How Long Does It Take to Receive Compensation for a Totaled Car?
1 Answers
Different insurance companies have varying timelines and speeds for auto insurance claims. Additionally, the speed of claim settlement is directly related to whether the documentation is complete, the procedures are properly followed, and the size of the claim amount. Generally, a claim can be settled within one week, and at the latest, within thirty working days. You can directly call the insurance company where you purchased the policy for consultation. Legal basis: For a car that is totaled in an accident, according to the "Compulsory Traffic Accident Liability Insurance for Motor Vehicles Regulations" (effective from July 1, 2006): For claims within the insurance liability, the insurer shall compensate the insurance money within 10 days after reaching a compensation agreement with the insured.