Car accidents can happen anywhere, and within a split of a second, they may result in disastrous aftermath situations. It may result in financial expenses like medical and legal ones or emotional trauma. Getting a car accident settlement will require legal procedures, which can stretch on for a long time.
“Car accident settlements can become quickly complicated,” says car accident lawyer Amy Gaiennie of Amy G Injury Firm. “To stay atop the accident, injured parties should hire legal counsel to conduct a meticulous investigation.”
During a pending settlement, you will face a financial burden that will build up over time if you are not prepared. It may take a long time to settle the legal fights with the insurance company and receive the money you need.
Some of the medical expenses will be offset by a settlement from your insurance company. To achieve this, you need to have the resources to secure fair compensation.
You must consult a competent personal injury lawyer or financial advisor with expertise in this field to get the maximum and fair payouts. While you are going through the legal procedures while waiting for your settlement, you have a few options for your financial assistance:
- Pre-settlement loans
- Health insurance
- Charitable organization help
When one gets injured in an accident, the financial expenses can pile up. You may be out of work, trying to cover the cost of ongoing medical treatment, or waiting for your settlement check to arrive; at such a point, pre-settlement loans may solve your problem. As the name indicates, a pre-settlement loan is a loan you receive before getting a settlement from the insurance company.
When you apply for this loan, your personal injury lawyer will work with the company to estimate the value of the settlement. Once the loan is approved, you will be given a cash amount based on your likely settlement.
Advantages of pre-settlement loans
Pre-settlement loans depend on the outcome of your settlement. If you don’t get settlement money from your car accident lawsuit, you are not obligated to repay the loans.
The disadvantage of pre-settlement loans
The bad thing about pre-settlement loans is that they don’t come cheap. Many lending companies charge a monthly fee for their services. Also, if your case settles for less than you expected, you’ll have to pay back your loan.
Is it beneficial to apply for a pre-settlement loan?
It is essential to discuss pre-settlement loans with your personal injury lawyer and do some research about the company. All companies have their own rules for lending money. Some may take advantage of their client’s condition, so one needs to be careful while opting for pre-settlement loans.
Health insurance
Your health insurance may also reduce your financial burden to some extent. Some insurance policies have accident insurance and emergency services that can benefit you in time of need. Discuss your policy and the benefits you can get with an insurance company.
Although waiting for car accident settlements is difficult and may cause you financial stress. By waiting, you can ask your insurance company and claim all the expenses you had faced during this time, not just the initial ones. Your personal injury lawyer will guide you on how your personal injury claim with your car insurance can include all your ongoing expenses.
Charitable organizations
Your car accident attorney can provide you with a list of charitable organizations if you have a financial crisis. This, in turn, will help you with your medical and other ongoing charges. Contact a personal injury lawyer from an expert service for more information and details.
