The task of waiting to collect your money on your insurance claim after your auto accident can be quite daunting at times. The amount of time it takes to receive the money from your insurance claim depends on the nature of the car accident you were involved in. There are several factors to be considered when waiting for your money. Some of these may include:
- Extent of property damage
- Occurrence of any highway/public property damage
- Whether your case requires litigation
Some cases take as little as a few weeks to release funds, while others can extend for months, and in severe cases, years. Although there are insurance companies that are willing to arrive on a settlement within a few days, such an instance should typically serve as a red flag.
Unfortunately, many insurance companies are less concerned with your wellbeing and more focused on the financial standing of their business. This often leads to low settlements that function more in favor of the insurer than anyone else. A fast settlement should rightfully lead you to suspicion, as this may be indicative of a company that functions for their security rather than yours. Still, even reputable insurers can have extended waiting periods for compensation. Below are a few things to be aware of when waiting for your insurance claim to be compensated.
What Are the Fees That Need to Be Paid?
This is perhaps one of the most important details of a settlement that not many people are aware of. Knowing what aspects of your accident and its handling need compensation can help to give you some peace of mind while you wait. For example, some of the most common elements that settlement funds go toward are:
- Medical bills: if there were any types of medical complications caused by the accident, your medical costs will be covered/reimbursed
- Vehicle and other property damage repair
- Public property damage: if any vehicles collided with fences aligning highways or plants along streets, funds will be allocated to repair these damages
- Attorney fees: any costs associated with court proceedings (cost of your attorney, travel, postage, etc.) will be covered
You must remember that, often, the last factor to be addressed is the victim payout. After every other detail of the accident and everything it entailed is addressed, your payout of the residual amount of the settlement will come. On average, this may take up to six weeks, but again, that is no guarantee and highly dependent on the severity of the accident you were involved in and all the costs associated with the event. Visit mattsharplaw.com for more information.
Other Factors That Influence the Waiting Period for Compensation
Another central factor of awaiting compensation is the level of cooperation from your insurance company. Since they are a central factor in moving this process along, any delays with them will delay the entire process.
Insurance companies are allotted 40 days to address a claim once they receive documentation. Within this timeframe, they are expected to issue either an acceptance or rejection of your claim. In the event of a denial, the process can take significantly longer, as you will have to go through an appeal process that may take more than one attempt.
The severity of your accident can also delay the court proceedings. For instance, if there was a wrongful death, extreme injury, or a large number of people involved, it may take longer to arrive at a verdict. All these elements, individually and collectively, can play a direct role in delaying or hastening the period in which you receive compensation for your accident. Know that a typical wait time is approximately 6 weeks, but the fine details are determined by your unique circumstance and that of everyone involved.