, our goal is simple: preserve and protect the legal rights of the people of Southern California. Our award winning team of attorneys are experienced in the fields of personal injury, employment and habitability law, and it is our mission to provide our clients with the best legal representation.
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