Commercial Vehicle Accident Loans
People who aren’t too familiar with how insurance companies work think that if they get into a car accident, they’ll automatically get a large settlement. It’s more complicated than that. True, legally everyone has to carry automobile insurance in order to drive, but nobody is obligated to carry large policies. In fact, in many states you are only obligated to carry a $25,000/$50,000 policy (that means that, for every accident, there’s a total fund of $50,000 that would be available to pay a claim, and only $25,000 of that is available per person). Many states have lower requirements than that.
What does this mean? It could mean you have a terrible accident in a state but the car that hit you is only carrying a $15,000 policy. Even if you have the same policy yourself, that’s still only $30,000 that’s available to you to recover in a lawsuit. That’s BEFORE medical bills and lawyer expenses.
The rules are different for commercial vehicles, which include everything from some work pick-up trucks to 18-wheelers. They are required to maintain higher insurance policies in the event of an accident.
So It’s a Good Thing I Got Into an Accident Against a Commercial Vehicle?
Well, no. It’s never good to be in any motor vehicle accident (MVA). What’s more, commercial vehicles are usually bigger and, in the cases of big rigs, far more dangerous. Accidents involving these accidents often mean more severe injuries and more damage to your vehicle.
The good news, if there is any in such an unfortunate situation, is that you don’t have to worry about your injuries being uncompensated because of small policy limits. Insurance policies are usually at least $1 million for each person in an accident and can go up to $5 million or higher. Companies who require the use of commercial vehicles have more money to protect their employees.
What is the Value of my Commercial MVA Case?
There is no one answer to this question. Insurance companies and judges alike use more of a formula to determine a case’s value. They factor in a number of issues:
- who was at fault for the accident? Was it just one party, or were both parties at least somewhat responsible?
- What were the injuries the plaintiff sustained?
- What treatment did the plaintiff seek? Did they have surgery?
- Were there other plaintiffs in the accident? What were their injuries?
- How big is the commercial insurance policy limit? Does the plaintiff have extra insurance?
Different factors can result in different verdicts. The range of settlements can be anywhere from $10,000 to multi-million dollar judgments.
How Long Will My Commercial MVA Case Take to Settle?
The rule is: if a company has enough money to insure all their vehicles with $1million+ policies, they have enough money to drag a case on. Insurance companies do this to try to bleed a client out of a case. That way, they can offer the plaintiff a smaller amount than the plaintiff deserves to settle early since the plaintiff need the money. Commercial MVA cases can take over a year, sometimes a few years.
Qualifying for a Lawsuit Loan
Getting money for your case is easy. Most law firms are familiar with what funding companies require and can get information to them within a matter of days, if not hours. The underwriters review many of the same information as listed in the ‘case value’ section. Because these types of accidents are pretty common, we can get an answer to you quickly.
Why Choose Us for Your Cash Advance?
There are many reasons, but the three top are speed, cost, and customer service. Uplift Legal Funding get approvals sometimes within hours, and our fees are among the lowest in the industry. For smaller requests, we can get you approved with only one short call with your attorney. Perhaps most importantly, we value our clients. We don’t treat them as meal tickets. We provide daily updates to each client so they know exactly where in the process their application is. No up-front fees to apply either! Contact us to begin the application process today.