1Jun/112
How long does the insurance have to payout my claim after we have agreed on a price?
Question by TONY R: How long does the insurance have to payout my claim after we have agreed on a price?
I totaled my motorcycle and my insurance say's its a total loss. The insurance has already picked up the bike & we have agreed on a pay out price. I have sent them the pink slip & the vehicle transfer form. I checked and they have received the pink & transfer form. How long does my insurance have to pay me out?
I live in California if that matters.
Best answer:
Answer by Vipassana
As long as they feel like taking.
There is no law that says they have to pay by any specific amount of time.
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June 1st, 2011 - 19:55
They are allowed a really long time by law. (In Virginia, they have thirty days to acknowledge a claim–I don’t know how long they have to actually pay one.)
If you have full coverage, call them and ask for a rental car while you wait. If they are paying $ 25 a day to stall, they won’t stall quite as long.
Ken–the good insurance companies take less than 30 days. The bad ones don’t have to pay that quickly if they don’t want to.
June 1st, 2011 - 20:19
they usually handle that in 30 days