You could be eligible for a cash settlement if you’re been in a car accident in Utah. That’s good news—especially if you have expenses that resulted from the accident. Unfortunately, that settlement likely won’t get in your hands right away—that can be issue if you have medical bills, car repairs to pay for or just day-to-day costs to cover as you wait for your money. If that’s your scenario, waiting for car accident settlement is not an option.
I need my car accident settlement now, what can do?
If you need your settlement now, consider getting a pre-settlement advance, also (incorrectly) known as a, “lawsuit loan”. Pre-settlement funding can help you cover your expenses until your car accident lawsuit is settled as well as when you can go back to work and begin generating an income again.
Bridgeway Legal Funding helps car accident injury victims get pre-settlement advances so they have much-needed cash on hand to cover their expenses. We typically can get money to you within 24-48 hours of you contacting us.
What is Pre-Settlement Funding?
Simply put, pre-settlement funding is a cash advance against your car accident injury lawsuit. Pre-settlement advances are also called “lawsuit loans”, but the “loan” part of that terminology makes it in correct. Loans have to be repaid at some point. A pre-settlement advance on the other hand is a "non-recourse" advance—meaning you only have to pay back the money if you win your case.
Bridgeway Legal Funding’s pre-settlement funding process
We use a three-step approach for all of our clients to help them get their pre-settlement advance:
- We go discuss the case with the plaintiff (that’s you).
- We calculate your case’s estimated value.
- If the numbers make sense, Bridgeway Legal Funding will offer you a pre-settlement advance for 10 to 20 percent of what we believe your car accident injury case is worth.
Watch our video on pre-settlement funding to for a further explanation of how the process. You can also read the “How pre-settlement funding works section” on the Bridgeway Legal Funding website to learn more about the pre-settlement funding process.
What else does Bridgeway Legal Funding look at to figure out my case’s value?
Bridgeway Legal Funding usually allows clients to borrow up to 10-20 percent of their case’s value, however, the value of each injury claim varies.
Here are the three factors when we look at to determine your case’s value:
- Liability—this means who was at fault in the accident. Liability is easy to determine sometimes (like when a car is rear-ended), and other times it’s more difficult (a sideswipe incident for example). Regardless of how easy or hard it is to determine liability; Bridgeway Legal Funding will figure it out to help you get a fair pre-settlement advance.
- Damages—medical treatments, potential medical expenses and lost wages from missed work are all considered damages. Our damages calculation formula is: how much work you missed times your current salary to figure. 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. Utah insurance laws require drivers to have the following coverage to operate a vehicle:
- Bodily injury liability coverage: $25,000 per person and $65,000 per accident
- Property damage liability coverage: Minimum $15,000 per accident
- Personal injury protection: $3,000 per accident
- Uninsured motorist bodily injury coverage: Minimum $25,000 per person and $65,000 per accident
- Under-insured motorist property damage coverage: Minimum $25,000 per person/$65,000 per accident
Interested in more coverage? You can purchase more if you think you need insurance that exceeds Utah’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
Check out 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 Utah.
What else do I need to know about pre-settlement advances in Utah?If you are injured in a car accident in Utah be sure to take the steps below in order 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.
The statute of limitations for personal injury lawsuits in Utah is four 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 Utah Department of Public Safety Highway Safety Office, there were 62,074 car accidents in the state in 2018. Among those crashes, 17,977 of them involved an injury—25,645 individuals were hurt. That breaks down to someone being injured in a car accident in Utah every 20.5 minutes.
Utah’s car accident injury figures could be the result of how many people are on the road. According to the U.S. Department of Transportation Federal Highway Administration, Utah residents drive 15,442 miles per year on average, which is more than the average U.S. driver (14,425).
We hope that you’re never part of Utah’s car accident injury statistics. If you are injured in a car accident, get in touch with us right away. We will work together with you to help you secure your pre-settlement funding in Utah.