Virginia insurance companies have at least 30 days to recognize a claim and decide whether or not to pay it. Virginia does not have a specific time frame in which the final payment must be made. Unfortunately, there is not always a clear answer to this question. The Virginia Insurance Office estimates that most insurance companies take 45 days to complete the investigation of an accident.
However, there is no specific law that dictates this deadline. Instead, claims must be reviewed and resolved “with reasonable speed”. This terminology leaves a lot of things open to interpretation. The requirements for reporting accidents to insurance may vary.
Each state has a different statute of limitations when it comes to filing an insurance claim for a car accident. This time limit may also vary depending on the type of damage involved. For example, the statute of limitations for filing a personal injury lawsuit may be shorter than for filing a claim for comprehensive or material damages. In general, the statute of limitations for car accidents in the State of Virginia is two years from the date of injury.
If you're involved in a traffic accident, even if it's minor, most insurance experts recommend that you plan to inform your insurance company. If you think this may be the case for you, it might be a good idea to wait to file a claim, but most insurance professionals recommend consulting your insurance company about the proper timeline for your claim. According to the Virginia State Insurance Office, insurance companies have 45 days to investigate a car accident claim and reach a resolution. Because traffic incidents are on your driving record, they can affect your insurance premiums, so insurers want to be aware of them.
Knowing and complying with the requirements of Virginia's car accident statute of limitations is one of the many things a Virginia car accident lawyer can help you with. All insurance products are governed by the terms of the applicable insurance policy, and all related decisions (such as coverage approval, premiums, fees and charges) and policy obligations are the sole responsibility of the insurance insurer. The actions you take after a car accident in Virginia can affect the outcome of your claim and, potentially, the time it takes for the insurance company to investigate that claim.