State laws differ as to the time limit you have to accept an insurance settlement offer or file a lawsuit. If you fail to accept a final settlement offer or file a suit before the statute of limitations ends, you may jeopardize your right to receive any settlement at all.

In many states you have between 2 to 5 years to come to a settlement regarding an auto insurance claim depending upon if the claim is for bodily injury or property damage. To find out what the statute of limitations is in Missouri for settling an auto insurance claim, contact the MO Department of Insurance.

As for the claims investigation period, Missouri has an Unfair Claims Settlement Practices Act that gives a company 30 days to investigate a claim, with some exceptions. The insurer should provide the necessary forms and reasonable assistance on completing those forms to the insured within 10 working days of notification of the claim.

Within 15 working days of receiving a properly completed claim form, an insurance provider should advise the insured of the acceptance or denial of the claim, but not necessarily the amount of the settlement. The actual amount of the settlement should be announced once the insurer is at the end of their investigation.

If a person who has filed a claim has a question about their claim, the insurance company should respond to the person within 10 working days. Homeowner or other extensive claims generally will take over 30 days to investigate and settle.