According to California Department of Insurance regulations, after you are involved in a Los Angeles car accident, how long the insurance company has to pay a settlement claim is outlined by the state’s Fair Claims Settlement Practices Regulations guidelines. It requires the at-fault driver’s insurance provider to adhere to the following timeline:
- The insurance company is required to acknowledge receipt of your claim, start investigating it, supply you with required insurance forms, and reply to your attempts at communication within 15 days.
- They are also required to accept or deny your right to file a claim or provide you with a fair and reasonable settlement offer within 40 days.
- Finally, the insurance company is required to make the payment for your final settlement agreement within 30 days.
You and your personal injury team might also have an impact on the timeline between receipt of an initial offer and settlement of an agreed-upon claim. While your legal team may be able to help you ensure the at-fault driver complies with the state-mandated timeline, you will make the final decision to accept or reject a settlement.
Listening to the advice of your lawyer and weighing each offer you receive may lengthen the amount of time that elapses between the beginning of settlement negotiations and the finalization and payment of your claim.
A Speedy Settlement Is Not Always a Good One
As bills and expenses combine with the loss of income when your injuries prevent you from working, the financial aftermath of a car accident can be a stressful and frustrating time. Mounting health care and property damage bills might make a speedy settlement offer seem tempting. Accepting a settlement offer might not always provide an acceptable resolution to your claim for the following reasons:
- It may take time for you or your legal team to receive the plethora of bills that stem from the car accident and typically come from more than one billing source.
- Accepting a settlement before the financial impact of the accident is clear might be financially risky.
- Once you accept a settlement offer, you may be required to relieve the at-fault driver of any further financial liability.
- Even if you uncover additional valid accident-related damages, you might not be able to recover them after accepting and signing a settlement agreement.
The legal team who represents you may familiarize you with the details of accepting a settlement offer and the timeline for receiving payment. Your legal team may also help you accurately value your compensation claim prior to the state of settlement negotiations.
Valuing Your Recoverable Damages in a Compensation Claim
Understanding the value of your compensation claim is the beginning of effective settlement negotiations. California Civil Code (CIV) §1431.2 may allow you to recoup the following recoverable damages:
- Physical pain and suffering
- Accident-related lost wages
- Accident-related health care
- Mental and emotional trauma
- Property damage or total loss
- In-home medical or household help
Carefully assessing your accident-related expenses and losses may help ensure your potential compensation package is not undervalued or underpaid. Your legal team may be able to help gather the required documents that help lead to a precise calculation of your compensation claim.
The law firm that represents you may also work hard to file your potential personal injury lawsuit on time. You and your legal team generally have two years from the date of a car accident to file a personal injury lawsuit, according to California Code of Civil Procedure (CCP) §335.1. If a family member is fatally injured in the accident, you also have two years from the date of their death to file a wrongful death lawsuit.
Find Out How Long You Have to Wait for Financial Compensation
When the financial consequences of a car accident start to add up, you might find it hard to wait for settlement negotiations to end in an agreement. It might be even more difficult to wait for your agreed-upon claim to be paid by the at-fault driver’s insurer. Our legal team can help you understand how the financial settlement process works.
We might also be able to help you understand how long the insurance company has to pay your settlement claim and when you can expect to receive settlement funds. When you are ready to resolve your compensation claim, our team is ready to help you reach a favorable financial settlement. Reach out to Jacoby & Meyers Law Offices by calling (866) 559-7223 today.