At best, the insurance company will respond to your demand letter within 30 days. However, you generally have to wait anywhere from a few weeks to a couple of months because no law sets a deadline. It usually takes one to two weeks for the insurance company to respond to your demand letter. Then, it can take weeks to months until you come to an agreement that you accept.
Some people accept the first or second offer, while others may accept the third or fourth counteroffer. Depending on the situation, it may take weeks or months to get a response. Then, negotiation of the agreement usually begins. If you haven't heard anything in 45-60 days, contact the insurance company for follow-up.
The trading time frame will vary depending on the number of bids and counteroffers that occur before you accept a settlement amount. You should include in the demand letter any details that you think the insurance adjuster should know and that will further help you claim. At this point, the claimant has the right to make a counteroffer and, in most cases, this is the best thing to do. If you've been negotiating with an insurance adjuster and feel like you're not getting the results you think you deserve, contact a bad faith Colorado insurance dispute lawyer at The Babcock Law Firm to schedule your free consultation.
For example, a health insurance company that pays for your medical treatment after a car accident may or may not be entitled to reimbursement from your personal injury settlement. Your counteroffer is likely to be slightly lower than the amount you originally requested in your initial demand letter, but not so low that it doesn't adequately compensate you for your losses. They can write a counteroffer demand letter in which they state their arguments in detail and include supporting documents. They can write an insurance negotiation letter stating their arguments in detail and including supporting documents.
Common topics they will discuss will include what medical treatments you got, how long you need medical treatment, what injuries you have from the accident, whether your insurance policy covers the accident, and whether you can be considered partially at fault for the accident. In any case, at some point after you send a demand letter, you should expect to receive a response from the insurance company in the form of a letter requesting additional information or a letter with a counteroffer. If you were injured in an accident, whether it's a car accident, a truck accident, or a work injury, and you're owed compensation, you'll most likely need to talk to an insurance adjuster. Therefore, your claim may not go from one place to the other, especially if you have only suffered minor injuries (or no injuries) and the insurer's liability is mainly limited to damage to the vehicle.
Be sure to send your letter to the right person, whether it's an insurance adjuster or an attorney. Creating the right counteroffer letter is something that a personal injury lawyer does as a regular part of their job. The next step in making a counteroffer is to compare the value of the adjuster's offer to its valuation. Not only did the FVF Law staff respond quickly, but they made sure that I received the necessary medical care for my injuries.
