The Amount of Time it takes to Recieve an Insurance Settlement?

Question

I was wondering if there was anyone out there that knew the time line that an insurance company has to make an offer after a car accident? My husband was in a severe accident in December and was not at fault (hit head-on) and the insurance company has yet to make us an offer. Our attorney keeps advising us that it would be anyday now. Should we just be patient or do we need to find another lawyer who will push the insurance company? Also does anyone know the standard for such large settlements? We are concerned that they are not wanting to offer what we feel "helps" get us through this. My husband's entire face was crushed he ended up with 7 plates and 44 screws in his forehead, not counting the inches of scaring, and the broken teeth.

Medical bills are $214,000.

Answer 1

Here’s a lot of info, bear with me…
The readers digest summary is on top, in case you don’t have the stomach for the statute crap I looked up and paraphrased.
It’s a lot of legal mumbo jumbo – I’m no lawyer, not even a lousy one. Just use the information as illustration that an insurance company can’t let claim settlement drag on indefinitely. Extensions provided run out. Statutes vary state to state.. I’m not saying you’re even necessarily entitled to settlement, just that they have to tell you something eventually. Have they denied the claim, and your attorney is suing for a reversal? Are they actively negotiating settlement?
December to August sounds like a long darn time. I estimate based on the Oklahoma info below, a carrier would have about 180 days to put up or shut up. (Bear in mind that I didn’t include the minutia, so there are sometimes pesky little loopholes in laws.)
Ask him for the statutes on Property and Casualty Claims Settlement in your state. You can get it without him, but he’s got access to the most up to date info, and you’re his customer. Tell him you’d like to go over them with him. Have him show you how the insurance carrier has fulfilled their obligations as far as time requirements are concerned. This is important because if they drop the ball (unlikely), they could be on the hook. They’ve surely corresponded with him, so tell him you want a full copy of your file. Tell him to show you the paperwork that the insurer has furnished to meet each requirement. This is your husband, and you are entitled to go over the documents. Most of all, make sure that they haven’t denied the claim somewhere along the way, based upon some policy provision that leaves you without coverage.
I'm not real experienced with claims, but we went over this in a class, and there are specific times for all parts of the claims settlement process. I thought it was kind of interesting, and agonizingly complicated, as insurance tends to be, right? The times vary by state, but are generally structured the same. I have a little reference book, and I picked Oklahoma, a fairly run of the mill state, as an example.
In OK, the carrier has 20 days to acknowledge receipt of the claim, unless they pay it within this timeframe.
If they need any proof of loss documentation from you, you have 20 days to send it back.
In OK, the insurer has to tell you 60 days out if the statute of limitations is approaching.
They have to finish their claim investigation within 60 days of receipt of your proof of loss paperwork. If this can’t be reasonably done, they must at least let you know within at least 60 days that they can’t, and every 60 days thereafter if they still can’t reach a settlement.
In OK, it says that all investigations need to be wrapped up, paid off or denied, within 120 days, except in fraud or arson.
All of what I just wrote might not matter in OK, though, because it also says that accident claims will be paid within 45 days of receipt of proof of loss forms, or you will have a written explanation with in this time frame as to the delay, and not providing this is prima fascia evidence that the claim must be paid. Accident claims that the carrier doesn’t pay within this guideline are to be paid with 10% interest, starting to accrue on the 46th day after receipt of the forms.
As far as settlement goes, I have no idea how to determine this. Insurance is to make you whole, and adjusters usually have formulas to determine settlements.

Answer 2

I just settled my lawsuit this August, from an accident that happened November 2004. It will be a while. The insurance that another person has for their liability amount is the most the insurance company will offer...but, if his medical bills are more than the amount of the liability the person at fault was carrying, then you can sue for greater than that amount and then the individual will be responsible for anything over the amount the insurance company pays.
The insurance company didn't make a settlement offer on my case until 1 1/4 year after the accident. A large portion of the medical bills should be being paid for by insurance (PIP) now and the amount that is unpaid will be paid when you settle the case. Do not pay any of the medical bills you receive, medical companies are used to accidents and insurance and know they will be paid eventually. Also, your lawyer may be able to decrease the amount that you will owe to the various medical people, this is what your lawsuit is about...getting your excess medical bills paid for, getting money for future medical care, and for loss of wages.

Answer 3

I'd give the lawyer another week . . . then tell him to push ahead for a lawsuit. The lawsuit will get the insurance company going.

Most of the time with that much injury, you'll be offered the remainder of the policy limit, if any. You're looking at lost wages along with medical payments; and very few people carry even $250,000 of bi limits. They might be over the limit now. Has your attorney determined what the policy limit is?

There isn't really a standard, but with smaller injuries you'd start negotiation at 3X medical bills. With facial scars you're talking permanant scarring, that's worth some, too. But really, unless it was a commercial vehicle out there . . . the insurance company will only pay up to the policy limit.

Answer 4

A reputable company will send the check 7-10 days after the agreed upon settlement. Do you have an attorney? In this case, you really need one. Why? Because these are the questions your attorney would answer, and put forth to the insurance company.

Answer 5

research costs for loose at - ASSURECOMPARE.data- RE How lengthy does it take to recieve a settlement from an coverage organization? my husband became in a automobile coincidence jan of 07 he damage is back and hasnt been in a position to artwork as a lot as he used to. we filed a tournament hostile to the different drivers coverage organization and we purely now in sept of 08 were given a settlement grant of seven,000! now to not sound grasping yet that sounds like this is only sufficient to pay his clinical expenses?! this is been a lengthy time period i no that the peace of mind organization needs us to settle for the smallest volume available, yet i think like if we do not settle for this amoung were going to be waiting yet another 2 years! i'd favor to hearken to from every person who's conscious of at least something about this any advice on what we could continuously do settle or wait? and if we do settle how lengthy formerly we get a examine? thanks..

Answer 6

it can take months before you see the money from the settlement. They need to get estimates of damage and they probably need a lot of paperwork from the hospital. Try talking to the insurance company yourself.

Answer 7

It could take years. Be patient.