motorcycle insurance

[mother]

why is it that you have to pay your insurance on time or your policy will be cancelled, but if you have an accident (Sept 6 2007), it takes so long (4 months and waiting) to get the cheque for damages to my bike that the other party caused.

[Eck]

My conclusion (from searching) on this question are below.

Hope they help.

 

Your presented Question:

What is the time frame for an insurer to forward payment to a claimant after a settlement on a liability insurance claim?

 

Conclusion:

The failure of an insurer to forward a settlement check in a timely manner may be construed as an unfair claims settlement practice pursuant to Insurance Law

 

Most insurance regulation requires an insurer to pay any settlement amount not later than five business days after receipt of the settlement agreement, or from the date of the performance of the claimant of any condition set by such agreement.

 

 

Most standards for prompt, fair and equitable settlement of claims, including liability claims are:

In any case where there is no dispute as to coverage, it shall be the duty of every insurer to offer claimants, or their authorized representatives, amounts which are fair and reasonable as shown by its investigation of the claim, providing the amounts so offered are within policy limits and in accordance with the policy provisions.

 

* * *

 

 

Every insurer shall pay any amount finally agreed upon in settlement of all or part of any claim not later than five business days from the receipt of such agreement by the insurer, or from the date of the performance by the claimant of any condition set by such agreement, whichever is later, except as provided in the Insurance Law as respects liens by tax districts on fire insurance proceeds.

 

It is unclear, based on the question presented, when the actual settlement agreement was received by the insurer.

 

It also is unclear if the release was a condition of the settlement agreement.

 

The five business days for the insurer to provide payment is triggered by the receipt of the agreement by the insurer or the date of performance by the claimant of any condition set by the agreement.

 

good luck..

PS:

You might want to check on this too... Did the settlement check state:

Please deposit this check immediately as it will become void after 90 days

[BradT]

why is it that you have to pay your insurance on time or your policy will be cancelled, but if you have an accident (Sept 6 2007), it takes so long (4 months and waiting) to get the cheque for damages to my bike that the other party caused.

 

Maybe they can not find you. Are you hiding somewhere ??

 

Brad

[bongobobny]

Funny how it seems to work that way, eh?!!?

[Snarley Bill]

i think they don't like you.:rotfl:

[cowpuc]

Good question! Short analogy - guy owns a basket ball court, the only balls, shoes, shirts he allows on the court are ones he provides. He is also one of 5 courts in the world to play on.. YOu love to play ball but REALLY dont want to wear his shoes.. The next closest court is 600,000 miles away.. So you comprimise - wear his shoes and play ball cause you love the game that much.......... Get it??????

BE THANKFUL to get anything!!

Few years back our home got busted into and we lost over 30 grand of stuff.. I had been with the same insurance company for over 24 years and NEVER filed a claim with them (always felt like I could replace broken windows and such and save MY insurance company money).. They beat us out of the claim - disgraceful!!

Read some of the stuff from Hurricane Katrina!! THOUSANDS of people lost everything - some of the biggest insurance companies in the world sent agents in to tell people the damage was from flooding NOT from the hurricane and BINGO - raked em,, again disgraceful but,,, they own the court.....

'Puc

[BEER30]

If it could only work this way :whistling: .

We all pay the same reasonable premium for insurance coverage for a 6 months or yearly contract . That amount goes into a trust account . Insurance companies cannot touch that trust account until that term has reached it's maturity as per contract . And/Or if a claim was made and at the time of the settlement , both recipient and insurance companies get paid off at the same time . This way the insurance company will not drag their conspiring lead feet as much as they do to settle out . Put both the insured and the insurance company in the same boat sort-a-speaking . Also gives the injured parties an equal stand against organized crime .

 

BEER30