After being in a car crash that was not your fault, you probably want your money as fast as possible. After all, you’re suffering damages. Medical bills lost income, car repairs; you need cash to pay for all of that. How long can you realistically wait for a settlement? Is it even worth waiting for? A recent study shows that the wait just might be worth it.
Generally speaking, it takes longer to resolve a car accident claim successfully. Even learning you won’t be receiving anything from the insurance company takes over 5 months on average. In contrast, it takes twice as long to receive a payout in the form of a settlement check. It takes a little over 10 months for a person to get a check in their hands. Of course, this is not always the case. Some claims take 3 months or less to be resolved. So what factors can cause your case to take longer?
However, it is important to distinguish between property damage and bodily injury claims. Property damage, like the cost of a car repair, can take 5 to 20 days to receive a payout. Bodily injury claims usually get paid out 60 to 90 days after the last day of treatment. If the insurance company fails to make a fair offer, the case will continue to litigation. This can further delay your payment for an additional 12 to 18 months, on average.
Why Your Claim Is Taking Longer To Settle
Some factors improve or decrease your odds of settling your claim quickly. One factor that could increase the time you wait to settle a claim is getting a lawyer. So, if a lawyer is going to cause you to wait longer to get your payout, why get one? While it’s true, you’ll wait longer to get compensated for your damages, a lawyer also adds significant value to your case. For instance, people are 40% more likely to collect damages when they hire a lawyer. Not only will you be more likely to get a payout from the insurance company, but you will also increase the chances you have of getting a higher payout. Even after paying your lawyer’s contingency fee, most clients will receive anywhere from 115% to 330% more than they would without a lawyer.
Another factor that could increase the time you wait for a settlement is getting physically injured. One reason for this is because you should never accept a settlement till after your done with your treatment. Some victims will assume that their medical expenses will be covered with the first settlement the insurance company offers. This is rarely the case. Even if it seems like a fair settlement, your treatment could suddenly face complications. Then, the costs of your treatment increase significantly. Since you already accepted a settlement, there is no way the insurance company is going to cover additional costs.
While getting compensated for your damages early as opposed to later might seem appealing, waiting is usually in your best interest. If you can’t afford to wait, you might have other options that don’t include settling for less than you deserve. Speak to your personal injury attorney to see what can be done. Some cases may qualify for an advance to help pay for your living costs. Remember, don’t panic. Your lawyer can help you think of a game plan to help increase the chances your case will be successful.
In a Serious Car Crash? Contact The Law Giant for Help
Any car crash can leave you feeling overwhelmed and unsure of what to do next. After receiving medical attention, contact The Law Giant, Personal Injury & Accident Lawyers right away. We can handle the legalities of your case while you focus on recovering. With our skilled legal representation by your side, you may be able to secure full and fair compensation for your damages. Contact us at (866) 523-4167 to schedule a free case evaluation.
