If you've been in an accident, you might wonder how long the insurance claim process will take. Unfortunately, there's no easy answer to this question, as it can vary from person to person and even from accident to accident.
When you file an insurance claim, it's understandable that you may be eager to get the ball rolling so you can begin repairing your home or vehicle.
But it's important to keep in mind that the process can sometimes take longer than you expect, depending on the type of claim you have and what time of year it is.
So, how long does the insurance claim process take? It all depends on where you live and whether or not your claim falls under an act of God (or nature), among other factors.
What Does the Claims Process Look Like?
The insurance claim process can be long and complicated. It typically starts with the policyholder filing a claim with the insurance company.
The insurance company will then investigate the claim and may ask for additional information from the policyholder. Once the investigation is complete, the insurance company will decide whether or not to approve the claim.
If the claim is approved, the policyholder will receive a payout from the insurance company. If the claim is denied, the policyholder can appeal the decision.
Here are some of the steps you'll need to take:
Contact your agent or company representative. They'll explain what needs to happen next with your insurance claim.
Determine what loss is being claimed: Dwelling or property loss; personal property loss; or auto, boat, life, or disability coverage. These different types of losses are handled differently, so make sure you're clear on which type you're claiming before proceeding any further.
File a police report or start an insurance claim. Your insurance representative will provide you with a form to fill out and what other steps need to be taken before filing your claim.
Once your claim is filed, you can expect that there will be some amount of time before any payment of money is made. Make sure you know how your policy handles this step, as it could affect how long it takes to get reimbursed for repairs. Some policies will require no physical damage assessment and/or building inspection before making payments, but others may require these assessments to be completed first.
Insurance Claim Time Frame
After you file a claim with your insurance company, an adjuster will be assigned to your case. The insurance company has up to 30 days to acknowledge receipt of your claim, but most companies try to respond within a week.
Once the insurance company has acknowledged receipt of your claim, they have 90 days to complete their investigation and either approve or deny your claim. You should receive payment within 30 to 60 days if your claim is approved. If your claim is denied, the insurance company will send you a letter explaining why your claim was denied and what you can do next.
Factors That Can Impact the Process
Many factors can impact the insurance claim process, including the type of claim, the insurance company, the policyholder, and more. Here are some of the most common factors that can impact how long it takes to process an insurance claim:
The severity of the Accident
If you've been in a car accident, the severity of the accident will impact how long it takes to process your insurance claim. If there are no injuries and only minor damage, your claim will likely be processed quickly.
However, it could take weeks or even months to settle your claim if there are injuries or significant damage. In the meantime, keep detailed records of all expenses related to the accident so you can be reimbursed for them.
In some cases, this will mean that your injury is considered more severe and will delay processing time. Injured parties often require more extensive medical care and physical therapy than those who were not hurt during the accident.
However, if you have not been injured or did not sustain any significant injuries, this should shorten the process for settling claims with the insurer.
Determining Who Is at Fault
After you've been in an accident, the first step is to determine who is at fault. This can be tricky, as both insurance companies will likely try to blame the other party. If you're not sure who is at fault, it's best to speak with an attorney. Once the fault has been determined, the insurance claim process can move forward.
After you've filed a claim, the insurance company will send an adjuster to assess the damage. Once the adjuster has determined the cost of repairs, they will submit a report to the insurance company. The insurance company will then offer you a settlement based on the report.
If you accept the settlement, the insurance company will pay you. You can negotiate with the insurance company if you disagree with the settlement. The negotiation process can take some time, but getting what you deserve is essential.
Tips You Need to Remember When Filing Insurance Claims
Filing an insurance claim can be a lengthy and complicated process. But there are some things you can do to help make the process go more smoothly.
Gather all the necessary documentation. This includes paperwork from the police, hospital, and your insurance company.
Fill out all the forms completely and accurately. This will help to avoid delays in processing your claim.
Keep track of all correspondence with your insurance company. This includes phone calls, emails, and letters.
Be patient. The insurance claim process can take several weeks or even months to complete.
Follow up with your insurance company if you haven't heard anything after a reasonable amount of time has passed.
After you file a claim with your insurance company, they will begin their investigation. This usually includes sending an adjuster to assess the damage and determine how much the repairs will cost.
Once the insurance company has all the information they need, it will decide on whether or not to approve your claim. If you are having a hard time filing your insurance claim or if you do not know where to start, we are here for you. Contact us today.