According to a 2020 survey, there are 38,824 lives lost in traffic crashes in the United States. As a car accident victim, you must ask yourself how to recover financially.
Settling a claim relating to a car accident takes time, as there are processes to follow leading to a lawsuit. Read on to learn how long it will take to receive your car accident settlement.
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Understand the Claims Process
The claims process can be divided into several steps, beginning with filing your claim and gathering evidence. Depending on the nature and severity of the claim, a settlement process may also involve negotiation.
Once a settlement agreement is often reached and both parties have signed, your claim should be approved. Depending on the insurance company’s policies, it may take a few weeks or months to get the check in the mail or deposited into your account.
Know the Legal Requirements
Knowing the legal requirements is essential when expecting to receive a car accident settlement. Depending on the extent of the damages and the accident’s severity, you must follow specific laws or regulations to accept the payment.
There are many factors to consider when estimating a timeline for receiving the settlement, including the case’s complexity, the jurisdiction in which the accident occurred, and its legal requirements.
The research and preparation for the case and the time for gathering evidence and filing paperwork can also add to the timeline.
Prioritize the Deadlines During the Settlement Process
It’s essential to prioritize the deadlines throughout the settlement process. These deadlines will depend on the particulars of each claim, such as
- The severity of the accident
- The insurance company handling the claim
- The state regulations involved
- The complexity of the claims process
As a general rule of thumb, the process will begin within a few weeks after the accident. It could take anywhere from six months to a year to resolve, depending on the claim’s complexity and the insurers’ cooperation.
It’s essential to remain organized and proactive throughout the process to speed up the settlement process. Meeting deadlines for communication with the insurers and filing paperwork will result in a quicker resolution.
Assess Your Settlement Value
Assessing your settlement value is the key. The value of the settlement will be reliant upon the following
- Proof of the liability of the at-fault driver
- The extent of the damage to your car
- Any physical injury sustained
- All out-of-pocket costs
- Lost wages
- Medical bills
An excellent way to assess the settlement would be to consult an experienced car accident attorney and have them evaluate your case.
Additionally, if direct communication with the at-fault driver’s insurance company is typically desired or accepted, you should conduct all settlement negotiations with the representation of counsel.
In all circumstances, the resolution’s pace depends upon both parties and can be delayed or expedited as needed.
Calculate the Timetable of Settlement
The settlement timetable after receiving a car accident can vary because it depends upon many factors. Generally, it takes a few weeks to collect the evidence needed to formulate your claim and negotiate with insurance companies.
You can expedite the process if circumstances are cut and dry and no fault is disputed by either party. However, if matters are more complex, it may be months or longer before a settlement is reached.
A car accident lawsuit can make all the difference in speeding up the process. Also, ensuring you receive the rightful compensation you’re entitled to according to the law.
When a Quick Resolution Is Possible
Receiving your car accident settlement could be quick and easy when a quick resolution is possible. Generally, the amount of time it takes to receive the payment depends on the severity and complexity of the accident.
Also, the amount of insurance coverage (on both sides) involved and the nature of the dispute. Sometimes, a speedy resolution can occur within a few days or weeks, allowing you to receive your settlement promptly.
If you cannot settle, other dispute-resolution methods, such as arbitration or mediation, may be employed, which will take longer to resolve.
Pre-litigation Options to Speed Up the Process
If you have been in a car accident, it is essential to understand the different pre-litigation options. It is to speed up the process of receiving a settlement.
One effective strategy is to contact your insurer immediately and stress the situation’s urgency. You may also be able to negotiate a settlement with the other driver or their insurer.
With the right strategy, you can generally receive your settlement promptly.
Potential Delays During the Claims Process
It can take an average of three to six months to receive your settlement. Claims are subject to both your insurance and the other parties’ insurance, so there is potential for delays during the claims process.
Additionally, if legal action is necessary, such as bringing in an attorney, the process could take even longer, depending on the case’s complexity.
The cost of car accident lawyers can vary depending on the specific attorney and case. Still, typically the client will pay 33-40% of their award, depending on the agreement made with the lawyer.
A good lawyer can be a great advantage during settlement negotiations and ensure you get the fairest settlement.
Receive Your Car Accident Settlement As Soon As Possible
When settling your car accident settlement, be sure to receive it as soon as possible. Take your time with the long process of negotiations.
Get the compensation you deserve right away to begin moving forward. Consult a qualified attorney to ensure a successful resolution of your claim generally.
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Veronica Baxter is a writer, blogger, and legal assistant operating out of the greater Philadelphia area.
