How Long Does a Car Accident Settlement Take?

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If you have been injured in a car accident, you have the right to file a legal claim for compensation against the person at fault for your injuries. Whomever is responsible for the accident may be responsible for compensating the victims for the damages caused. Many car accident claims are settled out of court when lawyers negotiate directly with insurance companies. However, many cases reach the court and have to go through the arduous process of hearings. In such a case, the compensation for the damages is decided upon at the very end of the trial.

 

To successfully secure the compensation you deserve, it is critical to have all of the necessary documents and evidence to prove the opposing party’s liability. If you do not have sufficient proof, you may be precluded from receiving compensation or the amount of compensation you can collect could be reduced. To improve the chances that you will be compensated for your damages and can provide enough proof, you can enlist the services of a lawyer with car accident experience. An attorney can help you determine the proper amount of compensation for your injuries and help you receive the compensation quickly. 

 

The settlement process is not simple.

 

While the compensation you receive can help you recover the lost wages and hospital bills, it is essential to understand that you will not receive the compensation amount on the same day it is awarded. The whole process of personal injury settlements takes time and is a bit complicated. 

 

How Long Does a Car Accident Settlement Take?

 

Most settlements are completed within six weeks

 

While you may wish that the process would move along more quickly, most settlements are finalized within six weeks. Here’s what the whole process looks like step by step: 

 

  • Signing documents

 

After the settlement is sorted, your lawyer will begin working on the legal documents. They will include a series of legal release forms detailing the terms and conditions of the settlement. It is essential to review each document before signing. The settlement should memorialize the parties’ negotiation and final decision. Before you sign the document, you and your attorney should go through each document very carefully to avoid any confusion later. 

 

  • If the settlement is with the insurance company, the insurance company will start processing your release.

 

After the documents are signed, the insurance company will start releasing the payment or the compensation claim. It will only begin the process after it has received your signed documents. This is why it is important to not delay in signing the documents, as signing promptly can make the process easier for both parties and allow you to access the compensation sooner. The insurance company will issue a check payable to you and your attorney. There are some situations in which the insurance company might delay this process and your receiving compensation. If there is any confusion or delay, it is important to speak to your attorney as soon as possible and request that they communicate with the insurance company. 

 

  • In some jurisdictions, the insurance check is deposited into an escrow account.

 

In some states, it is required by law to deposit the settlement claim in an escrow account before you receive a disbursement. After the funds clear escrow, your lawyer will give you your share of the money. If escrow is required in your jurisdiction, your personal injury lawyer will be able to advise you of the proper procedure. 

 

  • The lawyer will deduct legal fees.

 

Upon receiving the settlement funds, the lawyer will deduct the legal fees and costs from the settlement amount and give the remaining to you. Many lawyers work on a contingency basis. Therefore, after winning, the lawyer will deduct the percentage to which you agreed when you retained their services. The legal costs will vary for each case and depends on multiple factors. 

 

Finally, you will receive your share of the compensation after the required fees and expenses have been deducted. From beginning to end, the whole process may take months or years. The complicated process requires patience. A seasoned attorney who has experience handling cases similar to yours can be a great asset following a car accident. It is important to work with a lawyer to ensure you receive the compensation you deserve.