Your Car Accident Cash Advance and 2018 Pre Settlement Funding Guide
American Pride Legal Funding (APLF) can provide a car accident cash advance within 24 hours of approval. To obtain a car accident loan it helps to understand the nature of automobile accident claims. Automobile accidents are used to describe any vehicle accident. It can involve cars, trucks, motorcycles, or a combination thereof. Understanding the details of an auto accident claim will assist you in securing an auto accident pre settlement loan. And help you follow your case until final settlement. By reading this tutorial you’ll have a better understanding of how motor vehicle accident claims resolve from start to finish. And if you might qualify for a car accident settlement loan.
Car accident loans are the most common type of personal injury settlement loan. And we can help you get one. We’ve helped thousands of people just like you who require financial assistance after a car accident. The best feature of a lawsuit loan or lawsuit advance is that you don’t have to payback any money if you don’t win your case. It’s risk free. Obtaining an auto accident settlement loan is non-recourse (which means you only pay back the money if you win your case). So, in fact a car accident loan is not a loan at all, that’s why we call it a car accident cash advance.
Auto Accident Settlement Advances and Types of Injuries
Soft Tissue Injuries vs. Hard Injuries and Your Car Accident Cash Advance
Injuries such as a sprained or strained back, neck, knee, or ankle are referred to as soft tissue injuries because they involve only muscles and soft connective tissue. Insurance companies regard them as less serious than hard injuries. Insurers typically calculate that soft tissue injuries are not permanent or severe no matter how painful they may be. Hard Injuries as the name indicates are considered more serious and increase the value of your lawsuit and make it much easier to obtain a personal injury lawsuit loan or if you’ve been in an auto accident, a car accident cash advance.
Property Damage has a big impact on your case value and how large of an auto accident loan you might be offered by a lawsuit funding company. If your car is damaged in an accident, whether you were driving, someone else was driving, or it was parked, you have a claim for damage to your vehicle. This is a property damage claim and will be a big part of evaluating your potential car accident cash advance.
Bodily injury is also referred to as a BI claim. These are claims which are intended to compensate you for any injury you suffer due to negligence. As with property damage claims, the main philosophy is to return the injured person to the state they were in before the accident.
Motor Vehicle Insurance and Your Car Accident Loan
Next, let’s talk about motor vehicle insurance and how it affects your qualification for a car accident cash advance. The first and usually the only place a person injured in a vehicle accident turns for compensation is to the other driver’s liability insurance company. Almost all states require that every registered vehicle of a licensed driver have some vehicle liability insurance.
Considering the cost of medical care, the minimum amount of coverage in some states is very low- however most people carry coverage that is above the legal minimum requirement.
The other driver’s liability insurance will play a large part in whether you can qualify for a pre settlement loan on your auto accident and how much you have available for a car accident cash advance. Many times, the driver in the other car in your accident will be covered by liability insurance and that’s all you’ll need to know. But disputes over liability coverage do develop. Most of them revolve around whether the driver or vehicle in the accident fits into any of the specific categories included or excluded from a liability policy.
Liability Insurance and Obtaining and Auto Accident Pre Settlement Loan
Liability insurance covers the following costs: medical costs for diagnosis and treatment of injuries, property damage, loss of use of damaged property, expenses incurred, and lost income. In addition, an injured person is entitled to a certain amount of general damages also referred to as pain and suffering. This all factors into the value of your claim and your potential car accident cash advance.
How high your medical bills are plays an important role in determining the qualification and amount of your personal injury lawsuit loan. There is much to discuss on medical bills and case value. But typically, the higher the medical bills, the more significant the injury, and thus the higher the case value. However, if the bills are too high they act as a large lien against the case and can prevent funding approval.
Also, properly presenting and documenting your accident can be critical to settling you claim. The amount of a property damage claim is pretty cut and dried: the amount to replace your car or repair it, plus some incidentals.
The goal of a property damage claim is to avoid losing money; while the goal of the injury claim is to make money. This amount can vary greatly. Your lawsuit loan qualification will largely be determined by your injury claim and determine how large of a car accident cash advance you may be offered by a pre settlement funding company.
Car Accident Claims Cash Advance and the Condition of Your Car
In determining, your compensation for injuries from a traffic accident, an insurance adjuster will likely look at the condition of the cars involved to help gauge the extent of your injuries.
This can help or hurt your claim.
If the car in which you were driving, or riding was badly smashed, that supports the idea that your injuries were severe and painful. Your lawyer will typically include photographs of your damaged car in the demand letter and refer to them during your settlement negotiations. Either the size of the repair bill or the fact that the vehicle was totaled can support your claim of painful injuries.
Conversely, if there is minimal damage to the car or truck that you were in, you will have a more difficult time convincing the defendant’s insurance adjuster that your injuries deserve more than minimal compensation. Additionally, if there is a lack of damage and your injuries are soft tissue in nature and your treatment consisted only of physical therapy or chiropractic care, there is a higher probability that an insurance adjuster may refuse to pay anything other than your medical bills.
In these instances, obtaining a cash advance on your auto accident will be difficult and the lawsuit advance will probably not be more than $1000.
Car Accident Settlement Loans and the Seriousness of Your Injuries
The seriousness of your injuries, your overall case value and final settlement is in large part determined by the following factors:
- exact nature of the injuries
- the amount and type of your medical treatment
- how long your recovery takes
- whether you have any residual or permanent pain or disability
In most cases, it is not possible to know fully what any of these elements will be until weeks or months after treatment has ended. Your attorney will not want to settle your claim to early, because it may be based on incomplete medical information and could undervalue your claim. Obtaining a pre settlement loan on you auto accident can provide you the financial assistance you need after a car accident and help maintain the overall value of your case.
