How Long Does Insurance Have to Pay a Claim? If you find yourself in need of your insurance company’s coverage, it is frustrating. Once you have decided to file a claim, you will have in mind, “how long does insurance have to pay a claim?” Well, it is usually around the period of 30 days. Moreover, it can vary depending on a few other factors.
Policyholders often have other questions about insurance claims. Through this page, you will get all the information you need about how long it will take for your insurance company to pay your claim.
How Long Does Insurance Have to Pay a Claim?
The amount of time most insurance companies have to settle a claim is 10–45 in most states, and it takes up to 30 days on average to settle an insurance claim. The insurance company’s time varies in the state. This is because the insurance company will have to follow state law. Within that period of time, the insurance company has to acknowledge the claim, pay the claim, or decide on the claim filed by the policyholder.
Do insurance companies try to get out of paying?
Everyone knows that insurance companies are meant to help out when the unexpected occurs. There are some things you do not know about insurance companies. The insurance company also needs more money, like every other business. To be frank with you, the insurance adjuster will try to find a way to delay or deny perfectly valid claims.
Why do Insurance Claims take so Long?
One of the reasons insurance claims take so long is the amount of time they will use to investigate the situation that occurred. They will determine who is at fault and the cost of the liability. It is not only the payment that causes the delays. However, things like damage reviews, contested claims, or even unfair claim settlement practices can also cause delays.
Why do insurance adjusters take so long?
You need to know that the most common reason for an insurer’s delay is the adjuster’s caseload. An adjuster usually has dozens of claims to handle at a time, which is why it often takes them a long time to settle one at a time. If they need to survey the damage, it could be a few more days. If you use a repair garage that is affiliated with (or at least approved by) your insurance company, the process can speed up a bit.
What should I not tell the Claim Adjuster?
The way you converse with your adjuster has a very big impact on getting your claim accepted. So, there are tons of things you do not tell your claim adjuster. You don’t have to say you are sorry and admit any kind of fault. You should be in charge of the conversation with your adjuster. They will look for reasons to reduce the liability of an insurance company. Any admission of negligence can seriously compromise a claim.
How do I File an Auto Insurance Claim?
If you find yourself involved in an accident, remember to stay calm, call the police, remain at the scene in a safe location, take good photos, and exchange information with the other driver if possible. Car accidents are stressful, but filing a claim is not that hard. Follow the steps below to file an auto insurance claim:
Inform your agent immediately: After the accident has happened, the first thing you will have to do is contact your insurance company. Give them your name, address, policy number, and the date and time of your loss. Leave a way for them to contact you.
Ask questions about your insurance coverage: When you want to file a claim, you will have to understand your auto insurance policy and what it covers. You need to know your deductible, your transportation expense coverage, and how long you have to submit a claim.
Get in touch with the insurance adjuster: You will be getting an adjuster from your insurance company to check your car and see what was damaged during the accident and investigate the losses. This helps the adjuster determine who is at fault for the accident.
Your damage will be repaired: According to the III, you have the right to choose the repair shop that makes your vehicle’s repairs. You are also entitled to ask the body shop to use original equipment manufacturer (OEM) parts to repair your car instead of less expensive “after-market” parts. However, keep in mind that the OEM parts the shop uses could be new or recycled, depending on how your insurer wrote the policy.
Is There a Time Limit for Insurance Claim Settlements?
Most insurance companies have about 30 days to investigate your auto insurance claim, though the number of days varies by state.
Most state laws require claims to be processed promptly and without unnecessary delays, but it can take longer to process and settle, especially if the accident was serious or a coverage investigation is needed.
It is an investigation that takes much of the time when it comes to receiving your settlement check. For example, a car accident with multiple serious injuries and a question about which driver was at fault can take longer to investigate than a small fender-bender with a clear at-fault driver.
