Roderick C. Lopez | June 11, 2024 | Personal Injury
After an accident or personal injury, you may need a settlement check to pay bills and get back on solid financial ground. However, pursuing a personal injury settlement can take time. Depending on the factors involved in your case, it could take months or more than a year to receive a personal injury settlement check in Laredo, TX.
Understanding the steps in the timeline for a Texas personal injury case can help you understand how long it could take to receive a settlement check. Working with an experienced Laredo personal injury lawyer can help ensure that the steps involved in your case move as quickly and efficiently as possible.
Factors That Impact How Long It Takes to Get a Personal Injury Settlement Check in Laredo, TX
Texas laws set deadlines for insurance companies to respond to and process claims. For example, an insurance company must acknowledge your claim and request information within 15 days. After receiving all relevant information, the company has 15 business days to accept or deny the claim. It must issue a check within five days of agreement to a settlement.
In a perfect world, accident victims would receive personal injury settlement checks within a few months. However, this ideal timeline is only found in a few limited cases.
Instead, settling a personal injury claim and receiving a check can take months. In some situations, settling your case could take more than a year.
Numerous factors impact the time it takes to settle your personal injury claim. One of the most significant factors is the duration of your recovery. We don’t want to accept a settlement offer until your doctor releases you from care.
Until you reach maximum medical improvement, you cannot know the full extent of your injuries, economic damages, and non-economic damages. Therefore, accepting a settlement check before you complete medical treatment could result in a much lower settlement amount.
Other factors that impact when you will receive a personal injury settlement check include, but are not limited to:
- The parties involved in your case
- The complexity of the case (i.e., medical malpractice, wrongful death, product liability, car accidents involving multiple vehicles, commercial truck crashes, etc.)
- Whether the other party is disputing fault for causing your injuries
- The willingness of the insurance company to negotiate a fair settlement
- The strength of your evidence proving fault and liability
- If you could be partially to blame for causing your injuries (comparative fault)
- Whether you sustained permanent impairments or disabilities
The timeline for your personal injury case is unique because of the facts of your case. You should not base how long it takes to receive a settlement check on someone else’s experience. Rushing to settle a personal injury case could have devastating consequences.
Potential Consequences of Accepting a Personal Injury Settlement Check Too Soon
The insurance company knows that you want a settlement check now. The insurance adjuster knows you need the settlement proceeds to pay living expenses and catch-up bills.
Therefore, the insurance company might drag out the timeline for settling your case, causing frustration and stress. The insurance company may ask for more information and unnecessary documentation. Anything it can do to drag out the claim increases the chance you will become frustrated and accept a settlement offer that is much lower than the value of your claim.
Unfortunately, the insurance company won’t release a personal injury settlement check until you sign a final settlement agreement, release, and waiver. The agreement you sign states you accept the payment from the insurance in complete satisfaction of your claim. You release the company, the party who caused your injuries, and all other parties from any further liability for your claim.
In other words, when you accept the settlement offer, you give up the right to file a lawsuit and pursue a claim. Even if the company paid you far less than your personal injury claim is worth, you are stuck with that amount unless the company breaks the law.
Patience Can Pay Off for a Laredo Personal Injury Settlement
Don’t give in to pressure from the insurance company to accept the first settlement offer it makes. You have the right to negotiate for a higher settlement amount. A Laredo personal injury lawyer can review your claim during a free consultation.
An attorney understands what damages are worth. They also spot tactics insurance providers use to lower the amount of a personal injury settlement check. Instead of grabbing the first offer, talk with a personal injury attorney in Laredo to ensure that the offer compensates you fairly for all damages.
Contact the Laredo Personal Injury Lawyers at Roderick C. Lopez Personal Injury Lawyers Today
If you were injured in an accident in Laredo, TX, and need legal help, contact our Laredo personal injury attorneys at Roderick C. Lopez Personal Injury Lawyers to schedule a free case review today.
Roderick C. Lopez Personal Injury Lawyers
6557 Metro Court, Suite 1 Laredo, TX 78041
(956) 529-7336
