A Settlement Loan Against a Car Accident Insurance Claim
The most common type of personal injury claim is car accident claims. Car accidents account for the majority of all injury claims and lawsuits filed each year. When a person is involved in an accident resulting from the negligence of another, they can file an insurance injury claim to recoup compensation for damages. They may be entitled to compensation for medical expenses, lost wages, and pain and suffering. Once a person files a claim with the insurance company, they become the claimant in the case.
During any injury claim, an adjuster will evaluate the extent of the injuries and who was responsible for the accident. The adjuster may use police reports, witness statements, and medical records to determine who should be liable for the damages. If a person hires an attorney, the attorney will be responsible for evaluating the accident and determining the real value of the claim. There are times which the estimated dollar amount between the adjuster and attorney is very far apart.
There is little question that insurance companies have the reputation of taking their time during the assessment stage. It can take months before an offer is made. In some cases, if the insurance company and attorney can't come to a fair agreement, a personal injury lawsuit will be filed. While most car accident claims are settled before going to trial, if the number between both parties is disproportionate, it could end up in court. If a personal injury lawsuit is filed, the claimant becomes the plaintiff. Insurance companies are backed by millions if not billions of dollars and they have the experience and willingness to make the plaintiff wait. They may intentionally hold a claim or lawsuit from settling in hopes a smaller amount will be approved.
When the plaintiff can't wait for a settlement because they don't have the financial position of paying for their medical bills and living expenses, they may borrow against their lawsuit. They can apply for a settlement loan while a case is proceeding through the system. A car accident loans may provide you with the financial assistance to wait for a larger settlement; in turn, providing the attorney more time to negotiate or prepare for a trial.
The Best Lawsuit settlement loans are a nonrecourse tool. This means the lawsuit lender only has recourse on the actual lawsuit. If the claimant or plaintiff loses their case, the company will lose its investment. Car accidents happen each day and can be catastrophic. A car accident may result in months or years of ongoing medical treatments and surgeries. When a person is unable to pay for these procedures or has lost their ability to work, a short-term loan may be needed to continue the legal process of obtaining fair compensation for their case.
