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?
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.
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.