Insurance is meant to be a safety net in the event of an accident. You pay premiums every month so you can get help and move on from an accident as soon as possible.
Unfortunately, this is not always the case. You might face a few delays in the compensation process, and you’ll then suffer the consequences.
In this article, we’ll be discussing the factors that impact the processing time of an insurance claim. By knowing these factors beforehand, you’ll be able to come up with contingency plans to handle them, thereby ensuring that you recover the maximum amount of compensation in due time.
The Complexity of Your Case
Having a straightforward claim, such as a stolen phone or a broken window, will definitely get solved quicker than a multi-vehicle collision with serious injuries. There would be no need for an extensive investigation.
The insurance company can quickly verify details and assess the value of the claim; in other words, the turnaround time for you to receive your compensation would be shorter.
The process will certainly take a while if they have to gather evidence from various sources, verify details from multiple parties, or try to figure out who is at fault for the accident.
This extra work can drag on for weeks or even months, leaving you waiting for the financial resources you need.
Insurance Adjusters Having Too Much to Handle
You might just happen to be one of the hundreds of people waiting for the claims adjuster to handle their case. Insurance companies often face a high volume of claims, and adjusters, the professionals who handle your claim, can be juggling multiple cases at once.
This does not excuse their delay, as they are supposed to have sufficient manpower to handle their clientele; however, you should understand that this could be a factor.
You can handle the situation by being patient and following up persistently and politely to keep your claim moving forward.
You’re less likely to be ignored or shoved to the back of the line when you have a solid lawyer by your side. A lawyer will make sure your voice is heard and also help speed up a bit.
Missing or Incomplete Information
The stronger your case, with all the necessary documentation and clear explanations, the faster your claim will move through the system. If details such as receipts, police reports, or medical records are lacking from your file, it can cause a few roadblocks along the way.
Also, the insurance company might ask for additional details or clarifications to help in their own investigations.
To avoid this being an issue, you should make sure to gather every necessary document that clearly highlights all that happened in the accident and the extent of it. Be sure to double-check your file before submitting.
Settlement Might Take Time
Sometimes, reaching a settlement, which is the final agreed-upon compensation amount, can be a back-and-forth process. The insurance company might initially offer a settlement that’s lower than what you believe you deserve.
If your claim is a complex one, you might have to go through several discussions with adjusters and even lawyers. You would need a competent lawyer by your side to help you counter all the tactics of the adjuster and their lawyers and also avoid making mistakes that can hurt your case.
Your lawyer will help you with document compilation. They would also handle whatever questions you have about your policy coverage, which will strengthen your position and help expedite the settlement process.
Conclusion
Lawyers know where to look for evidence and how to compile a strong case on your behalf. They can handle communication with the insurance company, medical providers, and other parties involved.
It’s their duty to ensure that everyone has the necessary information to move the claim forward. A lawyer is there to take the burden off your shoulders. You need one in your corner if you want to get the process moving in the right direction.