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

The length of time that it takes for an insurance company to pay out a claim is largely dependent on the details surrounding your accident, and the volume and quality of evidence that you have provided. Even without any hitches in your case, several factors are involved in how long it takes to process and pay out your claim.

Why Is It Taking So Long?

Several factors come into play when determining how long a claim will take to process. Most issues regarding claims processing surround the legal details of the case.

There are also several miscellaneous, but valid, factors that could be stalling the completion of your claim.

Can I Speed Up the Process?

Claims that are already in the hands of the insurance company are completely out of yours. You may need to substantiate evidence or attend settlement mediation, but other than that, you cannot actively speed up the overall processing and approval time. The only way that you could speed up your payout is by settling for less. In situations where you need to access your settlement money in a short amount of time, this is an option. Nonetheless, it will still take between four and six weeks for the insurance company to furnish your check after a settlement has been agreed upon.

Allowing your claim to take as long as reasonably necessary to process can be a good thing. It typically results in a clearer picture of the incident and can improve your settlement in the long run. Although it may take several months for the insurance company to disburse your compensation, patience is key in reaping your full reward.