Once the negligent driver's insurance company finally agrees to pay you the compensation you deserve for your injuries in a motorcycle accident, you may be understandably anxious to receive your check and get on with your life. Unfortunately, they will not write out your check immediately. You will need to complete several steps before you will receive your payment.
Steps You'll Need to Go Through Before Receiving Your Settlement Check
It can take four to eight weeks before you will receive your settlement proceeds after you reach an agreement with the insurance adjuster. Why does it take so long? Here are the final steps that will need to be completed to close your case:
Signing a Release
The first step in the process is for you to sign a Release of All Claims form where you agree to waive any future claims against the negligent driver and their insurance company in exchange for the compensation you are receiving. It could take several weeks for the insurance company to draft the release and for revisions required by your attorney to be made before you can sign it.
Issuing a Check
Once the insurance adjuster receives the signed release, they will issue a check. Depending on the insurance company's procedures for issuing a check, it could take a week or longer for this to happen.
Your check will be sent to your attorney, who will deposit it in their client trust account. After the check clears, they will first pay any bills you owe, such as liens for your medical expenses, from your settlement. Your lawyer may negotiate with lienholders before paying them to reduce the amount you owe them.
Deducting Attorney Fees and Costs
Your lawyer would also deduct the attorney fees and costs that you owe from the settlement proceeds. Costs that your attorney may have fronted for you include:
- Record copying charges
- Expert witness fees
- Filing fee for your lawsuit
- Service fee to serve the negligent driver with your complaint
- Motion fees
- Deposition costs
The final step in completing your settlement is to send you your check. Congratulations! Your case is finally completed.
Have You Been Injured in a Kansas City Area Motorcycle Accident?
If you've been injured in a motorcycle accident, you need to speak with an experienced motorcycle accident lawyer as soon as possible. It will cost you nothing to hire us because we handle these cases on a contingency fee basis where you only pay us if we win your case. We will also front the costs and fees you could incur. Contact us online or call our Kansas City office directly at 816.471.5111 to schedule your free consultation.