In most states, the insurance adjuster is not required to respond to your demand letter. Even in states where they are required to contact the victim within 30 days or some other period, the law does not impose a significant penalty when an insurance adjuster simply ignores a demand letter. But since the investigation is complete, you won't have to wait long to receive your next compensation offer. Often, insurance companies deliver an offer in response to a settlement demand between three days and three weeks.
The time difference will depend on the reasons behind your claims for compensation and whether it includes non-economic damages. The negotiation period will vary depending on the number of offers and counteroffers that occur before you accept a settlement amount. It can usually take between one and two weeks for the insurance company to respond to your demand letter. Then, it may take weeks to months until you reach an agreement that you will accept.
Some people accept the first or second offer, while others may accept the third or fourth counteroffer. Keep in mind that, in some cases, insurance companies will put a deadline on their settlement offer. This move is usually a tactic of pressure on the part of the company. Their goal is to force you to make a decision before you're ready.
An insurance company has 10 to 45 days to resolve a claim in most states, and it takes about 30 days on average to settle an auto insurance claim. For example, insurers in New York must pay a claim within 35 business days, while insurers in Virginia must resolve a claim “reasonably quickly.” If you suffer a personal injury in an incident, such as a car accident, that you did not cause, your lawyer may seek compensation on your behalf from the at-fault party's liability insurance company. It may include details that you and your lawyers think the insurance company should know about the accident. It simply states that the insurance company is investigating the accident and your insurance policy, as the company reserves the right to deny your claim if it is determined that the accident is not covered by the insurance policy.
