Generally, the insurance company 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 delay, but it may take longer to process and resolve them, especially if the accident was serious or if a coverage investigation is needed. In accordance with the Claims Settlement Regulations, insurance companies must recognize claims within 15 days of receipt. Insurers have 40 days to accept or dismiss claims.
They must then initiate the investigation and pay compensation benefits as decided in the settlement agreement within 30 days. Insurance companies generally have about 1 month to investigate a claim. The exact time period depends on the state. The length of the investigation may also vary depending on the complexity of the case, the amount of losses, and the difficulty in obtaining evidence.
The claim processing time has been reduced from 30 days to 24 hours due to the claim guarantee. While all policies require 24 hours, sometimes a claim can take longer. In these cases, the maximum period for settlement is five business days, especially if the amount of the claim is high. If the claim involves personal injury protection (PIP) coverage, insurance companies must pay or deny a claim within 30 days.
Ashley Injury Lawyers is a passionate personal injury law firm that works to ensure the best results for car accident victims and claim resolution procedures. With the help of a personal injury attorney, you can use a settlement formula to estimate what you deserve.