While ridesharing apps, such as Lyft and Uber, provide people with the convenience of hailing cabs from the comfort of their homes, these services have led to worrying numbers of fatal car accidents. Many Lyft clients have filed claims against the company after being involved in a crash, but people do not always have the money to finance their lawsuits or sustain their lives as they await compensation. If you have been in a Lyft accident, you may be eligible for pre-settlement legal funding for Lyft accident lawsuits.
At High Rise Financial, we understand how costly life can be after an accident. You’ve suffered economic damages, and the last thing you want is to stress about monthly bills and other expenses. That’s why we provide timely and risk-free legal funding for rideshare accident lawsuits to help you meet your daily expenses as you wait for your settlement money.
Skeptical about Legal Funding? Here’s Why You May Not Have to Worry
Perhaps you’ve not considered legal funding because you’re unsure of recovering the maximum compensation proposed in your lawsuit documents; in that case, you don’t have to worry. Legal funding is a non-recourse loan—it works on a contingency basis. That means you won’t have to repay the amount unless you receive compensation.
Besides, there’s a significant difference between accidents involving rideshare cars and regular auto accidents. Although they are both considered car accidents, you’re more likely to recover damages if you’re involved in an accident as a rideshare passenger.
Ridesharing services are large companies that purchase sufficient commercial vehicle coverage, including insurance for uninsured and underinsured motorists. The insurance will cover the damages up to the liability limit, after which you can pursue the uninsured motorist for the remaining settlement. In simple terms, there’s sufficient coverage to compensate you, regardless of who is at fault.
Benefits of Legal Funding
Many ridesharing clients find it challenging to make ends meet as they wait for the court to settle their litigation. While many members of the legal community appeared unreceptive to the idea of legal funding, it has proven valuable to them and their clients.
Advantages to Claimants
Plaintiffs are the direct beneficiaries of legal funding, as they can use the money to cover essential living costs, such as car payments, monthly utility bills, prescription drugs, and food purchases, before receiving compensation. Legal funding provides plaintiffs with a risk-free alternative to easing their financial problems.
Unlike conventional loans (which require borrowers to repay the loan with interest after a specific time), legal funding works on a contingency basis. Whether you repay the amount depends on the outcome of your lawsuit. That helps alleviate stress, as plaintiffs only repay the cash advance if their lawsuits are successful; they aren’t obliged to repay the loan if the case goes awry.
The legal funding sector is becoming more regulated with policies designed to protect plaintiffs’ interests. The American Legal Finance Association (ALFA) collaborated with former New York Attorney General Eliot Spitzer to establish the Spitzer Agreement, which outlines the best practices for ALFA members. According to the agreement, members must adhere to ALFA’s code of conduct, including:
- Full disclosure
- A written review from a professional attorney
- A five-day cancellation period
Advantages to Car Accident Attorneys
From a lawyer’s perspective, legal funding offers a much-needed buffer between a client’s financial burden and the successful settlement of a claim. Lyft car accident lawsuits could take months or years to be resolved, and sometimes clients pressure their attorneys to hasten their cases because they lack the money to care for their daily needs. Legal funding alleviates the demands that financially pressured clients make on a lawyer’s time, leaving them free to focus on the case.
Attorneys strive for you to receive the maximum compensation from a car accident lawsuit. They are often discouraged when a client is forced to settle for a fraction of the potential compensation they could’ve received because they can’t wait for the legal process to run its full course. Legal funding offers the financial backing you need during the claims process, allowing your attorney to fight for maximum compensation.
Most personal injury lawyers are reluctant to refer their clients to legal funding companies because they are worried that the financier will interfere with the case. That’s hardly the case, as most funding companies take a hands-off approach after financing a plaintiff. In fact, they partner with legal professionals so that their clients get a sufficient cash advance to sustain their lives during the legal process.
What to Do if You’re Involved in a Lyft Vehicle Accident
Knowing the steps to take after being involved in a rideshare accident is critical to ensure you get the compensation you may be entitled to. Immediately after the incident, contact the rideshare app and inform them that you’ve been involved in a crash.
If you’re physically able, gather as much information and evidence from the scene as you can, as this can be invaluable during case preparation. Document the accident by taking pictures, videos, and notes of the injuries and property damages you’ve suffered. You should also attempt to note down the following:
- The Lyft driver’s name, address, and phone number
- The other driver’s name, address, and phone number
- Eyewitnesses’ contact details
- Insurance information of all the parties involved in the accident
- Registration information of the cars involved in the accident (registration number, license plate, make, and model)
You’ll need to prove the driver’s fault or negligence to get compensated. The legal process is often complicated, so we recommend you partner with a lawyer. They can use the evidence you provide from the scene and even conduct a separate case evaluation to fight for you to get a fair settlement.
Settlement Amounts for Lyft Accident Lawsuits
It is difficult to assess settlement amounts because each car accident is unique, and several variables must be considered when calculating the settlement. The amount depends on the economic damages (medical bills, property damages, and lost income) you suffered due to the accident.
Ridesharing services like Uber and Lyft buy insurance coverage with policy limits of up to $1 million, and you have the freedom to contact their insurer if you plan to file a claim against them. On average, settlements range from $300,000 to $1 million. The compensation awarded may be equally proportional to the injuries you suffered, among other factors.
If you’ve been involved in a Lyft car accident, consider partnering with a lawyer as soon as possible. The attorney can assess the circumstances of the incident and propose a settlement fee. With that knowledge, you can make a rational decision on the pre-settlement funding you may need.
Contact High Rise Legal Funding to Ease Financial Stress during the Claims Process
Due to your financial circumstances, you may feel like you have to accept a quick and small settlement while you wait for your Lyft accident lawsuit to be resolved. But at High Rise Financial, we could offer you the financial support you need to cover your living costs as you wait for your compensation. Contact us today to speak to one of our representatives regarding legal funding for Lyft accident lawsuits.