How Soon After A Car Accident Case Is Settled Will I Get Paid?
Getting into a car accident is a frightening and life-changing ordeal. According to the Association of Safe International Road Travel (ASIRT), 1.35 million people die in road crashes each year with an additional 20-50 million suffering non-fatal injuries, often resulting in long-term disabilities. And the National Highway Traffic Safety Administration (NHTSA) reports that 36,096 people died in motor vehicle crashes in 2019, with a 2% decrease of that statistic in the first half of 2020.
People who get into a car accident for the first time are often in shock and confused about what to do next. If you have suffered injuries in a traffic accident, you might have a claim against the other driver. There are appropriate steps you can take to be compensated for damages, injuries, or loss of life. Contacting an auto accident attorney is the recommended step as your attorney will explain your legal options and the amount of monetary compensation you are entitled to, but that may take longer than you can afford to wait. That’s why when you get into a car accident, you may be able to request a bridge loan from a company like Pinnacle Legal Funding to hold you over until your claim is settled or litigated.
Pinnacle Legal Funding Can Help Pay You Pay Your Bills Today
At Pinnacle Legal Funding, we understand the legal process can be lengthy, confusing, intimidating, and emotionally draining. People don’t always have the savings or monetary support to pay for the costs of an illness or accident, and they shouldn’t be required to pay for the consequences of someone else’s actions. This is one reason why legal funding is such an important part of personal injury cases, so that you have finances available to pay for your ongoing expenses, medical bills, fand cover lost wages while you are fighting for your final settlement.
We are here to help. After you’ve talked to your attorney, you can talk to our team about your financial needs to get your life back on track and worry less about those bills. Insurance companies leverage the financial anxiety that victims of personal injuries experience, and convince them to settle early in order to get access to funds. We are here to keep that from happening.
Factors that Contribute to Your Settlement Timeline
There are many factors that may influence how fast your car accident claim is settled, such as:
- Issues with determining and proving liability
- The extent of your injuries and other damages
- The quality and quantity of evidence of your damages
- How soon the insurance company responds to your claim
- The amount of settlement negotiation involved
- Whether or not you hire an experienced car accident lawyer
- The court docket in the jurisdiction where you’re filing
The timeline on a car insurance claim depends on the types of damages involved. Simple cases with minor property damage will generally take less time to resolve than complicated claims. A roadside assistance claim for towing expenses, for example, can take as little as eight business days to resolve. A claim involving a totaled vehicle and permanent disabilities, however, would most likely take closer to 30 days or longer to settle. Injury claims generally take the longest to complete. Another factor that could affect how long your car accident case takes to settle is your paperwork. Omitting information, skipping sections, forgetting to include supporting documents, missing a deadline, and making other mistakes could all significantly delay your claim.
Insurance Company Response Times
It can be a stressful time for a recent victim of a car accident since some insurance companies can take their sweet time responding to your claim, which is frustrating and will make the case last longer. An insurer, for example, might delay responding because they hope you will get tired of waiting and drop the case. Or, if you have a lot of damages, they might take extra time to investigate every detail of liability and damages. Work with your accident attorney for the fastest, easiest, and most efficient claim-filing process possible.
In addition, if you and the insurance company are able to agree on a fair settlement, the process to receive your check typically takes around four to six weeks. The insurance company will have you sign a release form. This officially settles the claim and states that you are giving up any right to sue the driver or another party who caused your injuries. Once you send the release and the insurance company receives it, they will pay the amount of money you agreed on. This is usually sent as a check to your car accident lawyer. After lawyer fees have been deducted, you will receive the remaining balance as a check from your lawyer.
Victim Compensation Payout
In cases where attorneys receive the settlement funds from the insurance company quickly and don’t have to pay out much to other agencies or individuals, it can take as little as 1-2 weeks for an injured person to receive their portion of the funds. But, sometimes there are situations where it can take months to distribute the funds to the injured person(s). However, when compensation funds are sent to the victim(s), the monetary payout can range from tenths of thousands to hundreds of thousands depending on the damages and bodily injuries that were caused by the car accident.
The monetary payout is used to pay the lawyer, fix the vehicle that was damaged due to the accident (or replace the vehicle entirely), cover medical expenses, and other unforeseen expenses that were caused by the car accident.