If you have been injured in an accident through no fault of your own, you may decide to pursue legal action against the responsible party to seek compensation for the damages you have sustained. If this reflects your circumstances, you may wonder how long it will take to reach a settlement agreement and recover the funds you are entitled to. Please continue reading to learn how long after negotiating a settlement you will receive payment for your losses and why connecting with a determined New York City Personal Injury Lawyer is in your best interest.
How Long After a Settlement Do I Get Paid?
Firstly, to get the ball rolling toward recovering compensation for your damages, you will need to file a claim with the negligent party’s insurance company. If they investigate the circumstances of the accident and everything goes smoothly, the company will accept liability for the accident and prepare a settlement agreement. However, insurance companies could deny the claim or argue that you failed to mitigate damages, that you had pre-existing conditions, or that you were partially to blame for the accident.
Nevertheless, once you sign a waiver of liability, which dictates you have reached a settlement agreement and the insurer is not liable for any further damages, you can receive your funds fairly quickly, anywhere from a few days to a few weeks. If they delay the process it could constitute bad faith practices. Settlement payments are typically made as a lump sum payment or as a structured settlement. Lump sum payments are paid all at once whereas structure settlements are paid in systematic intervals over several years or the rest of an individual’s life.
What Should I Know About Accepting a Settlement From the Insurance Company?
Following an accident, it’s common to be approached by an insurance adjuster. Despite their friendly demeanor, it’s important to remain cautious. They often aim to take advantage of vulnerable individuals by offering a lowball settlement that is far below what the victim is rightfully entitled to for their endured damages. It’s important to understand that you don’t have to accept the first settlement offer. You have the right to negotiate a settlement that accounts for your losses.
While you may have a rough idea of how much your damages cost, if you haven’t reached maximum medical improvement, you won’t truly understand the severity of your condition and potential long-term care needs. If you accept an early settlement offer, you may wind up with an inadequate settlement. Once you sign the waiver of liability, you can’t request more money for damages. This means if your conditions worsen or you incur additional losses, you won’t have the right to request additional funds. That said, it’s in your best interest to enlist the help of an experienced lawyer who can help negotiate a fair settlement and protect you from bad-faith insurance practices.
At James Newman, P.C., we are prepared to help you decide whether to take a lump sum or structured settlement. If you have been injured due to someone else’s negligence, it’s in your best interest to consult a seasoned New York City personal injury lawyer to determine the best course of action for your situation. Connect with our legal team today to learn how we can fight for the just compensation you deserve.
