How Long Does It Take to Reach an Injury Settlement with an Insurance Company?
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Reaching a settlement with an insurance company is not a one-size-fits-all time frame. A settlement can be reached within a few weeks, or it could take years.
The insurance company will likely offer you a settlement within a few weeks of the accident. So if your primary goal is to reach a quick settlement, the process can be completed within a matter of weeks. However, if you are looking to maximize the amount of money you receive from the insurance company, the process will likely take longer. Every case is different and there are a variety of factors that affect the length of time it takes to reach a settlement.
If you or a loved one has been injured in an accident, call Zinda Law Group at (800) 863-5312 for a free consultation with a Colorado Springs injury attorney.
Severity of Injuries
The severity of your injuries will play a large role in dictating the amount of time it takes to reach a settlement. If the injuries sustained are minor, there is a good chance of reaching a settlement within a couple months. On the other hand, if the injuries are more severe and require extensive medical treatment, the settlement process will be extended.
Before accepting a settlement, it is a good idea to wait until you have reached your maximum medical improvement (MMI) before you accept a settlement. If you settle before reaching MMI, you may not be receiving all that you are entitled to.
Waiting until you have reached MMI will help determine how much your claim is worth because it will take into account all the medical treatment necessary to get you back to health. After reaching MMI, it may take somewhere between a few months to a year to reach a settlement with the insurance company.
Depending on the circumstances of the accident, there may be a factual dispute as to who was at fault. This will definitely extend the time frame of reaching a settlement.
If it is unclear who is liable, the insurance company may not be willing to make a settlement offer until liability is proven in a court of law. There may also be a dispute as to the extent and seriousness of your injuries. Medical and police reports can help resolve these factual disputes. The investigation into these issues will prolong the settlement process.
How Much Money?
If the accident involves a substantial amount of money–either because of medical bills or the number of parties involved–it will take longer to reach a settlement. The insurance company’s goal is to pay the least amount possible. So when big money is at stake, they will delay the process.
Once you have reached an agreement with the insurance company, it usually takes between two to six weeks to complete the settlement process.
Our Colorado Springs Injury Lawyers Can Help
At Zinda Law Group, our Colorado Springs personal injury attorneys are highly experienced in dealing with insurance companies in a wide range of personal injury matters. We have helped thousands of accident victims recover compensation for medical bills, property damage, loss of income, pain and suffering, and many other types of damages.
We have the knowledge and resources necessary to help you build the best case possible to maximize the value of your claim, and we will handle the entire negotiation process for you while you focus on what is most important: your recovery. We also operate on a contingency fee basis, which means you pay nothing unless we win your case.
Call Zinda Law Group today at (800) 863-5312 for a free consultation with one of our skilled personal injury lawyers in Colorado Springs. Meetings with attorneys by appointment only.