How long does an insurance company have to settle a claim in Florida? To answer this question, we will need to examine a few different types of car insurance.
When you get hurt in a car accident, the last thing you should have to worry about is money. Yet, as bills pile up and weeks of missed work go by because of the severity of their injuries, money is often the biggest problem for victims of negligent drivers.
When you are injured and in need, it seems that financial help cannot get there soon enough.
If you have been in a car accident in Florida, you are probably wondering how long the insurance company has to settle your claim. Here are a few things you need to know.
How Long Does an Insurance Company Have to Settle a Claim in Florida?
The answer to this question depends, in part, on the type of insurance policy you are filing a claim against. In Florida, we have no-fault insurance laws that allow drivers to file claims against their own personal injury protection (PIP) policy, which by law has a minimum of $10,000 of coverage.
While the timeframe that policyholders can expect to hear whether the insurer has settled or rejected their claim has a definite deadline, for regular insurance claims things can become difficult to pin down.
Settling or Denying Insurance Claims
The Florida Statutes state that it is an unfair claim settlement practice when the insurance provider fails to “affirm or deny full or partial coverage of claims,” or fails to “provide a written statement that the claim is being investigated, upon the written request of the insured within 30 days after proof-of-loss statements have been completed[.]”
While it may appear that the insurance company has 30 days to say whether your claim is accepted or rejected, what it actually means is that they only have to say that they are investigating it. There is no set rule.
Once the insurance company decides to settle, however, they have 20 days to pay you the settlement.
For PIP claims, the insurance provider must settle or deny the claim within 30 days.
What Happens If They Don’t Pay On Time?
If the insurance company does not comply with the rules set forth in the Florida Statutes, you may have a case for bad faith insurance practices, which could mean you are entitled to a larger settlement than your original claim.
You may need to compel the insurance company to pay your claim in a court of law, which you must do within 4 years of the accident.
Get in Touch with a Miami Car Accident Attorney at RRBH Law
How long does an insurance company have to settle a claim in Florida? Still wondering about your case? If you feel that the insurance company is not treating you in a fair manner, don’t just sit there and take it. Fight back.
Contact the insurance litigation and personal injury attorneys at RRBH Law today so that we can discuss your case and get you back on the road to recovery.