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Insurance pay out waiting ?

  • 09-10-2012 10:19AM
    #1
    iphone4quest
    Registered Users, Registered Users 2 Posts: 42 ✭


    I was involved in a accident some time ago. The case was finally settled with insurance company - forms etc signed an agreed to.
    I was told at the time that I would receive payment from anytime up to 10 weeks but it should be issued before the 10 weeks, fast forward 8 weeks later and still no payment.

    While I was told that it will take up to 10 weeks before I receive payment, I didn't think I'd actually be waiting 10 weeks :rolleyes:
    I am probably just being very inpatient but I have a lot medical bills etc that need paying.

    I rang my solicitor and he more or less said still waiting, I will be in touch.


    Is the insurance company just trying to delay as long as they can ?Could I possibly waiting longer.


Comments

  • #2
    Tiradon
    Registered Users, Registered Users 2 Posts: 59 ✭✭Tiradon


    Tough one alright - the problem is that insurance companies exist as a business, to make money, not to help people as their ads so often profess. That's not a criticism, just a point of fact. The reason here could be very simple and merely a matter of economics. They've been given 10 weeks to pay so they either a) pay out straight away or b) hold on to the money as long as possible for the Company's benefit (i.e. use for investment, potential interest gains, etc.).


  • #3
    charkee
    Registered Users, Registered Users 2 Posts: 191 ✭✭charkee


    under the consumer protection code,settlements are to be paid out in 10 days

    you may have a right to complain to the financial regulator.

    however,it depends if the insurer you are dealing with is signed up to the regulations ,if not,the regulator can't help


  • #4
    scully74
    Banned (with Prison Access) Posts: 202 ✭✭scully74


    Maybe its sitting in your solicitors high interest account......


  • #5
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac


    scully74 wrote: »
    Maybe its sitting in your solicitors high interest account......

    1. You would be entitled to any interest accrued while it solicitor's clients' account.

    2. No such thing as a "solicitors' high interest account".

    3. Insurers should pay out much sooner than 10 weeks .


  • #6
    iphone4quest
    Registered Users, Registered Users 2 Posts: 42 ✭iphone4quest


    Thanks everyone!

    nuac wrote: »
    3. Insurers should pay out much sooner than 10 weeks .

    Really ? I am not familiar with the procedure but I was told by my solicitor that it can take up to 10 weeks :confused: It does seem quite a while.
    I assumed that they said 10 weeks just to cover themselves, but feels like I am waiting forever.

    Is there anyone I should get in contact that could maybe help? I don't want to be hounding my solicitor either.


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