Once the agreement is finalized and signed, insurance companies usually send a check within a month. If you're an insurance company, as is the case with most Personal Injury Attorney near Mount Pleasant SC plaintiffs, the process of canceling the check is usually fairly quick. Once an agreement is reached, the time to receive payment may vary depending on several factors. First, it's important to understand that resolving a case does not automatically guarantee immediate payment. There may be additional steps involved in the process before disbursing the funds. For example, the settlement agreement may require the defendant or their insurance company to submit payment within a specified time frame.
However, some defendants may delay or even refuse payment, leading to more complications. The insurance company usually has about 30 days to investigate your car insurance claim, although the number of days varies by state. Most state laws require claims to be processed promptly and without unnecessary delays, but their processing and resolution may take longer, especially if the accident was serious or if a coverage investigation is needed. On average, receiving a personal injury compensation check takes four to six weeks after both parties sign the settlement agreement. Sometimes it takes longer and, in rare cases, the check arrives in less than four weeks.
You can be sure that writing a settlement check takes much less time than winning a judgment in a trial. When the other party's insurance company accepts a settlement, you will receive a check approximately three weeks after all of the settlement documents are submitted. This means that the other party has basically accepted responsibility for the cause of your injuries and there's nothing left to discuss. However, the defendant in a court case has the right to file an appeal. If the party to your lawsuit exercises this right, you may have to wait an additional year or two to receive the funds from your settlement if you succeed a second time. In some cases, medical providers may impose a right of retention on any potential settlement the injured person receives from their personal injury claim.
With the many medical and other costs related to an injury, funds from a personal injury claim are essential to keep you on the path to recovery. The last step after a successful personal injury claim is to receive compensation awarded through a settlement or jury verdict. Ultimately, the timing depends on the circumstances of the accident and on factors such as state laws, the severity of the injury and property damage, the involvement of attorneys, and how quickly the claim was filed.