Are Insurance Companies Required To Respond to a Demand Letter?
Best Case Scenario
In the best-case scenario, the indemnity company will respond to your need letter within 30 days. however, you generally have to wait anywhere from a few weeks to a couple of months because no police sets a deadline. You have the option to stipulate a deadline for a response in your demand letter, but there is no guarantee that the insurance company will meet it .
Factors That Can Impact Your Demand Letter Response Time
The watch factors can influence how promptly or slowly an policy company will respond to your demand letter :
- Whether there has been previous communication. If there has already been communication between you and the insurer regarding your injuries and medical bills, they may respond to you quicker.
- The size of your claim. The larger your claim, the more investigation will be required before approval. Similarly, if your amount of medical bills is much higher than the at-fault party’s policy limits, your claim will need high-level approval.
- Pre-existing injuries. If you have any pre-existing conditions before the accident and/or treatment, this can delay an insurer’s response.
- Size of the insurance company. The company’s internal circumstances, such as its size or the adjuster’s caseload, can impact a response. The larger the company, the more resources they have to reply to claims quickly.
- The insurance policy’s limits. The larger the insurance policy, the greater the risk of financial liability for the insurer. As a result, they will thoroughly review and scrutinize your claim to minimize a potential payout.
Common Responses to a Demand Letter
Insurance companies are not required by law to respond to demand letters. If you do not receive a reaction after an cover distance of time, you and your lawyer may choose to proceed by filing a lawsuit. If the insurance company does respond to you, it will typically consist of one of the stick to :
indemnity companies routinely reject valid claims to deter claimants from pursuing recompense. This can be intimidating and does bring, but this shouldn ’ thyroxine be a rationality to give up. Have a personal injury lawyer review your rejection and determine whether you have a font.
The insurance company may respond to you with a counter settlement propose for a significantly lower measure than you requested. You have the choice to accept their crack, counterpunch it, or file a lawsuit. however, this is a common tactic used by insurers, and negotiations often continue for some time, with counter-offers sent binding and away .
Acceptance is a very rare response to a demand letter, but the insurance company might accept liability and your request recompense .
Need Help With a Claim?
If you are pursuing a personal injury claim, hiring a Minneapolis Personal Injury Lawyer to help you draft an effective demand letter and conduct with the insurance company is crucial. Call ( 800 ) 292-1979 nowadays for a exempt reference .
Category : car insurance questions