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How Long Should It Take to Settle a Louisville Motorcycle Accident Claim?

The time it takes for a case to settle will depend on the complexity of the case. For example, if you’re in a motorcycle accident while driving on 1-64 and the other vehicle admits fault, then your case could settle in a matter of weeks. Unfortunately, most cases are not that simple.

For that reason, it is recommended to speak with a skilled Motorcycle Accident Lawyer who can ensure your claim is well-managed and settled without unnecessary delays.

Steps to Receiving a Louisville Motorcycle Accident Settlement

There are standard processes each motorcycle accident case must adhere to in order for a settlement to be paid out. These steps include:

  1. Signing the release form: once a settlement proposal is made, an attorney will go over the details with you. If you approve, then an attorney will prepare a release form. This release form releases the defendant from any future liability in exchange for a specific sum of money. Both parties will sign this form, legally confirming the agreed-upon amount and that no one can sue for more money in the future.
  2. The insurance company issues a check: the insurance company must pay the agreed amount and issue a check within 30 days from the day both parties have signed the release form.
  3. The motorcycle accident lawyer deposits the settlement check: an attorney will deposit the settlement check into IOLTA (Interest on Lawyers’ Trust Accounts). This account holds your money while the case is awaiting a final conclusion. The funds in this account will be used to pay for any outstanding medical bills, liens, and other expenses related to your case.
  4. Medical bills and other debt negotiations: you will not be able to receive any compensation until your medical bills are paid. An attorney will negotiate your medical treatment with the medical providers to ensure you’ve received adequate care while also getting the compensation you deserve from the settlement.
  5. You receive your settlement: an attorney will provide you with a written invoice, detailing the settlement amount minus liens and legal fees such as attorney’s fees and contingency fees. Once you sign off on the invoice, you promptly receive your settlement check in the mail.

When Can I Receive My Settlement Payment for a Louisville Motorcycle Accident?

After your motorcycle accident claim has been settled, you will typically receive your settlement payment within about 6 weeks time after the liable party has received your release form. However, depending on the circumstances, certain issues can delay your settlement payment. These delays include:

  • Bank holidays and banking delays
  • Weekends
  • Medical lien negotiations
  • Subrogation payments to Medicare, Medicaid, or other programs that assisted with your medical expenses will have a legal right to a portion of the settlement.
  • Wrongful death claims can also be delayed as a judge is required to approve the settlement

What Influences Settlement Value in a Louisville Motorcycle Accident Claim?

You may consider filing a motorcycle accident claim after an accident. Before filing, it is important to understand several factors that may influence the value of your settlement. The following factors include:

  • Liability: the degree to which the defendant is found responsible for the injury can add value to your settlement. The more reckless the defendant’s actions usually result in a higher settlement.
  • Insurance coverage: the defendant’s insurance policy limits can cap the maximum settlement amount. If the defendant has an insufficient insurance policy, then alternate means of compensation will have to be pursued.
  • Legal representation: the expertise and negotiation skills of a motorcycle accident lawyer will impact the outcome of your case.
  • Contributory negligence: Kentucky is a pure comparative negligence state, meaning both the plaintiff and defendant can be found at fault. If you’re found at partial fault, then your settlement will be reduced by your percentage of fault in the accident.
  • Nature and extent of Injury: the cost of all reasonably necessary medical treatment and the estimated cost of future medical treatment are essential to the value of a case.
  • Objective findings for physical pain: pain is a subjective thing, so, objective evidence is needed to support it in a personal injury case. This is usually presented in the form of X-rays and MRIs.
  • Medical history of the victim: the prior medical history of the plaintiff comes into play if they were injured in the same area where they already have a medical history of issues. Under California, the negligent party is not responsible for prior injuries unless they were made worse by the incident.
  • Plaintiff’s age: the age of the victim comes into play if the injury may have been a result of “degenerative changes” rather than the careless act, or hazardous condition.
  • The occupation of the victim: the amount the injured victim was making and the amount they can no longer make due to their injuries plays a large role in determining their settlement.

Contact a Louisville Motorcycle Accident Lawyer

Oftentimes, in motorcycle accidents, the other driver does not want to admit fault, or they may attempt to place the blame on you. Motorcycle accidents can grow even more complex when multiple parties are liable for the accident. They may point fingers at one another for causing the accident, dragging your motorcycle accident claim on for months, or even years.

At Kaufman & Stigger, we will manage your claim to get you the maximum compensation for your damages and reach a fair settlement fast. If a settlement cannot be reached, then we will take the necessary steps to win your case in court. Put the tiger on your side and call Kaufman & Stigger today for a free consultation.