What is the time frame that an insurance company have to settle a automobile theft claim inthe state of Arizona?
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UPDATED: Oct 28, 2011
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Insurance Question from Phoenix, AZ
Asked on 10/28/2011
What is the time frame that an insurance company have to settle a automobile theft claim inthe state of Arizona? I filed a stolen vehicle claim with my insurance company on 07/28/2011 all documents in regards to claim has been recieved by the insurance company and yet the claim still has not been settled after 4 months
Answer given on October 29, 2011
Each state has its own rules or laws regarding a claim settlement. However, it is expected the company will settle a claim on a timely basis, or to keep the claimant advised of the status.For an auto theft claim, the insurance company will usually wait 30 days before beginning a settlement on the car. This is standard practice to give time to see if the car is recovered. After that time the adjuster should contact you and begin the claims settlement process.The adjuster will use various avenues to determine the offer that is to be made including blue book, gold book and local ads for a similar car. If you have not been given a preliminary offer you should call your agent to see if they can assist in getting the claim going forward. If you don’t have an agent, you should call the insurance company and ask for a supervisor to see if they can get the claim moving forward.If you been given an offer and you don’t like the offer, it is up to you to show evidence of why you feel the car is worth more. This can be through online ads or local car dealerships who are offering a similar car. Then you will need to negotiate with the adjuster accordingly.
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