Even though lawsuit funding companies consider almost all personal injury cases for funding, auto accident loans are the bread and butter of the plaintiff funding industry.
Car Accident Liability – Who’s At Fault?
Clear and well-documented liability is the main reasons for this affinity. Most injury accidents involve the police. Usually, police will try to assess who is at fault for an accident.
Traffic accident reports written by a police officer don’t always come to such a conclusion. And even if they do, they aren’t always correct. However, police officers are a reasonably neutral and authoritative third party.
Additionally, photos from after-the-fact can often clarify who’s fault the accident is. In the case of rear-end collisions, photos are as valuable as a traffic accident report for car accident loan review.
In contrast, premises liability and other personal injury claims are not necessarily as well-documented. Even if an incident report is filed, it is not often drawn up by an independent third-party.
Car Accident Insurance Minimums – What’s The Worst-Case?
Auto accident insurance has clear minimums that vary by state. Given that traffic accident reports list financially responsible parties (insurance companies), auto accident funding companies can assume state minimum policy limits as a worst-case minimum.
If you have UIM coverage, you know the amount of coverage because you purchased the plan. This can easily add to the assumed minimum policy.
Lastly, with any commercial or government vehicles, car accident lenders can typically assume a $100k+ insurance policy.
Basic case information and on-scene work by first responders make the most common personal injury claims (car accident claims) the easiest for legal funding companies to evaluate. Fault and coverage are not often so clear-cut in other personal injury cases.
Uplift Legal Funding
Just like everywhere else, Uplift Legal Funding specializes in car accident loans. The difference? We provide low interest rates and often review car accident lawsuit loan requests in minutes.