Statute of Limitations for an Accident Insurance Settlement

It is indeed necessary for those who are less familiar to know that all accident insurance settlements are governed by statutes of limitations.

Statutes of limitations, simply stated, impose a time-limit within which period an accident victim has to file a lawsuit for compensation.

State Laws

The statutes are not uniform but vary from one State to another – both with regard to the time limit for personal injury claims as well as property damages claim.

Assuming you are injured in a vehicular accident, it is advisable that you expeditiously obtain a legal evaluation of the accident. If you inordinately postpone matters, all the favorable evidence may get diluted or even destroyed.

Again as per the statutes of limitations, if you exceed the time-limit set by the State where the accident occurred, you may forfeit your right to legally proceed and recover compensation for your personal injuries.

Please remember that the statute of limitations has serious implications and one cannot offer any excuse for not filing within the time-frame - regardless how valid the excuse.

An accident lawyer of the particular State will be in a fit position to acquaint you about the Statutes of limitation as applicable in that State and will also assist you file your claim within time-limits. You can also gather details about a particular State’s statute of limitations by visiting the respective state’s bar’s website.

Statutes of limitations, in most States, are sympathetic to minors (those below 18 years of age) as when a minor is involved in an accident that causes personal injury, the minor can initiate legal action soon after turning 18 years.

Beginning of Limitations

Generally speaking, statutes of limitations come into reckoning soon after the accident occurs - though in certain instances, the statute of limitations is said to begin only when the plaintiff becomes aware of the fault of the offender. The time period specified under the statutes of limitations may be extended in rare instances if there is a delayed discovery of the culpable offence. 

Finally, it needs to be stated that there is a positive need for the statute of limitations as litigation will be purposeful only if claims are made within certain prescribed time-limits as otherwise, memories may diminish and crucial evidence may get distorted or even permanently disappear or some key witnesses may not even be alive. Thus, every state has laid down its own statute of limitations for claims arising as a result of accidents and the periods range from two to six years.