Have you been in a car crash in Arizona? Were you injured in the accident? If so, you could be eligible to receive a cash settlement. The downside is you may not get it right away. The delay could be a problem if you’re counting on the settlement to cover certain costs like medical bills, car repairs or everyday expenses like groceries while you’re out of work. For many people, waiting for a car accident settlement is not an option.
How do I get my car accident settlement sooner than later?
If you need to money after you get into a car accident right away, look into securing a pre-settlement advance. This form of payment is also known as a “lawsuit loan.” Pre-settlement funding helps cover your costs until your car accident lawsuit is settled and you can return to work and start earning your income again.
Bridgeway Legal Funding can help you get your pre-settlement advance so you have money on hand sooner to cover any unexpected costs. We can usually secure your funds with one to two days of you getting in touch with us.
What is pre-settlement funding? How does pre-settlement funding work?
Pre-settlement funding is a cash advance against your car accident lawsuit. People refer to pre-settlement funding as “lawsuit loans,” but that’s inaccurate because unlike a loan you don’t have to pay back this advance. Pre-settlement funding in Arizona is considered a non-resource advance, so if you were to lose your case, you’re not obligated to pay anything back.
The pre-settlement advance process
Bridgeway Legal Funding takes the same three-step approach to assist our clients in obtaining a pre-settlement advance:
- We review your case with the plaintiff (you).
- We calculate your case’s estimated value.
- If the numbers line up, Bridgeway Legal Funding will offer you a pre-settlement advance for 10 to 20 percent of what we believe your case’s value is.
Check out our video on pre-settlement funding to get a better understanding of how the process.
Make sure you also read the “How pre-settlement funding works section” on our website to learn more about the pre-settlement funding process.
How will Bridgeway Legal Funding figure out how much my case is worth?
Bridgeway Legal Funding usually can approve clients to borrow 10% - 20% of their case’s value. Each case’s exact value is determined on an individual basis however.
We look at three factors when we determine what your case’s worth is:
- Liability—who was at fault in the accident? Sometimes it’s easy to determine liability—like when a car is rear-ended. Other cases aren’t as easy—a sideswipe incident for example. Regardless of how easy, or difficult, it is to determine fault, Bridgeway Legal Funding will do so and help ensure you get a fair pre-settlement advance.
- Damages—medical treatments, potential medical expenses and lost wages from missed work are all fall under the damages category. We take how much work you missed and multiply it by your current salary to figure out the exact damages amount. Bridgeway Legal Funding will also determine if you are still able to do your current work duties going forward or if you find a new job.
- Insurance—in many cases you can only use what insurance is available to you after an accident. Arizona insurance laws require drivers to have the following coverage to operate a vehicle:
- Bodily injury liability coverage: $15,000 per person and $30,000 per accident
- Property damage liability coverage: Minimum $10,000
- Under-insured motorist bodily injury coverage: Minimum $15,000 per person and $30,000 per accident
- Under-insured motorist property damage coverage: Minimum $15,000 per person/$30,000 per accident
If you believe you need insurance that exceeds the state minimum, you purchase more. The maximum amount of coverage varies by car insurance company. Common maximum limits are:
• $250,000 for injuries per person
• $500,000 for injuries total, per accident
• $100,000 for property damage
Visit the “How much funding can I get against my car accident lawsuit?” section of our site to learn more about how much you can borrow for your car accident legal funding in Arizona.
What else should I know concerning pre-settlement advances in Arizona?
If your injured in a car accident in Arizona it’s important that you take the following steps in order secure a pre-settlement advance:
- Hire a lawyer who specializes in motor vehicle accidents.
- Keep detailed records of the car accident as well as the injuries you sustained.
- Request a copy of the police report from your accident and get the names of any potential witnesses.
The statute of limitations for personal injury lawsuits in Arizona is two years from the day of your accident. Make sure you and your attorney file your lawsuit within that legally allowed time frame.
According to 2019 Arizona Department and Transportation report, there were 127,056 report car accidents. Of those reported car accidents in Arizona, 36,507 resulted in an injury—that’s almost 30 percent! The numbers break down to 146 people being injured in a car accident in Arizona every day.
The accident figures are not terribly surprising given how many people drive in Arizona. There are more than 3.8 million licensed drivers in the state—that’s more than half of the state’s population and translates to 668 drivers per 1,000 Arizona residents. Plus the combination of a lack of public transportation access (only two percent of Arizonians use it) and the high temperatures (it’s often too hot to walk) puts more people in their vehicles, increasing the likelihood of a car accident.
Bridgeway Legal Funding hopes you’re never part of these figures. But, if you’re insured in a car accident, contact us right away. We will work diligently with you to help you secure your Arizona pre-settlement funding.