When you are injured in a car accident, you may not know what to expect if this is the first time you are dealing with an accident claim. You probably have many questions about the process of receiving compensation for your injuries. Our car accident attorney can answer many of your questions during your free consultation with our law firm.
Even though each car accident case is different, many victims share the same concerns. One of the most common questions about car accident cases we receive is regarding when a victim will receive compensation for their injuries. This concern is understandable, especially in cases where the accident victim is out of work due to his or her injuries. The amount of time it takes to receive compensation depends on several factors, including whether you must file a personal injury lawsuit or you settle outside of court.
When Do I Get My Money If I Settle Out Of Court?
Many car accident cases settle without going to court. The insurance company for the driver who caused the accident typically pays the victim for his or her damages and losses. This usually includes compensation for:
- Past, present, and future medical expenses
- Past, present, and future lost wages
- Loss of earning capacity
- Property damage
- Physical pain, emotional suffering, and mental anguish
- Travel expenses and other out-of-pocket expenses
- Scarring, disfigurement, and permanent disability
You will not receive compensation for your damages until you sign a release of liability. This document releases the insurance company and the driver from any future liability; therefore, you do not want to settle your case until you reach maximum medical recovery. Maximum medical recovery means that you have recovered to the extent you are physically able to recover from your injuries.
As experienced car accident attorneys, we never want to settle a case until we know your future prognosis because we want to maximize the amount of compensation you receive for your claim. For example, if you have a permanent disability, we want to ensure we include amounts to cover your future medical bills, personal care, and other damages in your settlement claim. Settling too early can mean you receive less money than your case is actually worth.
Therefore, when you receive money if your car accident claim settles outside of court depends on the severity of your injuries and the length of time it takes you to reach maximum medical recovery. After you reach maximum medical recovery, our car accident attorney does everything in his power to move your case along as quickly as possible. Of course, the time it takes to settle your claim also depends on the insurance company.
When Do I Get My Money If I File A Personal Injury Lawsuit?
If the insurance company for the defendant is denying liability, is delaying settlement, or is refusing to negotiate in a fair manner, it may be necessary to file a car accident lawsuit. Once the case goes to trial and a jury reaches its verdict, the amount of time it takes to receive your money varies case by case. Winning the lawsuit is only half the battle. If the other side appeals the judgment, your case will take longer to resolve.
In most cases, an insurance company will pay the judgment within a short time after the jury renders its verdict, unless the company plans to appeal the decision. Insurance companies are aware of the penalties for not paying a judgment; therefore, they typically pay within a month or two in order to avoid any further litigation costs. If a defendant and/or the insurance company refuses to pay a judgment, there are several legal options we have to compel a party to pay the judgment.
Do You Have Questions About a Car Accident Settlement?
Because each car accident case is different, our car accident attorney is happy to answer your questions about your specific case. It is our desire to help accident victims receive compensation for their injuries and other damages in the most effective and efficient manner possible. In other words, we want to help you recover compensation for your claim in the quickest and least expensive manner possible.