Getting into a car accident in Michigan can be a major inconvenience. You have to spend time on the phone with your car insurance company and file a claim. Then, if your car needs repairs, you could be without it for quite some time.
Those issues just cost you time. What if you get injured in a car accident in Michigan? You could suffer physical pain, as well as financial challenges. You may have to put your hard-earned money towards medical expenses such as hospital bills and doctor visits. You also risk lost income if you’re an hourly employee and have to miss work because of your injuries.
The good news is a financial settlement could help you cover these expenses if you’re ever injured in a car accident in Michigan. The bad news, however, is you might not receive that settlement immediately — which is when you probably need it the most.
So what do you do? Well, a pre-settlement advance, which is also sometimes called a “lawsuit loan” can help pay for car accident-related expenses such as medical bills, car repairs and lost income if you can’t work for a while.
If you were injured in a car accident in Michigan and need money right away, consider getting a pre-settlement advance. It can help you cover your financial obligations while you wait for your full settlement.
To learn more, please visit Bridgeway’s Guide To Pre-settlement Advances.
What is pre-settlement funding?
Pre-settlement funding is a cash advance against your pending car accident claim or lawsuit. It’s often called a “lawsuit loan” too, but that term is not technically correct. Pre-settlement funding is a non-recourse advance, not a loan. In other words, you don’t have to pay the money back if you don’t win your case.
Why pre-settlement funding is important
You may be a safe driver, but car accidents can occur anytime. If you’re injured in an accident in Michigan and don’t have the money saved to cover the expenses, it’s good to have a financial backup. A pre-settlement advance can help keep you afloat while you wait to receive your full settlement.
Did you know that the Traffic Crash Reporting Unit (TCRU) receives and processes about 315,000 crashes per year? In 2023, there were more than 288,000 total car accidents in Michigan. Among those crashes, more than 50,000 of them resulted in 70,000 injuries that year. With more than 7 million registered vehicles on Michigan roads, there’s always a chance a car accident could happen. It’s always good to know your financial options in the event you’re injured after a car crash in Michigan.
So, if you know an unexpected medical bill, car repair or missing work could hurt your financial situation, keep pre-settlement funding in mind if you’re ever in a car accident in Michigan. This funding makes it so you don’t have to wait up to three years, yes years, to see any money.
Pre-settlement funding also protects you from having to accept an offer that’s below what your case’s value is. Additionally, it helps level the playing field against large insurance companies that tend to have an unlimited amount of resources and capital.
How do pre-settlement advances work?
Bridgeway Legal Funding, presents a simple three-step process to help our clients secure a pre-settlement:
• We talk to you (the plaintiff)
• Review your case and estimate what it will be worth
• Offer you an advance of up to 10 to 20% of what your case’s estimated value
That’s it! Click here to learn more about our pre-settlement funding process and apply.
How long does it take to get pre-settlement funding?
Bridgeway Legal Funding helps secure a pre-settlement advance faster than others in our field. Bridgeway can accommodate you quickly if you’re in a car accident in Michigan. We’re set up to get cash into our clients’ hands within 24 to 48 hours.
Call us at 1-800-531-4066 or complete our short questionnaire to get your pre-settlement process right away.
How much of a pre-settlement advance am I eligible for?
Our clients are usually eligible to receive up to 10 to 20% of their case’s value. We look at the following three factors to determine the case’s value:
• Liability—Whose fault was the accident? Liability can be easily determined in instances when a driver runs a red light and hits another car or a driver rear-ends the vehicle in front of them. In less clear cases, such as a side swipe, each driver might share some fault.
• Damages—How much money will be awarded following the accident between injuries and lost wages? A number of factors are calculated to determine total damages including:
• Medical expenses and treatments (present and future)
• Lost wages (determined by how much work you missed times your current wage)
• Future work status (can you still work at all and/or perform your pre-accident duties)
• Insurance—You can typically sue for the amount of insurance coverage available at the time of the accident. Drivers are required to carry at least the following amount of car insurance in Michigan:
- Bodily injury liability coverage: $25,000 per person and $500,000 per accident*
- Property damage liability coverage: $10,000
- Underinsured motorist bodily injury coverage*: $50,000 per person and $100,000 per accident
- Property protection: $1 million
- Personal Injury Protection**
*If a Michigan option form is completed, bodily injury liability coverage can drop to as low as $50,000 per person/$100,000 per accident.
**Personal Injury Protection limits in Michigan are as follows:
Note: Uninsured motorist bodily injury coverage and personal injury protection can be rejected in writing.
Please keep in mind that these are the minimum car insurance requirements in Michigan. Chances are the person who runs into you has more coverage than this.
Click here to learn more about how much funding you can get for your pre-settlement advance.
How can I get a pre-settlement advance?
At Bridgeway Legal Funding, we’ll work with you to help you obtain the most pre-settlement funding possible.
Here are a few things you can do to increase the odds you receive a bigger overall settlement as well:
• Hire a qualified attorney that specializes in motor vehicle accidents
• Main good records of your car accident, medical treatment(s) and injury/injuries
• Get a copy of the police report and collect names of any potential witnesses
• Make sure your law firm files a lawsuit quickly. The statute of limitations in Michigan is just three years from the date of the accident.