The time taken to arrive at the settlement of a car accident is related to different factors that include the time taken to recover from the injury and the anticipated cost for any necessary continual treatments. According to study the toll on the economy due to car accidents and such cases is a staggering $250 billion that involves property damage mostly.
There are about 342,000 car accident injuries that happen every year and around $43 billion each year is paid for property damage, medical bills, lost wages, and fatalities that are caused due to cell phone using while driving, according to government statistics. Only 8% of jury awards in car accident cases amount to more than $250,000.
The Complexities In The Case
Every personal injury case is unique as far as the circumstances, severity of the injury and impact are concerned. Therefore, depending on the complexities the time taken will also vary. If the injury is minor and is recovered in a short time and if the liability factor is clear and evident, then settlement can facilitated at the earliest. Here again the type of insurance adjuster and his attitude will come into play. The experience and expertise of the personal injury lawyer will contribute to the desired outcome of the case.
The Insurance Cover Available
Any car accident case can cause different types of damages. Such damages are included in the claim amount which will also include repairs to the damaged vehicle, repairs to all other items that are related with the accident, all medical bills including the anticipated future ones for rehabilitation and physiotherapy, and compensation for loss in income.
The personal injury lawyer also includes the emotional pain and trauma that you undergo after an accident as well. All this inclusions can make a claim amount a hefty one and it entirely depends on the available insurance cover of the party at fault how much can be met with. If other assets are to be included to meet the cost then obviously the settlement will take more time.
The Magnitude Of The Case
Smaller cases with small amount as claim will be settled quickly without having to go to the court. On the other hand the larger cases that involves large amount of money and is also against a large and strong defendant can drag the case to the court. The types of negotiations conducted usually conclude with the judge presiding over the agreement of a settlement. Once such settlement is finalized it all depends on the insurance company to oblige.
The Tricks Insurance Company Plays
Lastly, time for the settlement check to arrive also depends on the ricks the insurance company plays and how early they sign on the check. It is obligatory for the insurance company to pay the amount within the time that has been pre-determined which is usually 30 days beyond which it fetches accrued interest.
However, there may be loopholes and delays as most states allow insurers to hold or release on settlement payouts. Physical delivery is required and providers often take weeks or months clear a release. Ideally, settlement checks takes two weeks or more to clear into the lawyer’s trust account.