If you’ve ever been in a car accident in Texas, you know how inconvenient the aftermath can be. You have to deal with car insurance companies and file a claim. If your car was damaged in the collision, you could be without it for some time while it’s being repaired. Rental car coverage could help if you have it on your car insurance policy. But if not, you will have to cover the rental car fees yourself or figure out a way to get around until your vehicle is ready.
Meanwhile, there are financial inconveniences to consider after a car accident in Texas—especially if you’ve been injured as a result. There could be medical bills to pay for and depending on your job, you might face lost wages if your injuries keep you from getting to work.
You may be entitled to a financial settlement to help cover your medical bills and any lost income, but unfortunately those funds aren’t likely to come your way immediately.
There is a solution to help get money in your hands faster however—a pre-settlement advance. This funding, also known as a “lawsuit loan”, can help you pay for any car-accident related expenses you may incur such as car repairs, medical bills and lost salary if you can’t work.
If you were injured in a car accident in Texas and need money right away, consider getting a pre-settlement advance. It can help keep you financially afloat 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”, 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
As good as your driving habits are, car accidents happen. If you’re injured in an accident in Texas and don’t have the money to cover the expenses that follow, it’s good to have a financial backup. A pre-settlement advance can help you stay on top of things financially while you wait to receive your full settlement.
There are currently more than 22 million registered vehicles in Texas. With that many vehicles on the road at a given time, the odds of an accident only go up—even for a careful driver like you.
Those 22 million vehicles aren’t just registered: they’re being driven—a lot. Almost 290 billion miles were driven in Texas in 2022—a 1.66 percent increase from the year before. The combination of a lot of vehicles traveling a lot of miles added up to more than 15,000 injury-related car accidents and almost 19,000 people sustaining a serious injury as a result in Texas in 2022.
If you find yourself in one of these accidents but weren’t at fault (or were a passenger), you could be entitled to a cash settlement. Pre-settlement funding makes it so you don’t have to wait up to three years (yes, it could take that long) to see any money.
Pre-settlement funding also protects you from having to accept an offer that’s less than your case’s value. The advance also makes your case a fairer fight against large insurance companies that tend to have nearly unlimited 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.
You can also visit the Bridgeway Legal Funding website’s “How pre-settlement funding works section” to learn more about this process.
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 Texas. 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—Who was at fault in 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 preform 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 Texas:
• Bodily injury liability: $30,000 per person and $60,000 per accident
• Property damage liability: $25,000 per accident
• Personal injury protection (PIP): $2,500 (unless you reject this coverage)
• Uninsured motorist bodily injury: $30,000 per person and $60,000 per accident (unless you reject this coverage)
• Underinsured motorist property coverage: $25,000 per person, and a $250 deductible (unless you reject this coverage)
These are the minimum car insurance requirements in Texas. Chances are the person who runs into you has more coverage than this. Speak with your insurance company to make sure you have the right amount of coverage based on your needs.
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
• Maintain 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 Texas is just two years from the date of the accident.