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Does an insurance co. have to pay interest on the money for the final settlement if it took seven months?
My accident was seven months ago, it took seven months to get a claim settled, at first they found me at fault, but I proved I was not at fault by contacting an independent witness that they should have contacted us was on the original police report.
They do not have to pay interest in a settlement (unless they agree to, which most of them never do). They would have to pay interest in a judgment, but only after the judgment is entered into the court record.
I know this is not fair, but this is the reason why insurance companies delay negotiations, they keep the interest any settlement produces.
I hope this helps.
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