What Happens If Someone Sues Your Insurance Company – When you have an insurance claim after a New York car accident, one option is to pay your claim through settlement. In fact, most successful claims are settled without going to court.
However, a settlement offer is not guaranteed. Even if you receive a settlement offer, there is no guarantee that the offer will be fair. As a result, you need to know how much you deserve to recover and you need to know when to say “No”.
What Happens If Someone Sues Your Insurance Company
What happens when you decline a settlement offer? The simple answer is “None”. Your insurance claim remains open, and you can continue to fight for the full compensation you deserve.
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With that said, there are some important facts you should know before turning down a New York car accident settlement offer. Example:
As you can see, while rejecting a settlement offer doesn’t necessarily have a direct impact on the status of your insurance claim, it can have consequences that
Make it harder to recover your losses. Equally, however, you should be careful to ensure that you don’t pay less than you deserve.
Deciding to accept or reject a settlement requires a comprehensive understanding of your losses, your rights under New York law, and the insurance coverage available. By considering all three factors, you can make an informed decision whether to accept a settlement offer or continue to fight for more.
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When you have an insurance claim as a result of a New York car accident, the amount you recover is based on your actual losses. There is no “standard” settlement amount, and you can’t come up with an amount that seems “fair” to the outside. Instead, you must calculate the financial and non-financial costs you have incurred – and will incur – as a result of the collision.
New York has a “no-fault” insurance law, and this law can have a profound effect on your rights after a collision. Unless you have suffered ‘serious injury’, your only option is to make a claim under your personal injury protection (PIP) insurance policy. New York’s no-fault insurance law requires all drivers to carry at least $50,000 in PIP coverage.
If you meet the threshold for claiming outside of PIP, you must prove that the other driver caused the accident. You can also file claims against other negligent parties (such as the manufacturer of a defective auto part or the government entity responsible for a dangerous road). You will need to carefully decide when – and if – to settle each individual claim.
The last major factor to consider is how much the insurance covers in the event of an accident. If your losses total $200,000, but the insurance policy only provides $100,000 of coverage, you probably don’t want to turn down a policy limit offer. On the other hand, if full coverage is available to you, you don’t want to pay a portion of what you are owed.
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Deciding whether to accept or decline a settlement offer after a car accident is not easy. This requires understanding how much more (if any) you are entitled to recover, and it also requires understanding the level of risk you are willing to take to seek additional compensation.
As a result, rejecting (or accepting) a settlement offer is not a decision you can take lightly. To make sure you make the right decision, you should rely on the advice of an experienced attorney.
You do not have to bear the costs associated with the accident yourself. While insurance may cover some of your losses, accidents involving serious injuries often exceed policy limits.
At Dreyer Boyajian LLP, we are not lacking. Our attorneys are dedicated to finding the full compensation each client deserves.
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If you have questions about your legal rights after a car accident, please call Dreyer Boyajian LLP at (518) 463-7784 today for a free consultation. Our car accident attorneys serve clients in Albany, Troy, Schenectady, Saratoga Springs and other New York areas.
Very happy to hire Dreyer Boyajian to take over and relieve us of all the stress and worry. Car accident victims have a common question. How long does it take to receive a settlement check in a typical car accident? Or “why is my settlement taking so long?”
The reason you are asking how long it will take the insurance company to pay you is obvious. You want to put your car accident – which was probably very traumatic – behind you, right? You also want to get as much money as possible as quickly as possible.
Before you can get an initial quote, the critical first step in getting a car accident repair check, three things must happen:
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Let’s take a deeper look at the three main variables of how long it will take until your case reaches the resolution stage, so you can get a better idea of what to expect in your case.
First, the client must (1) fully recover and require no further treatment, or (2) reach maximal medical improvement. This means that even though the client may need additional treatment, this is as good a recovery as the client is likely to get.
Alternatively, if future surgery or other medical procedures have not yet been performed, the accident attorney may ask the doctor to provide an estimate of how much the future surgery/procedure will cost.
This is often the biggest reason why there is a delay in resolving a serious injury claim. The solution? The key is to get the doctors — at this point, we know too many of them — to write a report that allows you to claim your reasonably foreseeable future expenses.
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If the case is settled quickly without a premium lawsuit, the car accident attorney will need to obtain all medical records and fees for the client. At our law firm and many personal injury firms, the lawyer’s job is to collect medical bills and records.
Medical records are important. A pre-lawsuit settlement for an accident claim will be based almost exclusively on the victim’s medical records. How these records show injuries is – at this stage of the game – the most important variable that insurance companies use to determine value.
Are the records sufficient? Depends on. In most cases, critical physician opinions are contained within the four corners of the medical record. In others, we need doctors, as we discussed above, to offer opinions about future medical care or to clarify an ambiguity in the medical record.
Once a settlement request is submitted with the relevant medical bills and records and other information needed to pay the claim, the insurance company needs time to review the claim. Most personal injury claims should not take more than three weeks. But it is often done. Your accident attorney should follow up with the insurance company to keep your case at the front of the line.
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What if your case is settled? You don’t have an insurance settlement check yet. Your accident attorney should get the ball rolling as quickly as possible so you can get your money as soon as possible. Some insurance companies drag their feet after reaching a car accident settlement.
The best lawyers stay on top of the insurance company to expedite getting the settlement check as soon as possible. Our firm knows that our clients want to get their money quickly. That’s why we push them to cash the insurance check immediately.
Some victims often ask us how long it takes for the insurance company to respond to a personal injury claim letter in a car accident. In most states, there is no rule that requires the insurance company to respond at all. The insurance company won’t charge you much if they don’t insure you. Their main goal is to pay you as little as possible. There is no obligation for them to be fair to you.
Before we leave this topic, there is one more thing you should know. If you’ve made it this far in this article, you want your case resolved quickly. But in the typical serious injury case, you must file a lawsuit to maximize the value of your case.
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You don’t have to file a lawsuit. Sometimes lawyers don’t understand the client’s need to get the money quickly.
But if you settle early, you could be leaving money on the table. When our attorneys file suit, it often results in a later offer that is many times greater than the pre-suit settlement offer. The muscle of the lawsuit is causing panic among insurance companies. This muscle often causes them to pay more money to settle than they thought before filing the lawsuit.
If a lawsuit
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