Presently waiting for the other insurance company, is there a specific time period that they have or is it indefinate?
Answer by lonewolf1
Depending on the money involved many companies will try and fight to the end, so they don't have to pay out, and many attorneys will make it last so the company will settle out of court or just plain settle, and if its to the attorneys interest to get a high settlement, the attorney will wait it out if its to his and his clients benefit.
Answer by Christine D
Insurance companies are not interested in paying out. They are only interested in collecting premiums. Depending on the state you live in there is a statute of limitations for when your attorney can file suit. Usually 2 years. After that it can be many years even decades IF you see a settlement.
Answer by fragileindustries
Christine's answer is excellent ...... watch that statute and don't let it run out on you! I would also add that settlement can occur right up to the trial and even during the trial. Courts try to promote settlement instead of trial to reduce the trial loads clogging the system. Once you've filed suit, nearly all courts have settlement hearings at regular intervals before trial. Judges can lean strongly on insurance companies who refuse to settle, and can also be harsh on plaintiffs who refuse reasonable offers. So be firm about your demand, but don't try to get indecently rich. The lawyers take a larger cut once a matter goes to trial.
Answer by Daz2020
There is no requirement to reach a settlement, theoretically they can settle any time BEFORE the jury reaches a verdict in the case. Typically, insurance companies settle when they believe they will lose and are reasonably certain they know the value of the damages.
Answer by John K
Some insurance companies try to drag things out to hold on to their money longer. Others take time because of legitimate investigations. In either case you should know the statute of limitations for personal injury in your state. Consult a lawyer so you know how long you can wait without filing a lawsuit. If the limitations period runs without filing a lawsuit you are out of luck.
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Orignal From: How much time can an insurance company take to settle a claim on a personal injury lawsuit?
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