Q: time frame for a settlement after the first portion has been settled
I was in a car accident last year and the other driver was at fault. We settled that portion of the case for 15k (as this was the max he had on his policy) In short, the medical bills, auto damage, etc. are much higher than 15k (his policy limit) so my attorney also filed via my policy using my "underinsured motorist" coverage. The demand letter has been sent to the insurance company. Given that the insurance company has the demand letter, already has settled one portion of the case (money from the guilty party's policy), and they have all the information they need, how long should it take to settle the 2nd portion (Money from my policy via underinsured motorist)?
A: Completely unknown. Even if both parties have all of the information does not mean they can agree on an amount. Not to mention, your settlement with the at fault driver would have been with a different adjuster (perhaps at the same company as your insurance carrier). These UIM claims tend to take some time, and if your attorney is forced to demand arbitration, it can take more than a year after that to wrap up. Lastly, you have an attorney who can answer these questions, ask them as they may have a better idea given they know your case.
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A: This is an excellent question; however there is no singular answer to the question. It depends on the facts and circumstances of the case. Insurance companies, at times, settle soon after receipt of the demand letter. However, for many injury victims, the UM or UIM case can take much longer to resolve especially if the case is put into litigation. You should ask the attorney handling the case as to his thoughts on the expected timing and amount of the UM or UIM settlement. Keep in mind that the attorney can only estimate or guess based on the prior discussions and dealings with the claims adjuster and the insurance company. Good luck.
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