Car Accident Pre-Settlement funding
Motor vehicle accident settlements occur when the at-fault party concedes liability and offers to pay a settlement amount to the victim. If the victim accepts funds, they ultimately release the at-fault party from further liability. In many cases, motor vehicle accident victims incur substantial costs from medical bills, loss of work, and family care needed during their recovery process.
Car Accidents in Stats
How LitiPay Settlement Funding can help car accident victims
LitiPay’s litigation funding can support victims needing to cover short-term costs, allowing the victim to pursue legal recourse and have the at-fault party pay fully for damages and costs. Beyond financial support, we provide assistance and guidance in the process to make sure your legal team is best equipped to fight for you.
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Advice for car accident victims
A car accident can occur suddenly and without warning, carrying significant physical, emotional, and financial complications in its wake. Having a response plan empowers drivers to react with confidence, mitigating damage and immediately beginning the recovery process.
After a car accident, drivers should:
Prioritize safety
An accident can be damaging and disorienting. Your health and safety is the top priority. Check yourself for injuries, assess your passengers, and survey the scene.
Call 911
Regardless of accident severity, contact local police to report the incident.
Remain calm & wait
When help arrives, trained personnel will assess the scene and respond accordingly.
Compile an accident report
Regardless of the accident severity, responding officers will compile an accident report and document the scene, including witness accounts, photographs, and other information.
Collect details
Record the responding officers’ names and badge numbers, and the personal information from others involved in the accident.
How Car Accident Settlements Work
Car accidents are frighteningly common. Each year, more than 6 million car accidents occur in the US, costing victims time, money, and opportunity. When pursuing compensation, accident claim settlements are much more common than litigation.
When a settlement occurs, accident victims agree to accept a specific sum from the at-fault party. For victims, settlements are often appealing, allowing them to immediately accrue needed assistance while achieving a measure of closure from a traumatic event.
However, settlements can reduce overall victim compensation as recipients often agree to less than they can win in court. What’s more, there is an expansive ecosystem taking advantage of potential settlement recipients. Everything from settlement loans to pre-settlement funding can put victims at risk.
In contrast, pre-settlement funding empowers accident victims to pursue full financial restitution by providing settlement funds upfront without the risk of future payback, expensive monthly payments, or other missed opportunities.
FAQs from Car Accident Settlements
Disclaimer: The information on this page is not intended to be legal advice. Please ensure you seek legal counsel in the event of a personal injury.
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