Have you ever wondered why it takes a while to receive a settlement check after an accident? Your accident only takes seconds to happen so why are you waiting weeks or even months to recover compensation?
The estimated timeline for a Louisiana accident claim can vary for several reasons. We’re looking at the average settlement timeline, along with a few reasons why your insurance check may be delayed.
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Why a Settlement Timeline May Take Longer Than Expected
Louisiana Statute R.S. 22:1892 gives insurance companies 30 days to respond to a submitted claim. Don’t get too excited, this doesn’t necessarily mean you receive your settlement check in a month or so.
Although, it is possible and you may even receive your check a little sooner. The 30-day window only governs the amount of time the insurance company has to let you know it’s reviewing your claim. They can take longer to either approve or deny the claim.
If your accident claim is fairly straightforward, for example, if you’re hit by a driver who runs a red light, you may be able to settle your claim in a month or so. This can be especially true when you have plenty of supporting evidence like traffic camera footage.
You can also receive a check fairly quickly if you decide to settle your claim. However, before you accept a settlement check, make sure it’s enough to cover your damages. Once you accept the insurance check, you can’t file a claim for the same accident.
So, if you don’t accept the settlement offer what else can potentially drag out the settlement timeline?
- You have serious injuries requiring long-term or lifetime care
- The claim’s value is higher than usual, reflecting catastrophic damages
- Multiple parties are liable for the same accident
- Negotiations with the insurance adjuster fall through
- You’re having difficulty proving negligence
If your injury claim turns into a lawsuit, you should expect your settlement timeline to be delayed for several months.
Timeline to Receive a Check After Settling Your Injury Case
Your personal injury claim is finally settled, either through negotiations or by the court. However, don’t get too excited yet, there’s still a process to go through. In other words, the minute you sign the insurance paperwork doesn’t mean you’re walking away with a settlement check.
Don’t get too discouraged. Thankfully, you’re almost at the end of the legal process. So, what happens after you sign the paperwork to settle your accident claim?
The Insurance Company Reviews the Paperwork
You’ve signed on the dotted line, along with the insurance adjuster. You’re one step closer to finally receiving compensation for your damages. The insurance adjuster and the claim department will review the paperwork.
Don’t worry, the insurance company can’t drag their feet. They have around 14 days to finish processing your accident claim. After the claim is processed, the insurance company will cut your settlement check.
Your Attorney Receives the Insurance Check
If you have legal representation, your settlement check typically goes to your attorney. If you’re not working with legal representation, the settlement check is typically deposited into your supplied account. If you don’t have a financial account, the check usually arrives in the mail.
You’re probably wondering why your attorney receives your settlement check. The answer is pretty simple. Most personal injury attorneys work off of contingency fees, this means your lawyer is legally entitled to a percentage of your settlement. Your attorney will let you know when the check arrives so you can make an appointment.
The attorney deducts their contingency fees and any other legal costs. If you have medical liens, these and any other debts are also deducted from your settlement check. From there, your attorney cuts you a check for the remaining settlement amount.
Can You Speed Up the Settlement Timeline?
You can take some steps to speed up the time it takes to recover compensation in an accident. Agreeing to settle with the insurance company is always an option.
However, it may not be the best solution for your accident claim since the initial settlement offer that you get may not be enough to truly cover all of the damages you have. While receiving a check in only a few days can be tempting, you also don’t want to be left with outstanding expenses.
A better solution is to partner with an experienced personal injury attorney. Your accident lawyer understands the legal process and is familiar with any stalling tactics the insurance company may try to use. Your attorney can also help ensure you receive fair compensation for your damages.
