When it comes to insurance claims, the amount of time it takes for an insurer to settle a claim can vary depending on the state and the complexity of the case. Generally, insurance companies have around 30 days to investigate a claim, although some states require claims to be processed more quickly. According to the Claims Settlement Regulations, insurers must recognize claims within 15 days of receiving them and have 40 days to accept or deny them. After that, they must initiate the investigation and pay compensation benefits as decided in the settlement agreement within 30 days.
In some cases, the claim resolution period has been reduced from 30 days to 24 hours due to the claim guarantee. However, if the amount of the claim is high or if there is difficulty obtaining evidence, it may take up to five business days for an agreement to be reached. If the claim includes personal injury protection (PIP) coverage, insurance companies must pay or deny the claim within 30 days. At Ashley Injury Lawyers, we are passionate about helping car accident victims get the best results from their claim resolution procedures. We understand that navigating insurance claims can be difficult and time-consuming, so we are here to help you use a settlement formula to calculate what you deserve.