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HOW LONG CAN THE INSURANCE COMPANY HOLD YOUR SETTLEMENT BEFORE MAKING A DECISION?

Winston-salem, NC |

I WAS IN AN ACCIDENT IN JANUARY AND THE INSURANCE COMPANY OFFERED A SETTLEMENT AND I DID NOT APPLY SO I CONTACTED A LAWYER AND THE INSURANCE COMPANY IS STILL HOLDING OUT SINCE JANUARY.

WHAT IS THE STAUTE OF LIMITATIONS CONCERNING A INSURANCE COMPANY?

Attorney Answers 3

Posted

There is no deadline. Insurance companies can rush to settlement try and get you to settle for less, or they can try to wait out the statute of limitations. Follow the advice of your attorney.

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Asker

Posted

WHAT IS THE STATUTE OF LIMITATIONS?

Kenneth Love Jr.

Kenneth Love Jr.

Posted

3 years. You mentioned you spoke to an attorney. If you have one, you need to be speaking to him/her. If you did not hire one, you need to...looks like they are trying to lowball you and/or wait you out.

Posted

Sometimes Insurance companies try to settle quickly so they can settle for less. However, some settlements can take a long time. If it is your own insurance company then you could possibly have a bad-faith claim against them. Contacting an attorney to help you recover your settlement may be useful.

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Posted

From the fact presented, i.e. the insurance company made a settlement offer, and you rejected the offer, I thus don't believe a settlement agreement was ever reached.

The more pressing question is the question - how long long do you have to file a lawsuit? This is known as the 'statute of limitations', and the lengthen of time is different in each state. For example, the general rule in Georgia is 2 years, yet there are many exceptions.

If you do reach a settlement agreement with an insurance company, the date that the insurance company delivers the check should be one of the essential terms of the settlement agreement.

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