Your Auto Accident Loan and Medical Care
To an insurance adjuster and the defendant’s insurance company in general, the longer the recovery of an auto accident victim, the greater the individual’s pain and suffering.
And to a lawsuit funding company this allows the underwriter to value that person’s case higher and potentially provide a larger cash advance on their pending lawsuit.
The only way your recovery and injuries, make it into the medical record is if you report your progress by continually going to your doctor visits. Many clients get tired of going to the doctor where he writes one entry, nods, and sends them a bill for the 15 minute visit that is 40 minutes out of their way.
But going to your follow up doctor visits indicates that your injury is ongoing and documents continuing pain. This is a very important part of validating and demonstrating how badly you were hurt. We work with many great lawyers that emphasize this point.
Loans for Car Accident Victims
Auto accident settlement advances and loans for car accident victims are our bread and butter. It is the largest part of our business. In every motor vehicle accident case, the basic components can be broken down and evaluated. Therefore, much of the time, our analysis of loans for car accident victims is straight forward. We’ll show you the basic ingredients of case evaluation and help you understand our assessment of motor vehicle accidents.
Auto Accident Settlement Advances and the Number of Potential Claimants
Most personal insurance policies have a per claim limit, as well as a total limit of liability. As an example, a 25/50 policy specifies that the limit for any one claim is $25,000 and the aggregate of all claims is $50,000. So, two initial questions are:
- How many passengers and drivers were involved?
- How many people could be making claims for injuries?
Police reports often have handwriting that is difficult to read and each jurisdiction has its own format. Determining how many potential people may be making claims against an auto insurance policy is critical in evaluating a case value and determining the appropriate car accident loans for claimants.
Car Accident Loans for Auto Accidents and How Medicals are Billed to the Plaintiff
After a motor vehicle accident, plaintiffs can be billed for their medical expenses in a variety of different ways. Each of these affects value and whether we can approve an auto accident loan.
Plaintiffs can be billed in four common ways: simple billing, assignment of waiver, liens, and letters of protection. Both medical liens and letters of protection will take precedence over a funding lien. So, there must be enough “room” in the plaintiff’s case value to accommodate an auto accident loan.
As an example, if a plaintiff has $100,000 in medical bills and $100,000 in insurance coverage, there will generally not be any room even if there are reductions made to the medical bills to accommodate a car accident settlement loan. As a pre settlement funding company, we’ll be asking ourselves in evaluating your case, “does the medical lien take precedence over our funding lien?” It’s okay if it does, but there must be a large enough settlement to account for both liens.
As a side note, letters of protection are agreements between attorneys and medical providers who consistently work together. These letters of protection take precedence over our funding lien when evaluating a car accident claims for car accident loans.
Car Accident Loans and Coverage: When There is Not Enough Coverage to Support an Auto Accident Pre Settlement Loan
A policy limit/injury mismatch can preclude lawsuit funding. Put another way, when the case value of the damages exceeds insurance coverage, there isn’t enough room for a funding lien. For instance, if you have a substantial injury but were one of 3 passengers in a car with a $25,000/$50,000 policy then there won’t be room in the case for funding. Sometimes there will be other policies available such as under insured motorist coverage or umbrella coverage, we will completely analyze the insurance on the case.
Causation Considerations and Loans for Car Accident Victims
When the first treatment a plaintiff receives is two days after the initial accident, it is increasingly difficult to relate the cause of the plaintiff’s injuries to the accident. We will look at the initial treatment records and come to an understanding of what caused the plaintiff’s injuries.
Time Since the Accident and Auto Accident Settlement Advances
We will consider the age of the case when providing funding. Many times, plaintiffs seek funding immediately following an accident and this is something that we will consider. Many times, early in the case, not all the facts and documentation of the case are available. This can make it difficult to qualify a case for funding. Your attorney may not even be in possession of basic documents such as the police report at the earliest stages of a case. This is common, so while we will do out best to make sure we evaluate your case promptly, there are instances when it’s just too early and we need to wait for some supporting documentation on your case.
Car Accident Loans and Determining Fault in Your Motor Vehicle Accident Case
Pure comparative fault is followed in Alaska, Arizona, California, Florida, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, New York, Rhode Island, South Dakota, and Washington currently.
This essentially means that the plaintiff can be 99% liable for the cause of the accident and still sue and recover damages from the accident.
Modified comparative fault and pure contributory negligence are the other two ways that states evaluate who was at fault in a car accident. Pure contributory negligence is used in Alabama, DC, Maryland, North Carolina, and Virginia. Many of these states also preclude or restrict pre settlement funding all together. In jurisdictions where fault is modified, pre settlement funding companies prefer the insurance company accept liability unless it is a clear cut case of liability, such as a rear end accident.
State Insurance Minimums and Loans for Car Accident Victims
Car insurance is compulsory in most states, and each state has different minimum insurance requirements. For instance, New Hampshire law indicates that you must be financial responsible although you are not required to purchase car insurance to drive a car. As we mentioned previously, obtaining car insurance information early on in an accident case can be difficult, so often we will have to assume the state minimums as a starting place.
American Pride Legal Funding works hard to find loans for car accident victims. If you have been involved in a motor vehicle accident and need financial assistance while you wait for your settlement, give us a call today.
Call Today for Your Auto Accident Settlement Advance
If you decide that a car accident cash advance is right for you, just give us a call and start the process. At American Pride Legal Funding, we offer you the most transparent application process available including:
- No Upfront Costs, or Credit Checks
- Cash Transfers Within 24 Hours of Approval
- Nationwide Services
- We also offer Attorney Funding.
- The Lowest Rates in the Industry
We understand the difficulties facing you after a motor vehicle accident, give us a call and we’ll walk you through the process of applying for a car accident cash advance.