When Can You Expect Payment After Auto Accident Settlements?

Auto accident settlements are not as straightforward as most people think. There are several things that can happen before the settlement and after it. You surely have several questions about the compensation you will receive but following an auto accident settlement, most injured people want to know when they will receive the settlement.

How much time passes between the settlement and when you get the money largely depends on when the payment obligation appeared. Basically, auto accident settlements appear before the resolution of the trial. This can happen at any point in time so we have to talk about accident settlements that happen before a trial and during a trial.

Pre-Trial Auto Accident Settlement

As soon as the settlement agreement is signed, the time clause in it activates. Usually, this time period is around 30 days and the agreement states if there is interest that will be added in the event that this time period passes without payment. Paying interest is normally a very powerful financial incentive that makes defendants pay amounts in full and on time. This is even true in more complex cases, like a truck accident.

Trial Accident Settlements

When a judgment happens, there can be different lengths in time frames listed. These are governed by court rules and statutes applying in the US state where the car accident case was trialed. The party that loses will not pay this judgment until the deadline passes in most situations.

As an example, when court rules will let you file motions so that a new trial will follow because of an unsatisfactory outcome, there is a time frame added for this. Usually, around 15 days are available for the motion to be filed. Courts will usually rule on this motion in a few weeks.

When the party that loses does not file the new trial motion, an appeal can still be filed in most states. Usually, this is possible in up to 1 or 2 months after the jury verdict. In this case, it is normal for the party that will appeal to not make a payment and they are not required to anyway.

Basically, the losing party will not have to pay auto accident settlement amounts as appeals are pending. Unfortunately, this can actually even end up taking up 2 years after the initial trial happened. Then, you get the judgment just if appeal courts rule for you.

As you can see, the process can be much lengthier than you initially imagined. This is why it is so important that you work with a good car accident attorney that can actually pressure the other party to reach a good settlement before going to trial if you want your money faster.

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