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How Long Does it Take for a Car Insurance Company to Pay Out a Claim?

How long does it take for a car insurance company to pay out a claim?

How long does it take for a car insurance company to pay out a claim?

There is no specific answer to this question. Ideally the money will be paid within 14-28 days of settlement.

However, the time taken by the car insurance company to process your claim varies, depends on various factors. These include:

Reputation of The Insurer

- Some insurance companies are faster at settling claims than others.

- This allows them to maintain their reputation of having a quick claim process.

Early Settlement

- Sometimes you may be tempted to get your money as soon as possible.

- However, if you were to go for early settlement, it may leave with you with nothing for a later (and possibly greater) requirement.

Type of Claim

- Typically, physical damage claims are settled faster than liability claims.

- This is because liability claims need to be paid in bulk, while for physical damage, settlements are made almost immediately after the car is inspected for damage.

- Additionally, roadside assistance claims can take up to 5-8 business days to settle, while a total loss claim may take up to a month.

Lastly, make sure that you absolutely need the money as filing a claim is a long process. It is also important to have all the required documents ready at hand, before filing for a claim.

Reference

• http://www.spencerssolicitors.com/accident-guides/how-long-to-receive-my-compensation.html

• https://www.carsdirect.com/car-insurance/how-long-does-it-take-to-receive-an-insurance-claim-check

• https://www.thebalance.com/how-long-does-an-insurance-claim-take-527095

• https://budgeting.thenest.com/long-usually-insurance-company-offer-settle-auto-accident-case-24760.html

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