Many unintentional injuries are typically covered under liability insurance. For example, car accident injuries resulting from negligence are typically covered by the at-fault driver’s auto insurance policy. Similarly, slip and fall injuries resulting from careless property maintenance or repair are usually covered by homeowners’, renters’, or business liability insurance.
These accidents can leave a victim in a difficult situation. They may need medical care but not have the means to pay for it. Therefore, the amount of time taken to process their claim can determine how long these victims must wait to resume their normal lives. Keep reading to learn more about settlement timelines in Indianapolis.
Real-Life Considerations in Settling Claims in Indianapolis
Your insurance claim begins when you contact the at-fault party’s insurer. The company will provide its claim forms or direct you to its online claim system. Once you provide the requested information, a claims adjuster will investigate the case. If they determine that the claim falls within the at-fault party’s liability policy, they’ll offer a settlement.
Insurance companies have an incentive to slow-walk claims. They’re for-profit corporations, and they earn greater profits by paying fewer claims and issuing lower payouts.
At the same time, insurers have a contractual duty to their policyholders to pay valid claims that fall within the scope of the relevant policy. If they fail to do so, the policyholder could face a lawsuit from the victim.
As a result of these considerations, insurance adjusters will often drag out the process as long as possible without risking a lawsuit.
That being said, J.D. Power surveyed claimants to determine their satisfaction with their auto insurance company’s claim practices. State Farm ranked above average for claim handling satisfaction, which means the company might resolve your claim slightly faster than average or provide other benefits that contribute to an above-average customer experience.
Indiana Statutes Covering Claim Settlements
Indiana’s Unfair Claim Settlement Practices Act imposes vague time limits on insurers.
The insurer is required to meet the following standards after you file your claim:
- Acknowledge your claim and act on it “reasonably promptly”
- Adopt and implement reasonable standards for promptly investigating the claim
- Accept or deny your claim within a reasonable time after receiving your paperwork
- Pay the claim after conducting a reasonable investigation
- Make a good faith attempt to settle your claim in a “prompt, fair, and equitable” way
The terms “reasonable” and “prompt” aren’t defined in the law. In other words, there’s no clear line where, for instance, 15 days is reasonably prompt, while 16 days constitutes an unreasonable delay. Instead, the reasonableness of an insurer’s actions is measured based on industry standards and practices.
Without explicit time limits, you could potentially expect Indiana insurers to take anywhere from 30 days to several months, but it depends on the facts of your case and other factors.
Possible Ways to Speed Up a Settlement from State Farm
Unfortunately, these standards create several openings for insurers like State Farm to delay claims. For example, the insurer must act within a reasonable time to accept or deny your claim after receiving your paperwork. The company can therefore delay processing your claim by claiming that it lacks the necessary information.
With that in mind, the following steps might help you accelerate your case in some circumstances:
- Submit complete claim forms with proof of your losses, such as medical records
- Update the claim with any new documents or bills you receive after filing
- Consider hiring a lawyer early in the process to keep adjusters on task
If State Farm unreasonably delays your case, you might have a bad-faith insurance case against it.
Contact Our Indianapolis Personal Injury Lawyers at Wilson Kehoe Winingham Injury Lawyers for a Free Consultation
Claim settlements take time. However, by filing complete forms with supporting documentation and working with an experienced lawyer, you might be able to decrease that time so you can move on with your life.
If you’ve been injured or are facing a complex legal matter, reach out to Wilson Kehoe Winingham Injury Lawyers to schedule a consultation. Our team serves clients across Indianapolis and throughout Indiana, and we’re ready to pursue the justice and full compensation you deserve.