Wondering When You Could Receive Your Car Accident Settlement Funds? Read This!
If you are a car accident victim, you may seek compensation for your injuries and damages. When the at-fault party’s insurance company makes a settlement offer and you agree to it, you may be eager to get funds. But, when exactly can get the funds and how? If you hire an idaho car accident attorney, they could explain to you the factors that apply to your accident case.
Distribution of Car Accident Settlement Proceeds
Before you get the settlement amount you agree to, the insurance company will ask you to sign a form that releases the at-fault driver from future claims for the same car accident. Also, your attorney may have to sign documents for dismissing any court action if they have started the process for you. Following the distribution, signing, and submission of necessary documents, you will your compensation through the trust account of your lawyer. But, before settlement funds are released, all expenses related to your accident cause must be paid first.
Accident-Related Expenses that Must be Paid
Your health insurance policy may not cover some outstanding medical expenses. These expenses must be paid before you get your settlement check. You and your attorney can negotiate with the insurance carrier or hospital to settle your medical bills for less than the full amount.
Additionally, litigation costs and attorney’s fees must be paid before you get your settlement funds. If your lawyer works on contingency, you don’t pay them for anything upfront. Instead, they get only paid if they recover settlement funds on your behalf. Also, you may have to reimburse your attorney for fronting the cost of filing your claim in court or hiring an expert witness to testify. After your medical expenses and legal fees are paid for, your attorney will distribute the rest of the settlement funds to you.
How Long Will You Receive the Funds?
The length of time it takes to get your compensation depends on several factors and entities. However, you may get paid within a few weeks. Payments could get delayed because of the need to wait for the insurance company of the defendant to issue payment. Sometimes, communications on medical liens may also delay payments.
If you have sustained injuries in a car crash and have questions on how settlement funds are distributed, you can get answers from an experienced car accident attorney. The best attorney is ready to seek maximum compensation for you.