How long does an insurance company have to pay a settlement after a car accident in Kendall, Florida?

Car accidents aren’t only traumatic and painful, but they can also be costly to those involved. Many car crash victims are often required to undergo medical treatment from multiple physicians, and some are unable to work during the time they must spend recovering. Between the cost of care and lack of income, it is no secret as to why many individuals will agree to a quick settlement from the insurance company just to get some money into their pockets.

So, when does an insurer have to pay?

According to Florida Statute §627.4265, once an individual and an insurer have agreed in writing to the settlement of a claim, the insurer is required to provide a payment to him/her no later than 20 days after the settlement has been reached. If the insurer fails to provide payment to the claimant within 20 days, under certain conditions may the payment accrue interest at a rate of 12% per year from the date of the agreement.

Is a settlement always the best choice after a car accident in Kendall?

Although there are some advantages to accepting a quick settlement from the insurance company after an accident, especially if money is tight, there are also some downfalls to doing so. The reality is, many insurance companies will attempt to settle a claim early on given coverage is available to avoid having to provide the claimant with a larger payout later on after they have had time to assess their damages.

Although a claimant isn’t always guaranteed a larger payout if they wait to settle, there is a good chance they may be entitled to more if the policy limits allow it and they can prove they are entitled to it. For example, if a car accident victim waited a few weeks to determine the extent of their injury and they learned the damage may be permanent, they may be entitled to more money than what they would have received had they settled the claim just days after the accident.

When should a driver settle with an insurer?

Generally, a claimant should only settle with an insurer after they have had the time to sit down with a Kendall, FL car accident lawyer. It is best to have a lawyer review the terms of the settlement and decide whether the amount being offered is fair or if the claimant is entitled to more before they agree to anything.

Connect with an Experienced Car Accident Lawyer in Kendall, FL Now

If a driver was recently involved in an accident in Kendall and they aren’t sure if they should accept a settlement from the insurer or if they should wait, they can contact Miller Trial Law for legal advice. The car accident attorneys at Miller Trial Law can help a victim understand the terms of the settlement and can decide if the insurer should be offering more money to cover their damages and losses.

Miller Trial Law can be reached at:

Town Center One

8950 S.W. 74^th Court, Suite 1711

Miami, FL 33156

Phone: 305-697-8312

Website: www.millertriallaw.com