Legal Question in Insurance Law in Missouri

Re: Time Frame on receiving insurance settlements in Missouri.

You did not mention whether your settlement was with your own insurance company, or the company covering another driver who was responsible for your injury or damages. If it is your own insurance, then the answer to your question may be found in your insurance contract. If the specific answer is not there, then you should be aware that there is a statute of limitations which would prevent you from filing a lawsuit to collect the money due to you under the contract if you do not do so within the time allowed by law.If you are dealing with another driver's insurance company, there is a different statute of limitations which would prevent you from filing a lawsuit against the other driver to recover your damages unless you do so within the time allowed by law. If the insurance company delays payment long enough, you may be foreclosed from ever collecting. Also, there is a cause of action in Missouri for "vexatious refusal to pay". If the insurance company definitely owes you and they unfairly refuse payment or even delay payment you may sue them under this statute. Again, there is a statute of limitations, so beware. Otherwise, generally, the insurance company has a reasonable time within which to pay you and "a reasonable time" is determined by all of the circumstances involved. The insurance company wants to keep its money for as long as possible, so pressure from you or from your attorney mey be required in order to get you payment in a timely fashion. If you are not already represented, you may call me for a free telephone consultation at 314-727-2822.