Reaching a Car Accident Settlement
Most legal claims from accidents are resolved through negotiated settlement before reaching a civil court. Here’s how long it takes to reach a car accident settlement.
It can take several months, or even several years, to reach a car accident financial settlement. The severity of injuries and damages caused, the type of insurance coverage the parties involved have, and the time a claim was made are factors that determine the length of the car accident settlement process.
The Car Accident
The majority of states require car accidents involving injuries to be reported to the county sheriff, police department, or state highway patrol. In cases of serious injuries or property damage, a written police report may be required.
Related: What Happens When Your Car is Totaled?
Settlement Process
Steps a settling party can take after an accident occurs include:
- Document evidence from the car accident supporting damage and or injury claims. Evidence may include photos, witness testimony, and medical records.
- Send a demand letter to the insurance company stating all claims of injuries and damages along with the documented evidence.
- The insurance company will investigate the accident and either approve the claims and make a settlement offer or deny the claims and all for an appeal to the claim adjuster.
- Come to an agreement with the insurance company.
Car Insurance
Insurance coverage can differ from one state to another depending on whether the state uses the at-fault or no-fault system.
The at-fault system is the most widely used system of car insurance. The system is based on tort liability. The driver responsible for causing the accident pays the other party for the damages. The responsible party’s insurance company may pay up to the policy limits.
The no-fault system is based on personal injury protection. The insurance company of each party compensates the policyholder for minor injuries regardless of who was at fault for the car accident.
Limit to File an Accident Claim
Each state has time limitations for filing an injury claim. From the moment the car accident occurs, a claim can be made at any time up to six years. Suing for damages past the statute of limitations will not result in a recovery for damages caused.
Although there is a time limit for filing an accident claim, it may be beneficial to wait before settling. An attorney may advise waiting to file claims until all medical bills are paid in cases where medical treatment is still being received.
Related: What Can You Sue for in a Car Accident Lawsuit?
FAQs About How Long It Takes To Reach A Car Accident Settlement
How is a settlement determined?
Insurance companies look at liability, damages, and the terms of the insurance policy to determine a settlement offer. Conditions can look different based on the insurance company.
Can I sue after a car accident is settled?
The claim is over as soon as the car accident claim is settled and the release of liability is signed,
even if an individual does not accept the settlement payment.
Contact Us
If you or a loved one would like to learn more about how long it takes to reach a car accident settlement, get your free consultation with one of our personal injury attorneys today!