If you were injured in a car crash that wasn’t your fault, you may be eligible to submit a claim for damages. Victims of automobile collisions often want to know how long it will be before their insurance company pays out on their claim. The duration typically ranges from a few months to several years, depending on the circumstances.
Furthermore, certain cases are easy to resolve and can be settled in months. Sometimes, though, the case is complex and a lot of effort is required. In any case, having a personal injury lawyer analyze the details and guide you through the process might save the amount of time it takes to settle.
In This Article:
- What Should I Expect Before Getting A Car Accident Settlement Offer?
- Negotiation vs. Lawsuit
- Possible Causes of Delays in Car Accident Claim Settlements
- How Long Does It Take to Get Money After a Car Accident Settlement?
- Apply for a Settlement Loan Today!
To apply for free, call (877) 735-0016
What Should I Expect Before Getting A Car Accident Settlement Offer?
Three things must occur before you may receive an initial offer, following a vehicle accident:
- The course of treatment has ended, or the patient has reached the maximum medical improvement. The timeframe for this might range from one day to several years.
- All relevant medical records and invoices, as well as any relevant medical reports, must be gathered to calculate potential missed income and medical costs. This might take anything from a few days to many months, depending on how many patient records and lab results need to be gathered.
- Hearing back from the insurance provider. This process usually takes 15-90 days.
Negotiation vs. Lawsuit
You’ll need to decide on what to do after finding out whether or not your insurance provider will cover your claim and make you an offer. You may choose between:
- Accepting a claim
- Make a claim denial appeal
- Decline the offer and seek better terms in settlement negotiations.
- Decline the offer and bring a legal claim for damages.
Before taking any action, you should talk to a vehicle accident lawyer. They can help you consider the benefits and drawbacks of each option and decide which is most suitable for you. Accepting a claim offer is the quickest way to have your case resolved.
However, if the amount is far lower than what you need to cover your losses, you may need to reconsider. The claim process will take more time if you file an appeal or start negotiating for a larger compensation. It will take considerably longer if you decide to pursue this matter in civil court.
Possible Causes of Delays in Car Accident Claim Settlements
Unfortunately, the settlement process for certain vehicle accident cases can be delayed by some factors. A victim’s compensation for injuries sustained in a car crash may be delayed due to the following:
Nature of the Accident
In most cases, people who suffer from common injuries in simple accidents will be able to file for and receive compensation within the standard timeframes. However, settlements and trials involving extremely complicated incidents might take a long time if expert witnesses and a great deal of medical evidence are required.
Degree of Injury Sustained
When an accident victim sustains life-changing injuries, it can be difficult to assign a fair monetary value to their suffering. Future medical costs are included in the victim’s compensation in situations of permanent incapacity. Due to potential disagreements between insurance companies and the victim’s attorney, determining a fair payout for severe injuries might take some time.
Medical Care Duration
Lengthy hospital stays and many operations are common outcomes of severe vehicle accidents. it can take weeks or months for the victim to recover. It’s best to wait until the injuries have healed before estimating their full cost. As a result, those who have suffered serious injuries may have to wait longer than necessary to file a personal injury claim.
Determining who was at blame in an auto collision isn’t always easy. In certain cases, as when the other motorist acknowledges guilt or is issued a traffic ticket, it’s clear who was at fault. In such situations, the claims procedure for compensation may move fast.
But if it’s not clear who was at fault, the insurance company may try to pin the blame on you to reduce the amount they pay out. It may be necessary to present evidence such as security camera footage or the testimony of experts to prove fault in an accident. The more difficult it is to determine fault, the more likely your case will proceed to trial, prolonging settlement for your injuries.
Appeals after a Jury Decision
If your case proceeds to trial and you win compensation, the defense usually has 30 days from the date of the judgment to submit an appeal. You should expect to wait for the appeal to be resolved before receiving any compensation.
Delay Tactics Used By Insurance Companies
There are several tactics that insurers might employ to put off paying out on personal injury claims. Since insurance companies’ priority is maximizing profits at all costs, they may drag out personal injury lawsuits in the hopes that the wounded party would give in to financial pressure and agree to a lesser settlement.
Difficulties in Gathering Evidence
The insurance company for the at-fault motorist will likely offer you a payout based in large part on the evidence you show them. More proof is typically needed once a serious accident has occurred. Your compensation will be delayed if extra evidence collection takes longer than expected.
Inability to Agree on a Settlement Amount
Disagreements about settlement amounts often arise between the attorneys representing a vehicle accident victim and the insurance company. If the victim’s attorney is unable to reach a settlement with the insurance company via negotiation, he or she may need to launch a lawsuit.
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How Long Does It Take to Get Money After a Car Accident Settlement?
The time it takes to get a settlement check after a vehicle accident or personal injury is dependent on the details of the case. While settlement checks for personal injuries sustained in vehicle accidents might sometimes be received within weeks, this doesn’t apply to all cases.
Once you and the insurance company have reached a reasonable settlement, it usually takes four to six weeks for you to collect your payment. You will be required to sign a release form from the insurance company.
By signing, you agree to the terms of the settlement and release the driver and any other parties from further liability for your injuries. After the insurance company gets the signed release, they will issue a check in the stipulated amount.
Apply for a Settlement Loan Today!
Are you facing financial distress while pursuing your car accident settlement? You may apply for our affordable legal funding. Contact us at High Rise Financial today to apply for our lawsuit loans. Our expert team can help you understand your available settlement loan options and assist with your application.