Before giving detailed statements, and especially tape recorded statements or interviews, to either your insurance company or the insurance company of the person who hit you, you should carefully evaluate whether you may first want legal representation. Insurance companies often want to settle the matter quickly, and this may be before you know the full extent of your injuries. If you make a settlement agreement with an insurance company, and then discover later that you have additional medical bills or time off work for which you were not compensated, you probably will not be able to get more money later. Many law firms that handle cases for people who have been injured in car accidents offer free initial consultations. Before having settlement discussions with an insurance company, you may want to consult an attorney to discuss these issues.
Some cases settle quickly, literally within a few weeks, and some cases take much longer.
It doesn't always depend on how seriously injured you are, but oftentimes it depends on which insurance companies are involved, whether who is at fault for the accident is disputed, whether your treatment for your injuries is ongoing or completed, whether the case can be settled without formal litigation or whether a lawsuit must be filed, and many other factors. Maintaining the amount required by law means only that you are complying with the law. It does not mean that in all situations you will be covered. For example, uninsured motorist coverage is not required by law, however the chances of you being hit by an uninsured driver in New Mexico are quite high. Despite the fact that you carry the mandatory amount of insurance, this will not protect you if you are hit by an uninsured driver.