Chattanooga Car Accident Settlement Process

While the Chattanooga car accident settlement process can be lengthy and complicated, know that you do not have to face it alone. With the help of a vehicle collision attorney, you can receive guidance on the best ways to expedite your settlement and receive compensation as quickly as possible for your injuries. Read the below information to learn more about car accident settlements, as well as the benefits of retaining assistance from a professional Chattanooga car accident lawyer.

Starting the Chattanooga Car Accident Settlement Process

The Chattanooga car accident settlement process includes submitting all damages and a demand for settlement to the insurance company, or to the defendant, and then the defendant responds by making a settlement offer. This process goes back and forth a few times. The plaintiff may decrease the amount they are asking for or the defendant may increase the amount they are willing to pay until an agreement is reached.

When both parties agree on the settlement number, the insurance company will require the plaintiff to sign a release which is basically a contract guaranteeing that the plaintiff will not bring any lawsuits or insurance claims based on these events ever again the future. In this way, they forfeit their right to file a lawsuit or to continue a lawsuit that would go to trial. In exchange, the insurance company sends a check for the settlement, payable to the plaintiff.

Typical Length of a Settlement

From the time a demand letter is sent to the insurance company showing all of the injured individual’s damages, it typically takes a period of two to four weeks for the insurance company to evaluate all of that information and get back with a response in the form of an offer. Then negotiations going back and forth can sometimes take a few weeks as well (sometimes it take longer than that depending on how the two parties view the case).

Once a settlement is reached, it generally takes a week or two before the insurance company sends the settlement release for the injured individual to sign and return back to the insurance company, and then another week or two until the insurance company sends the settlement check. The check has to clear with the bank, and all of the subrogation liens (medical providers and any health insurance company involved) have to be worked out. After these steps, the money is ready to be paid. Unfortunately, this means that the settlement process can expand over a period of months.

How to Expedite the Chattanooga Car Accident Settlement Process

The best way to expedite this process is by doing things electronically. This can greatly help when communicating with the insurance company. For example, when the injured individual signs the settlement release, it can be emailed to the insurance company right away rather than waiting for the mail. The settlement check can be sent by direct deposit into the injured individual’s bank account. Simple steps such as these can save several days.

Issues to Encounter When Negotiating a Chattanooga Car Accident Settlement Process

Issues often come up with individuals who have Medicare. Getting permission from Medicare to settle the case or disperse settlement funds sometimes takes a long time. The same can also be true for insurance companies if there is a legal question as to whether or not the insurance company is entitled to be repaid for their money. Sometimes federal law (like an arrest) will come into play in these cases. If an injured individual has to wait for a specific number or a negotiation response from a health insurance company or a government insurer such as Medicare or TennCare, it will slow the process. Unfortunately, these approvals cannot be done in advance as the exact settlement number needs to be in place before contacting them.

If you require legal assistance in your Chattanooga car accident process, reach out to a reliable Chattanooga car accident attorney today to receive an aggressive advocate on your behalf who will be willing to fight for your compensation.