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Timing for an Insurance Company Settlement and Payment After an Auto Accident in Towson MD


After someone experiences severe injuries due to an Auto Accident in Towson MD, negotiations with an insurance company are likely to take place. The injured person wants to receive reasonable compensation, while the insurer acts in its own interests to reduce costs. The individual may feel conflicted about whether to hire a lawyer to continue negotiations or to accept the current offer. After all, injured persons commonly need money to make up for the loss of income while they cannot work. They may not have enough in their savings to cover outstanding bills every month, including rent or a mortgage payment. How long does it take for an attorney to achieve a better settlement and for the insurer to make the payment?

Money is usually provided by the insurer quickly once a settlement has been agreed upon. The client may receive payment as early as two weeks after the agreement is reached. Determining how long negotiations will take is trickier. Lawyers tend to know how certain insurance companies respond to settlement counteroffers and the maximum they are likely to offer for certain injuries. This means the lawyers will advise clients to accept settlements of a particular amount instead of trying to hold out for more. If this type of process is followed, the agreement can be reached fairly soon.

When a person hires an attorney after an Auto Accident in Towson MD, the insurer will pay the settlement directly to the law firm. The firm is responsible for depositing the check promptly, learning when it clears and making payment to the client minus the lawyer’s fee. This is agreed upon before the individual hires the attorney and signs a contract. A typical amount is one-third of the settlement. Thus, it is only in the person’s interests to hire a lawyer if that counselor expects to acquire an amount significantly higher than the insurer was already offering. These details can be discussed during a free consultation with a firm such as The Law Offices of Steven A. Markey, III. Please see the website Markeylawfirm.com to read about recent cases the attorneys have worked on.

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