How Long Does Settlement Take?

If you were recently injured in an accident or incident due to another’s fault, you may face unprecedented expenses and wonder, “How long does settlement take?” However, since the timeline for a payout can depend on various factors, determining a specific time frame can be challenging.

A personal injury settlement is more than just a financial agreement to settle your expenses. It also represents justice and closure for your pain, suffering, and trauma experienced due to another’s carelessness or deliberate actions.

At Morgan & Morgan, we believe victims deserve timely compensation and closure, allowing them to move forward. Our dedicated injury attorneys are here to help you get what you deserve as fast as possible and avoid unnecessary emotional stress and financial chaos. Contact us now to get help with a free and confidential case evaluation.

What Is a Personal Injury Settlement?

If you have suffered an injury due to the carelessness or wrongdoing of someone else, you may be entitled to a personal injury settlement for your losses. A settlement is an agreement between you and the party responsible for your injury or their insurance company, agreeing to pay you damages to resolve your claim. The settlement should cover your medical expenses, lost wages, pain and suffering, and any other damages you incurred due to your injury.

However, the settlement process can be complex. To find out how long settlement takes and to get help with pursuing justice, consider contacting a Morgan & Morgan personal injury lawyer. We can determine the worth of your claim and negotiate with the responsible party’s insurance company to get you the best possible settlement.

Accepting a settlement means giving up your right to seek further compensation. Therefore, working with an experienced lawyer can prevent you from getting short-changed. If someone else causes your injury and financial losses, you deserve to move forward with hope and financial stability. Morgan & Morgan fights hard to ensure injured individuals can rebuild their lives and receive full and fair restitution for the harm they suffered.

The Factors Determining How Long Settlement Takes

Generally speaking, the process of receiving a settlement can take anywhere from several months to a year or more, depending on several factors, such as:  

• Severity of injury
• Insurance coverage
• Availability of relevant evidence
• Legal strategies of both parties

Let’s look at these critical factors determining the length of the settlement process in detail.

Severity of Injury

The more severe your injury, the more likely you will receive considerable damages as you will have higher expenses (medical costs, income loss, etc.) than someone with only minor injuries. The negotiation and settlement process can take significantly longer when much money is at stake.

Insurance Coverage

If you are involved in a personal injury claim, the amount of insurance coverage can determine how long it takes to settle. If the at-fault party has low insurance coverage, you may be more willing to settle quickly for a lower amount to avoid a lengthy legal process. However, if the at-fault party has high insurance coverage, you may want to wait for a higher settlement offer. In addition, higher insurance coverage may lead to more complicated negotiations, which can take longer to resolve.

Having a tenacious attorney by your side during such negotiations can be vital for receiving a fair settlement.

Availability of Evidence

The quality and availability of evidence can be critical in determining how long your injury settlement may take. If there is insufficient evidence to support your claim, the process may take considerably longer, and negotiations can be more complex. In addition, your attorney may need more time to gather evidence to build your case.

Legal Strategies of Both Parties

The legal strategies employed by the involved parties can also affect the length of the settlement process. For example, the process can be shorter if both parties are willing to negotiate and compromise. However, if either party refuses to negotiate, the process can become longer and more complicated.

While it can be impossible to say precisely how long a settlement takes, working with an experienced legal team can help you navigate the legal process effectively and efficiently, which is essential for receiving a settlement in the fastest possible time.

The Critical Steps in the Settlement Process

You deserve fair and timely compensation if you suffered an injury due to another’s carelessness or recklessness. However, to recover your due, you must navigate the various steps of the settlement process. Here is what you need to know:

Step 1: Seek Medical Treatment

The first thing you should do after an injury is to seek medical treatment immediately. Even if you feel okay, it is essential to get checked out by a medical professional to ensure there are no underlying injuries.

Step 2: Hire a Personal Injury Lawyer

Hiring a personal injury lawyer to represent you can be crucial for getting what you deserve, especially if you suffered severe injuries. A skilled lawyer will protect your rights and fight hard for the compensation you deserve.

Step 3: Gather Evidence to Prove Your Claim

Your lawyer will investigate the accident to gather evidence and determine who was at fault. This may involve reviewing incident reports, visiting the accident scene, and consulting professional investigators.

Step 4: File a Claim

Once your lawyer has gathered all the necessary information, they can file a claim with the at-fault party’s insurance company. They typically include a demand letter outlining your injuries, damages, and the compensation you seek.

Step 5: Negotiate a Settlement

Usually, the insurance company will respond to your claim with a settlement offer. Your lawyer will then negotiate with the insurer to get you the best possible settlement. This process may take some time as there may be multiple rounds of negotiations.

Step 6: Filing a Lawsuit

If the other side refuses an adequate settlement, your attorney may file a lawsuit on your behalf. It is important to note that the parties may still settle out of court until trial.

Step 7: Accept the Settlement

Once your lawyer has negotiated a settlement you are happy with, you must accept the terms of the settlement agreement. After accepting and signing a release form, the legal claim is officially resolved, and you are generally unable to pursue any further legal action related to the accident.

Step 8: Receive Your Settlement Check

After you accept the settlement, the insurance company will send you a check covering the agreed amount of compensation for your losses.

You may still wonder, “How long does settlement take?” Unfortunately, putting a timeline on the settlement process is virtually impossible because every case is unique.

However, since most personal injury cases are settled outside of the courtroom, according to the Bureau of Justice Statistics (BJS), your case may be resolved in a few weeks. On the other hand, if you have to go to trial to get what you deserve, it could be a year or longer before you can hold a settlement check in your hands.