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If you have been hurt in an accident in New York City that was caused by another person, you may be uncertain about your rights and how long it will take to get paid for your losses. While the time it takes to settle an insurance claim can vary, insurance companies have certain obligations under New York law. An experienced New York City personal injury attorney can advocate for you and help you pursue a fair settlement for property damage, lost wages, medical bills, and more.
Based in Melville, The Odierno Law Firm represents accident victims throughout Long Island and New York City. We offer free initial consultations and never charge a fee unless we recover money for you. To learn more or to schedule an appointment with a legal team member, reach out to our law offices today.
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How Long Does an Insurance Company Have to Respond to a Claim?
Insurance companies must acknowledge receipt of a claim within 15 business days. New York law also provides that insurers must start an investigation of a claim within 15 business days of receiving notice of the claim. During this time period, insurance companies must also provide a notification of all statements and claim forms that will be required of the claimant.
While insurers must acknowledge claims and start an investigation within 15 days, there is no specific requirement that the investigation be completed or the claim be resolved within a particular period of time. Instead, an insurance company must process claims in good faith. Depending on the facts of a particular claim, it could take weeks, months, or even years to settle or otherwise resolve a claim.
Once an insurance company has completed its investigation, however, it has 15 days to notify a claimant as to whether it is accepting or denying the claim. Insurers can also seek additional time to finalize a claim by sending written notice to the claimant that additional time is needed and the reasons why.
Should You Accept a Settlement Offer From an Insurance Company?
After you are involved in a car accident, slip and fall, or other type of accident in New York, you may be approached by an insurance adjuster for the at-fault party’s insurance company. They may tell you that they accept liability, ask you to give a statement or sign some paperwork, or even offer you a settlement. No matter how friendly or helpful the adjuster may seem, you should never talk to them or sign any documentation until after you have had a chance to talk to a NYC personal injury attorney.
Insurance companies are in business to make money. When they offer to resolve a claim, there is very little chance that it will be a fair settlement. In fact, the settlement almost certainly won’t cover the full scope of your losses.
Instead of accepting a quick settlement from the adjuster, you should reach out to a personal injury lawyer to schedule a free consultation. During this appointment, they will explain your rights and your options for pursuing a claim. They will also give you a ballpark estimate of the value of your claim.
If you decide to move forward with the law firm, they will get to work to investigate the facts of the case and reach relevant New York law. They will then draft what is known as a demand letter. This letter will lay out all of the facts of the case, explain why their insured is legally responsible, and make a demand for damages (compensation).
Remember: Insurance companies have 15 days from the date that they close the investigation to accept or deny a claim. When your lawyer sends a demand letter, it will contain a lot of information, including facts that the insurer may need to finish an investigation. For this reason, insurance carriers often respond to a demand letter within 15 days.
From there, the parties will typically go back and forth to negotiate a settlement. There is no average time to settle a claim in New York City, as each case is unique. If liability is clear, then the case may be settled in a matter of weeks or months. However, if you need to file a lawsuit and/or the insurance company is denying some aspect of the claim, then it may take a year or longer to settle your claim for injuries.
Speak to an Attorney Today
Wondering how long an insurance company has to settle your claim in New York? Don’t wait for answers—contact us today for a free consultation. Our experienced attorneys will guide you through the process and ensure your rights are protected every step of the way.
Factors That Could Delay Insurance Settlements
There are several factors that can delay an insurance settlement.
No-Fault Insurance Requirements
New York operates under a no-fault insurance system (also known as personal injury protection or PIP). This means that if you are filing a car accident claim, you must first seek coverage through your own insurance policy for medical bills and lost wages. If your losses exceed your PIP coverage, then you can file a claim against the other driver’s insurance policy.
Severity of Injuries and Complex Cases
The severity of your injuries and the need for ongoing medical treatment can delay the settlement process. Generally, if you need extensive medical care, it will take longer to resolve a case. That is because your attorney will want to wait until they have a better picture of your medical bills and future medical needs before resolving a case.
If a claim involves catastrophic injuries that could result in a large settlement, insurers may require more time to review medical records and other documentation. They may also use computer programs that tally direct financial losses to generate a settlement amount, which may not fully reflect your total damages.
Settling before you have fully recovered could leave you without sufficient compensation for your injuries. Waiting until you have reached maximum medical improvement gives a clearer picture of medical expenses, future treatment, necessary home or vehicle modifications, and your ability to work.
Disputed Liability or Partial Fault
If there are factual discrepancies or questions as to liability, the insurer may conduct a more in-depth investigation or the case may proceed to trial. This can extend the timeline by months or even years. However, under New York’s comparative negligence laws, you can still recover financial compensation even if you are partially at fault.
How The Odierno Law Firm Can Help
One of the more frustrating aspects of being involved in an accident is that it isn’t always easy or straightforward to get a fair settlement from the at-fault party’s insurance company. Too often, the insurer will offer a lowball settlement or otherwise attempt to delay your claim and avoid paying you maximum compensation. Our legal team will aggressively advocate for your right to full compensation.
The Odierno Law Firm fights for the rights of accident victims in New York City and Long Island. We will work hard to make sure that you get full compensation for your injuries, and that you get timely payment for your claim. To learn more or to schedule a free initial consultation, reach out to our law offices at 631-933-1304 or fill out our online contact form.
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How Long After an Accident Can You Sue in New York?
