How Long Does It Take to Get Insurance Money?

Posted in Uncategorized on May 15, 2017.

If you’ve been injured in an accident, you may think your insurance payout can’t come soon enough. Medical bills mount quickly, and missing work can leave you struggling to make ends meet. A timely insurance payout may be essential to keep your family afloat. So how long can you expect to wait before getting your insurance money? Most insurance companies pay out within a month (30 days) of you filing your claim – the faster they get you the money, the faster they can close the case. This varies state-to-state, but the goal for most insurance agencies is to have the claim paid out within 30 days. However, like most insurance matters, this can get complicated. Some factors that can cause a delay include:

The Claims Process

Filing an insurance claim requires hard work, diligence, and patience. Unfortunately, if you’re seriously injured, you might have a reduced capacity for all three. Depending on the extent of your damages and injuries, it could take as long as two years for your insurance payout to finally come through. If you disagree with your insurance company’s initial offer and wish to file a dispute, it may take even longer.

Pro Tip: Unfortunately, insurance companies are not above dragging out negotiations in order to get desperate people to accept a low offer. The initial settlement offer is usually far below what you deserve. Resist the urge to accept the initial offer. Hire an insurance claim denials attorney to represent your rights and handle the negotiation process.

The Negotiations Process

The negotiating process itself can be long and arduous. Each time you reject an offer, the insurance company must draft new paperwork, get approval, and present the new offer to you. This back-and-forth can take time, and if you wish to refute their final offer, your payout could languish in the court system for years.

Once you’ve settled on a payout amount, however, your insurance company has a limited time to disburse funds. Generally, you’ll receive a check 30-45 days from your agreement date.

It can be tempting to settle for the first offer, especially if you’re feeling desperate for cash. However, if you can, you should wait. Your insurance company is a business: this means it’s committed to paying out as little as possible. It’s likely that you can get more out of them than the initial offer – but you’ll need an attorney skilled in negotiations at your side.

Pursuing a Personal Injury Claim

In the state of Alabama, you’re free to pursue an additional personal injury claim beyond the insurance claim. This can help you pay for expenses such as ongoing medical care, lost wages, and intangible losses such as pain and suffering. These, too, take time to settle. Some of the most common reasons why a personal injury settlement takes time:

  • The legal or factual issues with the case are complicated
  • There is a large amount of money involved, or
  • You have not reached a point of “maximum medical improvement.”

Reaching “maximum medical improvement” is essential, as this is how your personal injury attorney determines how much your “pain and suffering” is worth. For example, they may use a per diem approach, in which they multiply a number (usually what you make in a day at your job), by the number of days it took you to reach maximum medical improvement.

Good Things Come to Those Who Wait – and Who Hire an Attorney

If you can, we recommend waiting it out and negotiating with your insurance company until you reach a fair settlement. If pursuing an additional personal injury claim, we also recommend waiting until you reach maximum medical improvement, so you can be appropriately compensated for your pain and suffering.

Your personal injury attorney will be your most powerful advocate throughout this process. Be sure to hire someone who is willing to fight for what you deserve. If you have any questions about your accident case, please contact us.