Time it Takes to Settle a McKinney Car Accident Claim
A settlement is often the best outcome of a car accident claim. The complicating factor is that car accident settlements requires the cooperation of both parties. If a potential plaintiff has issues with the insurance companies, such as a liability issue, a significant split-fault situation, or doubts over the severity of injuries, the process can take much longer. For more information about the time it takes to settle a McKinney car accident claim, contact a seasoned attorney.
Tactics to Speed a Settlement Process
Personal injury lawyers often look at ways to reduce the time that it takes to reach an appropriate settlement. To ensure that the process speeds up, a car accident lawyer could make sure that they have gathered all the necessary evidence, obtained any medical records, and contacted the medical providers. Those items can help when drafting a quality demand package.
Lawyers may also put time limits on the settlement demand. Otherwise, many insurance companies may just sit and do nothing until the lawyer starts forcing the issue. Some personal injury lawyers may let the insurance companies know ahead of time which factors will be needed for a settlement, which can help speed things along—especially when the insurance company and lawyer have a prior history of working together.
Litigation in a McKinney Car Accident Claim
There is no set time to receive a settlement. Many cases, in particular, those that are more catastrophic or high-value in nature, take all the way through litigation up to the point of a trial. The more money that is at stake, the more willing the insurance industry is to spend money on lawyers and fight against hefty claims. With claims that are in the millions of dollars, insurance companies often take settlement negotiations right up to the eve of trial or even settle during the trial itself.
There is no set time it takes to settle a McKinney car accident claim, but lawyers may be able to speed up the process by threatening litigation and continually pushing the insurance company at each phase of the representation.
Subrogation Interests and Liens
When a person is settling their claim, they need to consider all potential sources of money and how a settlement affects other possible portions of the sum. In a settlement, factors often come into play that is not readily apparent to most individuals.
The most important things to be aware of is subrogation interests and liens. Some of these interests are created by statutes, and some of them are created by contract. A subrogation claim requires that a person or entity receives payment out of the individual’s recovery. For example, hospital liens can be filed if a plaintiff has already received medical treatment, as well as child support liens if a claimant is divorced.
Often, the biggest subrogation lien comes from the health insurance company seeking compensation for the cost of the victim’s health care in a group policy. Individual policies also have subrogation rights. A seasoned car accident attorney could help individual’s deal with these subrogation liens so that they do not take a settlement that will leave them with little money for their injuries. To learn more about the time it takes to settle a McKinney car accident claim, contact a skilled lawyer.