How Soon Will I Get My Car Crash Settlement Award?

After your settlement has been agreed to and the other party has officially signed the document, it’s normal to wonder when you will finally receive your settlement award.

While it is important to remember that this part of the process is mostly out of your control, it may be beneficial to know when you should expect your award to finally arrive, and what could be causing delays with your car accident settlement.

How long does a compensation claim take to settle?

If you are still waiting for your car accident claim to settle, this can seem like a long and laborious process. However, it is important to understand that there is no set time frame for your claim to be settled. Instead, it typically depends on the unique facts and circumstances of your case. With a simple and straightforward case, you could possibly expect your claim to settle within a few months. However, a complex claim involving severe injuries or major property damage may take up to one year.

How long does it take for an insurance company to issue a check?

Once you agree to a settlement and all paperwork has been submitted, it’s time to wait for the insurance company to issue the check, which could take five to six weeks. However, some people receive their checks within a couple weeks, and some people wait for a little under two months before their checks arrive.

The process of getting paid after agreeing to a settlement

Even after signing a settlement agreement, there are still several stages before you officially receive your check. Getting paid after agreeing to a settlement involves:

• Processing your release: First, your settlement agreement will need to be processed by the insurance company. This means that the insurance company will consider your case closed and write your check. When they write your check, it is issued to your lawyer.
• Placing it into an escrow account: The check is placed into an escrow account, because your lawyer must settle any liens or expenses from your case. One of the most common liens that car accident attorneys must take care of before they can give you the check is a medical lien. This type of lien is made when you agree to pay the doctor’s office or hospital for all necessary medical treatments during the legal process after you get your settlement.
• Deducting lawyer fees: Next, your attorney will take out their portion of your settlement for representing you in your case.
• Mailing it off: Finally, your lawyer will place your check in the mail; ideally, you only have a day or two left of waiting!

Why is my settlement check taking so long?

There is usually no reason to worry until a couple months have gone by and you still have no settlement check in hand. A few of the most common reasons for delays in receiving a settlement check include:

• The insurance company is taking their time: Unfortunately, insurance companies are known to drag their feet when it comes to providing people with their money. If this is the case for you, all you can do is be patient. However, if too much time has passed, you can always reach out to your attorney and ask them to find out what might be taking the insurer so long.
• There are new issues or liens that have emerged: Sometimes, new or additional issues or liens can emerge. If this happens, your lawyer will need to look over them closely to find ways to resolve them before sending your check.
• Your lawyer is trying to ensure that you get to keep more of your settlement: Your lawyer may be trying to help you out by communicating with the lienholders. While you may have agreed to pay the lienholders a certain amount, your lawyer may be able to negotiate on the debt that you owe, which could mean you keeping more of your settlement.

Do insurance companies have a deadline to settle claims in Oklahoma City?

Insurance companies in Oklahoma City have 30 business days to acknowledge a claim, request information and paperwork from the policyholder (this includes the proof-of-loss paperwork), and provide instructions on what to do. Once this is completed, the insurance company has 45 business days after receiving the proof of loss form to investigate and decide whether they are accepting or denying the claim. Therefore, the deadline for an insurance company to settle your claim in Oklahoma City is 75 days.

At Cunningham & Mears, our Oklahoma City car accident attorneys understand the difficulties that accident victims face. If you’re dealing with the aftermath of a car crash, we are committed to helping you obtain the maximum compensation possible to get your life back on track. If you have questions or concerns about your settlement, our team is ready to assist you. Call our office or submit our contact form to schedule a free consultation today.