It will usually take four to six weeks for a person to receive their personal injury settlement check in Florida. However, this varies depending on the extent of your injuries and the complexity of the car accident claim. Once your claim is resolved, the insurance company has a mandatory deadline to make your lump sum or first structured payment. According to section 627.4265 of the Florida Statutes, the insurance company has 20 days from the time you signed a settlement agreement to file payment.
If the insurance company doesn't pay on time, it may owe you additional interest. Florida law governs the payment verification schedule in Florida. Once you accept a written agreement, the insurance company must pay within 20 days, unless both parties agree on a different date. Insurance adjusters may declare that payment is conditional on signing an exoneration of all claims.
Florida insurance companies have 64 days to resolve a claim after it is filed. Florida insurance companies also have specific deadlines in which they must recognize the claim and then decide whether to accept it or not, before paying the final settlement. On average, it can take four to six weeks to receive compensation from a settlement. The time frame depends on the case and how long it takes to complete the entire process.
Your lawyer will be the first to receive the compensation check and will distribute the funds. They'll take out contingency fees, out-of-pocket expenses, and anything else that needs to be covered. After paying all the expenses, you will receive the check from your lawyer. If the parties agree to reach an agreement, Florida law 627,4265 requires the insurance company to pay the claim within 20 days.
The parties may condition the payment on requiring the claimant to submit an exemption from their claims in exchange for payment. If the insurance company doesn't pay by the due date, it owes the claimant an annual interest of 12 percent. Since car accident settlements can be significant sums of money, an annual penalty of 12 percent can add up quickly if the insurance company doesn't pay the claim on time. After a car accident, the first step in the settlement process is usually an investigation by both insurance companies.
If your case must go to court to get the fair financial settlement you deserve for your injuries, an experienced attorney can help. Each driver's own insurance company (personal injury protection coverage) pays for their medical bills and lost wages, regardless of who was at fault for the accident. Making a mistake in your insurance claim or personal injury lawsuit may mean that the insurance company will challenge your claim or injuries, and may even suggest that you are acting fraudulently. We can help you determine how long your particular car accident claim will last and when you can expect the insurance company to pay you the compensation you are owed for your injuries.
It also depends on the magnitude of your case, the insurance company handling the claim, and the nature and extent of your injuries. A great way to determine how long it will take to get a settlement check for a Florida car accident is to talk to a car accident lawyer. You may be wondering how much time the insurance company has to settle a claim in Florida and whether you'll need to work with a car accident lawyer to get the compensation you need. If the insurance company agrees that the value of your claim exceeds the amount of coverage, it may pay you early in the process.
Florida law 626.9743 provides some guidelines on how the insurance company should value a vehicle when determining the fair value of the total cost of a car. We have obtained multi-million dollar judgments and jury agreements in cases involving car accidents, as well as lawsuits for wrongful death and catastrophic injuries. If you were injured in a car accident in Florida, you may have more questions about the payment verification schedule in Florida. If you've been injured in a car accident, you may be wondering how long the settlement process will last.
If you have strong arguments, but the insurance company isn't willing to negotiate in good faith, filing a lawsuit may be your only option for obtaining compensation. If the parties can reach a settlement agreement, they will sign an exoneration, a legal document stating that the injured party will not file a lawsuit in exchange for the amount agreed in the agreement. Your lawyer knows how to obtain evidence, negotiate with the insurance company, talk to witnesses, hire experts, and more. .