For the average person who is involved in and injured in a traffic mishap, through no fault of their own, the complexities of filing a road traffic accident compensation claim are bad enough. One of the biggest questions is how long will it take me to collect for my injuries, damages to my vehicle, and possible loss of income.
Some Of The Things That The Insurer Who Is Financially Responsible May Do
Most insurance companies are in no hurry to pay out claims, after all a claim reduces the amount of money they make and they are in business to make money. There is nothing wrong with that. However some insurers can take that idea a little to the extreme. Lets see some of the due diligence an insurer must do to protect themselves against paying too much out:
- First they must have an accident investigator investigate the collision thoroughly. This may take some time, reviewing the police report, speaking with the people involved in the wreck and any potential witnesses to see what their potential liability is.
- They must review their coverage on the policy to make sure that they have a contractual obligation to pay for the mishap. This may cause the insurer to reject the claim or pay partial damages if they feel that they are not responsible at all or are only partially responsible. This may, many times, lead to litigation or a negotiated settlement.
- They need to gather all of the bills from the accident. This may take some time as some of the bills of rehabilitation may be ongoing for a period of time. They must review these bills to make sure all of them are covered under the policy. Also, if the insurer determines that they are liable, some of these bills, such as emergency medical first responders, could be paid sooner then the other bills where the amount may be more subjective.
- They must make a determination of what the current value of any vehicle totalled in the crash is if they must pay replacement value.
The Time Involved Will Vary Depending On Many Factors
If the accident is fairly minor (although even minor accidents are very expensive), say under a certain dollar amount, the insurance company may settle up quickly once they determine that everything is in order. It is the more involved, from a financial point of view, and complicated, from a liability standpoint, accidents that can take much more time. And from the insurers point of view this makes sense, as they don't want to make an expensive mistake. Although from the injured person's point of view, this can be very frustrating.
Your best bet may be, especially if there will be a great deal of money involved, to retain a personal injury law firm to represent you with the insurance company. Interview firms that you believe know the personal injury law well and have experience in negotiating cases similar to yours with insurance carriers.
The bottom line is that no one, except possibly a knowledgeable personal injury law firm, may be able give you a reasonable estimate of the time involved to settlement for your road traffic accident compensation claim, based on the facts of your case.
This article is for informational purposes only and is not meant as legal or medical advice. Please seek the counsel of a legal or medical professional for legal or medical advice.
Source by William Boyd
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