How Long will it Take to Settle my Claim?

One of the most common questions for people who have been involved in an auto accident is how long it will take to settle their claim. The truth is the settlement process of a vehicle accident can take anywhere from 30 days to more than 12 months to complete. This is because there are a number of factors relevant to the case which can influence the entire processing period. Knowing the odds will however give you a slight idea of how long it will take before you can finally get the settlement check and some of these include:

Reputation of insurer

Different insurance companies normally have various reputations in regards to processing the claims. There are some companies that have maintained a reputation of easy and fast claims processing while others are known for taking their time before releasing the settlement. It is therefore important to check out the reputation of the insurance provider before choosing the one to work with to get the one that works hard to trey and avoid delays.

Early settlement 

This is probably the fastest way that anyone asking how long it will take to settle my claim can get cash from the insurance provider. However it can prove to be quite disadvantageous in the long run. This is where the companies try to settle the liability claim as fast as possible through estimating the damages incurred and offering to give you a check in a bid to close the claim. You may feel that it is best to grab this opportunity and run but it also means that you cannot open the claim in the future even when you need to seek further treatment.

Type of claim 

This also affects the period of time in which it can take to settle the claim. Physical damages usually take a shorter period of time to be processed where some states require that it is settled within 30-45 days. These are normally paid right after the car has been inspected by an adjuster. Liability claims on the other hand usually take longer to be processed when compared to the physical damages. Typically they are paid out in a single lump-sum as all the expenses have to be collected before the settlement is made. If you were injured during the accident all medical treatments have to be complete or you have to reach maximum medical improvement before filling the claim. Your lawyer’s ability to negotiate can also affect the period of time when the claim will be settled.