How Long Does it Take to Receive Money From a Car Accident?
If you have been in a car accident, your injuries may make it impossible for you to work, and this can put a significant financial strain on your family.
For this reason, it is not unusual to wonder when you will receive money from your car accident settlement, especially when your injuries are the fault of someone else’s negligence or carelessness.
One of the most important things you can do is to take steps to protect yourself after a car accident in order for your settlement to move quickly. Keep reading to learn how.
Significance of Injuries and Duration of Care
One of the things that will have an impact on how quickly your settlement will be finalised is the significance of your injuries and how long you will be under medical care. In most cases, you will want to complete all treatments to be sure you receive the compensation you are entitled to under the law.
Insurance companies are not likely to issue a settlement until they know the total cost of your treatments and whether you will have a full recovery. If an insurance company attempts to offer a settlement while you are still recovering, your case may be worth more than you think and it is better to wait. It may also indicate that the person responsible for the accident has a very low insurance limit.
Amount of Insurance Coverage
High insurance limits may result in it taking longer for a settlement to be reached. For example, if your medical costs are $20,000 and the insurance coverage limit is $200,000, the insurance company knows that it is unlikely a jury will award you more than the policy limit, so there is no need to settle quickly.
High insurance limits may result in it taking longer for a settlement to be reached.
However, if your bills are $90,000 on the same policy, there is a chance a judge or jury could award more than the policy limits, which encourages the insurance company to settle quickly rather than take the case to court.
Fault in Accident
If it is clear who is at fault in an accident, the insurance company may be willing to settle quickly. If the other driver was issued a ticket by the police and you were not or if the other driver was clearly negligent, such as driving under the influence, this will influence the company’s decision.
In some states, if it can be proven that you were in any way at fault for the accident, your settlement may be reduced by the percentage you were at fault. Other states will not let you collect at all if you have any responsibility. If there is any chance that you may have contributed to the accident or if fault is not clear, your settlement could be delayed.
The Insurance Company
Some insurance companies have a reputation for not settling cases, while others are known for making very low settlement offers. If you are dealing with one of these companies, you may have to do a lot of negotiating, or it may require filing a lawsuit to resolve the case. This can delay settlement for some time, even several years. Some insurance companies have in-house lawyers who can delay the case and delay settlement as well.
Dealing With a Governmental Entity
If your accident involved someone who was working for a governmental entity, such as a city, state, or the federal government, you must file certain information before the government will take steps to pay your claim. In some areas, you may not be permitted to file a lawsuit against the governmental entity at all.
Your case may take some time to be resolved. The same is true if Medicare or Medicaid is involved, as they may require that the insurance company reimburse any amounts they paid for your treatment.
If you have been involved in a car accident, it is important that you hire a personal injury attorney to guide you through the process in order to get your settlement as quickly as possible.