How Long Does it Take to Process Truck Insurance Claims?

Time is money, especially for truck drivers. Getting into accidents is stressful and frustrating, and it can keep you off the road anywhere from weeks to months. Therefore, it is crucial to get semi truck insurance from providers like SoCal Truck Insurance to have you covered.

After getting in an accident, you may be wondering about the timeline for your insurance claimA formal request by a policyholder to an insurance company for coverage or compensation for a covere..., and how long it will take to process and payout if it is approved. Here’s a breakdown of the timeline you can expect for your semi truck insurance claim.

Accepting a Claim

This is the first step to processing an insurance claim. Before it can proceed, your semi truck insurance company will need to accept it. The amount of time it takes for a company to accept a claim varies by state.

In California, insurance companies must acknowledge the claim within 15 days after it is submitted. After they collect proof and documentation, they have another 40 days to accept or deny the claim.

Once it has been accepted, your insurance company will begin processing the claim and determining your settlementThe resolution of a claim, involving the payment from the insurer to the insured or a third party un... amount.

Processing the Claim

As your insurance company processes your claim, they’ll need to make a few decisions.

First, there needs to be an agreement on who is at fault. In California, more than one person can be held responsible for an accident. This concept is called comparative negligenceFailure to exercise the care that a reasonably prudent person would exercise under similar circumsta..., and it means that people can be assigned a degree of fault.

The courts and insurance companies will determine how responsible each person is for the accident. Some of the people involved may hold more responsibility for the accident than others, which means their insurance company will need to pay more money.

They’ll also need to calculate the damages you have suffered. This includes damage to your car, but also any medical bills, and lost income, as well.

Paying the Settlement

Insurance companies spend time reviewing all the proof, statements, and other information involved in a claim. They often need to wait on paperwork from both parties, lawyers, and sometimes police.

If they do approve your claim, they need to pay it within a timeline dictated by your state. In California, companies are required to issue payment within 30 days of when the settlement is determined. 

Commercial Truck Insurance Cancellation Policy

What will happen if they need to cancel their coverage prematurely is a common concern among individuals who purchase insurance policies. There are a few things to keep in mind if you choose to terminate your commercial trucking insurance policyA contract between an insurance company and the policyholder, which outlines the terms under which t... for whatever reason, including finding a cheaper rate elsewhere or temporarily abandoning your business.

Consider why you intend to cancel your policy, and ensure you are aware of the associated dangers, before taking any other action. Providers may flag your account and boost your rates if you return to the same coverage in the future if you cancel your coverage. Many experts recommend having backup insurance in place before canceling your existing one.

Factors That May Delay Processing

Ideally, your claim will be processed within weeks or months. Some factors can complicate an insurance claim, though.

Disputes over who is responsible for the accident can lengthen the processing time. Insurance companies will spend time collecting evidence to determine who is at fault so they can figure out the settlement properly.

If anyone was injured in the accident, it will likely take longer to determine a settlement. It can’t be finalized until the injured person is done with their treatment, because that determines the amount of money they get.

Negotiations between the involved parties can also eat up time. Insurance companies will talk back and forth with each other, and so will the attorneys. The victims might also need to contribute statements or paperwork.

SoCal Truck Insurance is proud to offer cheap commercial truck insurance. Our extensive relationships with auto shops, car rental companies, and more allow us to serve you when you need it most.