Insurance Settlement Claim from Car Accident?

Question

Hey Guys,

I was in a car accident November 18th of last year. I hired an attorney in January and I have a good case. It seems like it's taking forever for me to get the money that is rightfully mine. How long do these kind of cases last and when should I expect my claim to be settled? I need the money now so I can start my life. Is there any way to speed up the process and also, could I get loans from my lawyer if he KNOWS I am getting a big settlement? He says he's just waiting for Geico to settle. I am really growing impatient and I need the money ASAP.

Thanks in advance!
Star

It's being settled outside of court. He says the claim is now up to 30k. Also, my attorney said that he's faxed them a letter and he's waiting on their response. I think that's about as far as it is right now. We're just waiting for the insurance company (Geico) to settle... how long do these guys take!?

Answer 1

Any time you hire an attorney the claims settlement process takes a longer. Instead of you talking directly to the insurance company - the insurance company talks to the attny - the attny talks to you - the attny gets back to the insurance company and so forth. Kinda like the kids game "telephone".

Your attny should have explained the process to you - but here goes: Once you are completed with all your medical treatment and have been released from the dr - your attny's office will order copies of your medical bills/records. This can easily take 6 weeks to get in. I've had some dr offices take 6 months to get records to me but 6 weeks seems to be an average in my area. The more treatment - the more providers- the more records to gather - the longer it takes.

Once the records are in - the attny office will put together a demand package. This includes photos, police report, medical bills/records and attny letter/demand. How long this takes depends on how busy your attny is. I've called some attny offices looking for the package tell me that they have gotten the records in and are putting the package together and I'll get it in the "near future". 2 months later - I still don't have it.

Once the package goes out - it is sent to the adjuster to review. Again, depending on the size of the package and how busy the adjuster is - it can easily take 1 month for the adjuster to review the package and get back to the attny with an offer.

If there is information missing from the package -the adjuster will call the attny and request the missing information. The process starts again.

Once the adjuster has reviewed a completed package and no information is missing - negotiations begin. At some point, the attny will get with you about the insurance company offer - and then get back with the adjuster. How long this takes depends on you and your attny.

Once a settlement is reached, the adjuster will send a settlement check and release to your attny. The attny will usually deposit the check into a trust account and have you sign the release. He will return the release to the insurance company. At this point - the insurance company will close their file.

Now, your attny will talk to the medical providers and try to get them to reduce their medical liens. The settlement check has to pay 3 things 1. your medical bills, 2. your attny for his services, 3 whats left goes to you.

So the attny has to deal first with the medical providers. If he can get their liens reduced that means more money for you and him. Again, medical providers are also busy people - your claim is not the only one they are working on. Can't tell you how long this process takes - but since a good bit of it is in writing - expect it to take weeks/months.

Once the medical liens are dealt with - then the attny disperses the remainder of the funds you you and to him for his services.

Some attnys or their clients get the bright idea to file a lawsuit - thinking that will make the insurance company get out the magic pen and things go faster. Not the case. All a law suit does is bring the above process to a screeching halt. Now before you even get to the above steps your going to have to go through discovery. Law suits usually take 2-5 years to be resolved.

Also - insurance companies are NOT threatened by lawsuits. We deal with them and attnys all the time. So an attny sending me a letter threatening to sue me - means a whole lot of nothing and is obnoxious.

So -- long story short - this is a claim - not a lottery - it ain't fast money. If you need money to "get on with my life" - get a job.

Answer 2

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Answer 3

Don't let anyone get to you with their responses! Some folks are rather insensitive and others are probably just clueless. That's their problem though; not yours! I would say that the insurance company you are dealing with is trying to be fair -- a good corporate citizen as it were. That's refreshing! Your wife has a right to be made whole following that accident. In some cases, that's pretty straight forward as the doctors can do amazing things these days. When that's not possible, the only option that our society offers is financial compensation. How far you wish to go with that is entirely up to you, though you don't sound like someone who is out to "beat the system." That's refreshing too! OK, what is it worth to you and your wife? Well, part of that is pretty easy to determine. Consult with a plastic surgeon and find out what it will cost to have the scar revised, and how long that will take. Beyond that, any other costs are up to how your wife feels about the scar. Some folks aren't particularly bothered by these things while others are horrified by them. Your claims adjuster has given you a good list of things to consider; talk it over with your wife! The common rule-of-thumb of 1.5x - 3x actual damages is reasonable compensation for pain and suffering. Add up the actual and future medical bills (not just your co-pays!) and any other direct costs (wardrobe, etc.) and apply the factors. That's your negotiating room. Start at the top and work down from there. In the end, what is "fair" is probably as much as the insurance company is prepared to pay without getting a bunch of lawyers involved. That works out best for you -- you get a quick settlement and move on with your lives -- and for the insurance company -- they close the books on it quickly and keep costs reasonable. And please don't let some insensitive boor here get the better of you! Good luck!

Answer 4

I like AD's answer with one point missing from the discussion. Are you still under a doctor's care? IF so that can affect the timing of the settlement.
Personally I prefer not to settle until I know how the medical bills will settle. I have settled the automobile damage or replacement separately IF the attorney makes sure you are NOT releasing any other liabilities.

I am NOT a lawyer.
I am NOT an insurance professional.

On TV, there are companies that advertise they loan money against pending settlements. If you do respond to such a company, review it with your lawyer before accepting loans from such companies. They advertise that if you loose your case, you owe nothing. That implies you must sue to get a loan. I'm not certain about that.
As AD said, if you can settle without making noises about a lawsuit, then do so unless the insurance company is shortchanging you.

Answer 5

My Settlement Claims

Answer 6

I'm in the same boat your in. I was in an auto accident dec 2012. I sustained soft tissue injury to my lower back and neck pain. From time to time I still have pain in my back. My lawyer sent a demand letter to Geico. Right now, I'm just waiting for a response. GOOD LUCK WITH YOUR SETTLEMENT.

Answer 7

These ans. do not specify a length of time. Although I understand it depends on the circumstances, I asked for a general amount of time if an attorney is involved.
2 days? 2 weeks,2 months, 1 year, 2 years etc.
I feel the general answer might be 1 year.

Answer 8

2

Answer 9

Usually it's about 3-6 months if you don't have an attorney, 18 months to 2 years if you do.

The attorney SERIOUSLY slows things down.

Answer 10

Do you have a Judgment or did the company settle? Has it gone to court or been settled out side of court? I guess I am asking where in the process is the claim?