Were you injured in a car accident in Washington? If so, you could be eligible for a cash settlement. That’s the good news—the bad news is you might have to wait awhile to get your money.
If you need your settlement money to pay medical bills, fix your car or just for everyday expenses while you’re out of work, waiting a year or more for your settlement may not be an option.
Is it possible to get my car accident settlement sooner?
Yes. If you need your car accident settlement sooner than later, you should look into getting a pre-settlement advance. Commonly known as “lawsuit loans”, pre-settlement funding can help you stay afloat financially until your lawsuit is settled and you can start to work and earn an income again.
Bridgeway Legal Funding can help you get a pre-settlement advance so you have cash on hand sooner to tackle unforeseen expenses—typically within one to two days of you contacting us.
What is pre-settlement funding exactly? How does pre-settlement funding work?
Pre-settlement funding defined - Pre-settlement funding is a cash advance against your car accident lawsuit. The advance is often referred to as a “lawsuit loan”, but it’s not really a loan. Loans must be paid back. Pre-settlement funding in Washington is a non-resource advance. In other words, if you lose your case, you’re not responsible for paying back the advance.
How the pre-settlement advance process works:
Bridgeway Legal Funding takes a consistent three-step process to help our clients secure their pre-settlement advance:
- We review your case with the plaintiff (you).
- We calculate your case’s estimated value.
- If the numbers work, Bridgeway Legal Funding will offer you a pre-settlement advance for 10 to 20 percent of what we believe your case is worth.
Watch our video on pre-settlement funding and how it works to get a better understanding of the process.
Be sure to also read the “How pre-settlement funding works section” on our website to learn more about the pre-settlement funding process.
How does Bridgeway Legal Funding figure out how much my case is worth?
We consider the following factors when we figure out your case’s worth:
- Liability—who was at fault in the accident? Liability can be easy to determine when one vehicle rear-ends the other, but not so much in a sideswipe incident. 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—expenses like medical treatments, potential medical expenses and lost wages from missed work are all considered damages. Bridgeway Legal Funding calculates damages by taking how much work you missed and multiply it by your current salary. We will also determine if you can still perform your current work duties going forward or if you have to change jobs.
- Insurance—in many cases you can only use what insurance is available to you after an accident. Washington insurance laws require drivers to have the following coverage to operate a vehicle:
- Bodily injury liability coverage: $25,000 per person or $50,000 per accident
- Property damage liability coverage: $10,000
- Under-insured motorist bodily injury coverage*: $25,000 per person or $50,000 per accident
- Under-insured motorist property damage coverage*: $10,000 per accident
- Basic personal injury protection*: $10,000 per accident
If you think you need more insurance than 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
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 Washington.
What else do I need to know about pre-settlement advances in Washington?
If your injured in a car accident in Washington, it’s critical you to the following to help you secure a pre-settlement advance:
- Hire a lawyer who specializes in motor vehicle accidents.
- Keep thorough records of the car accident as well as the injuries you sustained.
- Ask for a copy of the police report and take down any potential witnesses’ names.
The statute of limitations for personal injury lawsuits in Washington is three years from the day of your accident. Make sure your attorney files your law suit within that legally allowed time frame.
According to the Washington State Department of Transportation, there were 89,993 total car accidents. Among those accidents, 18,923 noted a possible injury—10 percent of them were listed as “suspected serious injury.”
The accident figure does not come as much of a surprise considering more than 170,000 miles were traveled daily in Washington in 2018, and more than 62 million miles were covered for the year. The more drivers are on the road, the likelihood of car accidents increase.
If you are ever injured in a car accident in Washington, and getting your settlement cannot wait, contact Bridgeway Legal Funding right away! Call us at (800) 531-4066 or locally at (516) 787-8000. We will work diligently with you to help you secure your pre-settlement advance.