Have you ever wondered why it takes so long for an insurance company to settle your auto injury claim and issue you your settlement? Auto injury lawyers often times spend several months negotiating with an insurance company on the simplest of facts, including the extent of injuries, liability, and punitive damages.
When it comes to simple fender benders or minor injury car accidents, there’s a good chance that an insurance company will settle your claim rapidly and out of court. However, if there’s a greater instance of damage and injury, the claim could take much longer. In the end, determining the time it takes for a claim will depend on a variety of different factors.
Never Rush to Settle a Claim When You Have Major Injuries
When there are extensive damages to take account of, it will be important for you, as the claimant, to not be hasty. There are several reasons for this, but the most important reason is that you may not know the extent of your damages for some time.
For example, let’s say that you settle your claim within two months of your injuries, and then find out in the third month that you have a latent injury that did not present itself during your initial screenings. Since you have already settled your claim, you have released the insurance company from any liability for this injury and you have no right to compensation for it.
This happens most often times with traumatic brain injuries that may not produce symptoms until much later on after the accident, sometimes even a year or more.
Why Insurance Companies May Take a Long Time to Settle Claims
There are certainly many reasons that you should not be too quick to settle a claim, but there are reasons that the insurance company will not be too quick to settle a claim either, especially if we’re talking about a large sum of money.
It is always important to remember that an insurance company is a business just like any other, and they are in the business of turning a profit. This means that they will do everything they can to first, ensure that the settlement they offer you is the lowest that they can possibly get away with and second, ensure that they hold onto their money as long as possible.
You see, insurance companies make a large part of their money from investments made with the premiums paid by their clients. These premiums are held in a variety of ventures from stocks to bonds and even real estate. The longer they can hold onto that money, the more money they stand to make.
Contacting Auto Injury Lawyers for Assistance
If you find that you need help with your auto injury claim, it will be best for you to turn to someone who has the kind of experience required to get you positive results and the kind of injury compensation that will be sure to take care of all your needs now and in the future.
Auto accidents and the injuries caused by them can vary greatly from person to person, which means that every auto injury claim will be different. When you have an auto injury claim, turn to auto injury lawyers who have extensive experience in the personal injury field.