How long does a insurance company have to settle a claim?

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How long does a insurance company have to settle a claim?
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How long does a insurance company have to settle a claim?

my wifes car was stolen and it seems to be taking a long time to get answers. its been about 40 days and no answers from the insurance comp. does it take this long

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speedwell

Your state's Department of Insurance should have guidelines for claims settlement. Usually, the insurance company must keep you informed of the claim status every 30 days until the claim is settled.

There may be a number of different reasons why your particular claim has been delayed.

Did you file a police report? Is the insurance company waiting for the police report?

Is the insurance company waiting for you to submit a notarized affidavit of theft or to provide a recorded statement?

Is there some sort of coverage issue preventing your claim from being paid? Did you buy a brand new policy before this theft happened?

Theoretically, an insurance company could keep extending your claim until the statute of limitations runs out, then they would need to make a decision. However, you insurance company is probably just bogged down in one of the above situations that I just described.

You need to contact your claims adjuster and ask what remaining steps are involved in resolving your claim.

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