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.
- 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.
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