Average settlement trading takes one to three months once all relevant variables are presented. However, some agreements may take much longer to resolve. By partnering with specialized legal counsel, you can speed up the negotiation process and get compensation faster. In general, the negotiation process for the agreement usually takes from a few weeks to a few months.
If all goes well, you and the other party will agree to a fair settlement for your damages. If you can't reach a settlement, your case will go to litigation, which will start the discovery process. It's important to note that even if your case begins the litigation process, your lawyer can and will continue to negotiate with the insurance company to reach a settlement. The discovery process can take several months to a year, so it's not uncommon to reach a settlement before a trial begins.
This outcome is especially common if, as you progress through the discovery process, the strengths of your case become more apparent. This process continues until you and the insurance company agree on a final settlement amount. This process takes 15 to 90 days, on average. The trading time frame will vary depending on the number of bids and counteroffers that occur before you accept a settlement amount.
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. As mentioned before, most injured victims receive their settlement funds within about six weeks of the end of negotiations.
If you've been involved in an accident that wasn't your fault, you may be eligible to file a personal injury lawsuit. The time it takes for a settlement negotiation often depends on a variety of factors, and legal negotiations typically take several months to finalize. The injuries you may have sustained and the number of parties involved in the accident are examples of factors that can determine how long a negotiation could last.