Here at Thompson Law, we’re always looking for new ways to help explain the legal process around car accidents and how a final settlement is reached and importantly- agreed on. As a victim of a car accident, you’ll already know that the legal process can already feel complex and overwhelming, so how do lawyers even reach an agreement on a settlement, and who decides on the final amount rewarded?
Your settlement process will start the minute you make your claim with the insurance company involved but sadly doesn’t mean you’ll receive your settlement soon after. Our experienced attorneys handle car accident settlements all the time, and we want to share our own experiences to help manage expectations when it comes to waiting for settlement payouts.
How car accident settlements are agreed
As a car accident victim, you’ve probably got a tonne of other questions like, how long will your claim take to be settled? Or how much will you get as a settlement payment after all the repairs, medical bills and ongoing issues you might have now are all considered?
First, you’ll probably have filed a claim with the insurance company which immediately hands over your case to them. Depending on the severity of your accident, an insurance company will have to start an investigation and involve a legal attorney to help establish what happened and who is at fault.
This process can take anywhere between 6 months and 2 years- some cases even longer- before your settlement will be processed. Once they have reached an agreed amount, your attorney will then consult you on the settlement amount and explain how they agreed on the amount with the insurer.
From the moment you agree to the settlement, the insurance company will then have a certain time they will send the money to your account which they will make clear with you. Typically than can be 5-7 working days once you’ve agreed on the amount, before it reaches your bank account.
How Thompson Law will process your car accident settlement
We’ve previously written a handy guide to the car accident settlement process to help steer our own clients through unknown territory and answer some of the more common questions we get surrounding settlements in car accidents.
Much like your own car accident, our dedicated team recognizes that every case is unique and will have a very different outcome so we never give financial estimates out until we’ve understood every part of your own accident case. We leave no stone unturned when it comes to legally represent a settlement case. Our attorneys will always carefully consider your injuries and any ongoing factors that have directly impacted your life after an accident, to help reach a settlement amount that truly reflects your pain and suffering.
If you want some help or advice about your own settlement, give us a call on (480) 634-7480. Our team is always happy to answer any questions you may have and can help manage expectations on the settlement process here in Arizona.