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How long does the insurance company have to pay your claim?

On Behalf of | Jun 2, 2022 | Car Accidents

If you are in a minor car accident, you may be without your vehicle until after you receive an insurance settlement. That is, you probably need the settlement to pay for repairs. If your accident causes you to sustain serious bodily injuries, though, receiving prompt payment may be critical for receiving ongoing medical care.

You have probably heard some horror stories about insurance companies taking forever to process claims. Fortunately, though, most states require insurers to finalize claims within between 10 and 45 days. According to reporting from Wallet Hub, Pennsylvania’s 25-day processing requirement falls roughly in the middle of this timeframe.

Is your settlement fair?

Even though 45 days may seem like an eternity when you are not feeling well, you can expect the insurance company to begin processing your claim quickly. Still, quick processing does not necessarily mean you are getting a fair deal. After all, insurance companies often employ a variety of tactics to offer low settlements or even to deny claims outright.

Often, to maximize profits for their shareholders, insurance companies try to pay as little as possible. The insurance company may even try to trick you into damaging your claim. Therefore, before accepting an insurance settlement, it is important to know whether it is fair.

Do you have to settle?

You are probably under no obligation to settle your insurance claim for less than it is worth. While fighting back may delay your eventual payment, it often makes sense to fight for what you deserve. Ultimately, if an insurer is unreasonably delaying the processing of your claim or trying to pay you less than your damages, it is advisable to explore all your legal options before doing anything else.