How long will it take for the Insurance Company to pay out my claim?
Published in Personal Injury on August 8, 2018.
When an individual is caught up in a situation waiting for an insurance company to finalize a claim, the best time frame, naturally, would be “sooner,” rather than “later.” In order to determine when an insurance claim is going to be settled, it actually depends upon where the individual lives. For example, some states compel an insurance company to decide upon a claim within 30 days of the claim being filed, while other states use the vague term “within a reasonable amount of time.”
According to Forbes magazine, a study conducted by the National Association of Insurance Commissioners showed that over 25% of all complaints filed against insurance companies cited delays preventing an insurance claim being paid out.
Unfortunately, there is no actual average length of time when it comes to getting money from the insurance company. There are so many variable factors that need to be considered, especially issues like health problems and physical conditions. In addition, the job of the insurance company is to make a profit and not to make quick payouts and it’s obvious there might be a prolonged period of time before any settlement is reached. Insurance companies have a great deal to be gained by waiting as long as possible before reaching any kind of settlement.
Is there anything that can be done to speed up the process?
Yes, there definitely is. Rather than deal with the insurance company without legal assistance, an individual can actually hire a lawyer. For example, the lawyers at Nelson & Smith know precisely how to expedite the settlement process. Insurance companies tend to somehow work at a faster pace when there are knowledgeable attorneys to chase them up regularly, making sure that everything is moving smoothly and efficiently and fairly. Oftentimes, the insurance company will not even attempt to delay the proceedings when knowledgeable attorneys are involved.
People who are waiting for a settlement have experienced pain and suffering. Some of this can be physical, some financial, and some even mental. The attorneys at Nelson & Smith understand what their clients are going through and they work diligently to make sure there is a fair and just settlement given at the end of a claim. The attorneys can also explain the differences between physical injuries and emotional distress compensation. Forbes magazine reports that physical injury compensation, for example, is tax-free, while emotional distress compensation is not.
Naturally, even when using top-tier lawyers, such as those found at Nelson & Smith, no reputable law firm can make any promises as to an outcome. With so many extenuating factors at play, making such a claim would be reckless. However, when dealing with insurance companies that have deep pockets and resources, it only makes sense to have someone working on behalf of the individual.
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