How Long Does It Take for an Insurance Company to Pay Out a Settlement?

December 10, 2021 | Personal Injury

After an accident, obtaining compensation from the at-fault party can be essential to stay financially afloat. Compensation can help pay for medical bills, living expenses, and other essential costs like repairing or replacing damaged property. But the time it takes to get a settlement varies based on the facts of the case and the insurance company you’re working with.

At Earl & Earl, PLLC, we’ve helped thousands of injured people seek the compensation they need after accidents caused by someone else’s negligence. Our Colorado personal injury attorneys can guide you through the claims process and push for a full and fair settlement that accounts for all of your losses.

Contact us today for a free consultation with an experienced personal injury lawyer.

How Long Does It Take to Get a Personal Injury Settlement Check?

After reaching a settlement agreement, the involved parties “make it official” by signing a settlement release. This document will release the at-fault party and their insurer from any future liability claims related to the accident.

Then clients ask the next natural question: “How long will it take to receive a check after signing a settlement release?” In general, it takes about six weeks to finalize a settlement. But that can vary significantly based on the complexity of the case.

For example, a case where the other person is clearly at fault may resolve more quickly than one where there are complicated questions about the accident. In each case, insurance companies and investigators will need to understand exactly what happened and who was at fault before they’ll approach a settlement.

What Happens After You Sign a Settlement Release?

After signing a settlement release, several steps will take place. In a typical case:

  • The insurance company will process the settlement amount, prepare a check, and close your claim.
  • The check gets sent to your personal injury lawyer, who places the money in a special account.
  • Any medical liens, attorneys’ fees, and other costs are paid from the account.
  • Once all outstanding costs are paid, your lawyer can send you a check with your final settlement amount.

Reasons Your Settlement Check May Have Not Arrived Yet

Already reached a settlement? If you’re wondering where your compensation is and how much longer it may take, keep in mind that there may be specific reasons that your check hasn’t arrived yet. These could include:

  • Insurance company processing delays. Key personnel who need to approve the settlement could be out of the office, slowing things down.
  • There may be liens placed on your settlement. If you still owe medical providers for treatment you received, those debts must be paid before you can receive any funds.

Get Legal Help From Earl & Earl, PLLC

After an accident, turn to the experienced Colorado injury lawyers at Earl & Earl, PLLC. Our law firm treats clients like family, which means we’ll aggressively fight for the fair compensation you need and deserve. We know that your settlement check means a lot to you, so we’ll keep you updated on the progress of your case every step of the way.

Contact us now for a free consultation. We’ll show you why so many people in The Centennial State trust us to help them seek justice and compensation when they need it most.