Insurance Not Paying Out? 4 Ways to Get Your Settlement Fast
When you are injured, getting payment from the insurance company can be a long process. Unfortunately, your savings may start to run out before the settlement process is finished.
Here are four tips for getting your settlement money faster so that you can be financially secure.
Always Use an Attorney
Insurance companies bet on the fact that regular individuals don’t know the ins and outs of the laws regarding insurance claims.
This allows them to prey on your weakness and draw out settlement processes for much longer.
Do yourself a favor and hire an attorney from the very start. This will show to the insurance company that someone with the knowledge of the law is on your side.
Also, the attorney will know how the claims process works so they can ensure your claim is treated correctly by the insurance company.
Pre-Settlement Funding
If you don’t have the money to cover living expenses, medical expenses, court fees, and a lawyer, you can seek out pre-settlement funding.
Companies that offer this will look over your case and loan you the amount they believe your claim is worth.
These same day pre-settlement loans will help you pay your bills until you’ve received the settlement you’re due.
Once the settlement is completed, the winnings are used to pay back the pre-settlement loan.
Notify Your State’s Insurance Board
Each state has an insurance board that is in charge of governing the insurance-related laws in their state.
You can find the contact information for your state’s board online at the website for the National Association of Insurance Commissioners.
These boards have enforcement power they can opt to use against insurance companies in their jurisdiction who are not properly following the laws.
If you haven’t received your settlement check within 30 days, you should get in contact with your state’s insurance board to notify them of the violation of your rights.
Go Up the Chain of Command
Throughout the settlement process, you’ll be dealing with the insurance adjuster.
If there’s been a delay in receiving your check, it’s time to go beyond your initial point of contact.
Ask to speak to the supervisor of your insurance adjuster. Explain the situation and ask for the reasoning behind the delay.
You may have to go through multiple supervisors until you can talk to one that will finally take care of writing the check.
Be sure to notate times, dates, and the names of the people you talked to so you can refer back to it as evidence if the problem persists.
Getting payment from an insurance company for a claim can be more complicated than you may think.
It doesn’t matter how clear cut your case is, sometimes the insurance company will drag their feet in hopes that you’ll give up on asking for a settlement.
The above are four sure-fire ways to assist you in getting a settlement quickly.
Category: Insurance
