Were you injured in a car accident in California? If so, you may be entitled to cash compensation for your injuries and damages. When will you receive that settlement? It could be some time before the money is in your hands—which can be an issue if you have to miss work and have accident-related expenses. A car accident injury could result in medical bills, lost wages from missing work, not to mention car repairs. If this sounds like the situation you find yourself in, you know waiting for your car accident settlement is not an option.
What can I do if I need my car accident settlement right away?
If you cannot wait months or years for your settlement money, the solution is a cash advance on your future compensation. A pre-settlement advance, which is also known as a “lawsuit loan”, can help you cover your expenses until your car accident claim is settled as well as when you go back to work and start earning money again.
Bridgeway Legal Funding helps people injured in car accidents get pre-settlement advances so they can get the money they need right away. Also, a pre-settlement advance provides you a piece of your settlement money now to keep you afloat but also gives your lawyer the time they need to get the full value you deserve.
In most cases, you can secure your pre-settlement advance within 48 hours of you contacting Bridgeway.
What exactly is pre-settlement funding? How does pre-settlement funding work?
Pre-settlement funding is simply a cash advance against your car accident injury lawsuit. These advances are often incorrectly referred to as “lawsuit loans.” This term is technically incorrect because a pre-settlement advance is not a loan; You have to pay back a loan. On the other hand, pre-settlement funding is considered a non-resource advance. That means you don’t have to repay the funds if you lose your case.
Bridgeway Legal Funding’s pre-settlement funding process
At Bridgeway Legal Funding, we help our clients secure their pre-settlement advance in three steps:
- We review the plaintiff’s (that’s you) case.
- We calculate your case’s estimated value.
- If the numbers work, we will offer you a pre-settlement advance for 10 - 20 percent of what we believe your car accident claim is worth.
Check out our video on pre-settlement funding to learn more about how the process works.
You can also read the “How pre-settlement funding works section” on our website to learn more about the pre-settlement funding process.
What other factors does Bridgeway Legal Funding look at to figure out my case’s value?
We typically let clients borrow 10 - 20 percent of their case’s value. However, we determine every case’s exact value on a case-by-case basis
Here are the additional factors Bridgeway Legal Funding will use to determine your case’s value:
- Liability—in other words, who was at fault in the accident. Liability is easy to determine sometimes (when one car rear-ends another), and more difficult in other circumstances (a sideswipe incident for example). It does matter how easy or hard it is to determine liability though; Bridgeway Legal Funding will figure it out to help you get a fair pre-settlement advance.
- Damages—anything that can have a price put on it, think medical treatments, potential medical expenses and lost wages from missed work can be considered damages. To calculate damages, Bridgeway Legal Funding will take how much work you missed an multiply it your by current salary (Hours of work missed x Your current salary = Damages.) We will also determine if you can still do your current duties to return to work, or if you find a new job.
- Insurance—in many cases you can only use what insurance is available to you after an accident. You must have the following insurance coverage to drive a vehicle in California:
- Bodily injury liability coverage: $15,000 per person and $30,000 per accident minimum
- Personal injury protection: $3,000 per accident*
- Uninsured motorist bodily injury coverage: Minimum $15,000 per person and $30,000 per accident*
- Under-insured motorist property damage coverage: Minimum $3,500 per accident
You can also purchase more coverage if you think you need insurance that exceeds California’s minimum requirements. 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
Review the “How much funding can I get against my car accident lawsuit?” section of the Bridgeway Legal Funding to learn more about how much you can borrow for your car accident legal funding in California.
What else should I know about pre-settlement advances in California?
If you are injured in a car accident in California, take the following steps to qualify for 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. If you were involved in a car accident in California, you must report it to the state’s Department of Motor Vehicles if: There was property damage greater than $1,000, anyone was injured or if anyone was killed.
The statute of limitations for personal injury lawsuits in California 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 the University of California Berkley’s Transportation Injury Mapping System (TIMS), more than 55,000 people were injured in car accidents in 2019 in four of the state’s largest cities—Los Angeles, San Jose, San Francisco and San Diego.
Given that California is the most populated state in the U.S., it’s not surprising that the number of car accident-related injuries in just four cities in 2019 likely matched entire states’ totals—there were more than 36 million registered vehicles in California last year. The chances of a car accident in California occurring is high with that many vehicles on the road at a given time.
Bridgeway Legal Funding hopes that you’re never part of California’s car accident injury statistics. If you are ever hurt in a car accident, however please contact us right away. We will work diligently to help you get pre-settlement funding in California.