Is there is a statute of limitations on claims that were already processed already? However, years later

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Is there is a statute of limitations on claims that were already processed already? However, years later

I had an accident 9 years ago. While reviewing the claim, I founf out that the value of my truck was more than allotted for. What happened was that I was compensated for the base price of the truck, however the difference between the base price and the sticker price of the car is approximately $8100. That’s why it’s important that I know if there is a statute of limitations for this?

Asked on August 20, 2018 under Insurance Law, Georgia

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

There is a statute of limitations for filing a lawsuit if you had rejected the settlement offer for the property damage to your truck.  However, since you accepted the settlement offer, you signed a release of all claims in order to receive compensation for the property damage to your truck.  Signing the release of all claims prevents you from pursuing the matter.  
The issue here is not the statute of limitations which would have been an issue if you had rejected the settlement offer and did not file a lawsuit for negligence against the at-fault party.  The issue is that accepting the settlement check and signing the release of all claims bars any further action on this matter.


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