Recent crash statistics from the National Highway Traffic Safety Administration (NHTSA) show that over 5,000 motorcyclists died in traffic accidents in 2020. Riding a motorcycle can be dangerous and even life-threatening, especially if an accident occurs.
Additionally, more than 80,000 motorcycle riders are injured in the U.S. annually due to traffic collisions. If you were injured in a motorcycle accident, you might have already filed a lawsuit against the negligent party.
However, while you are building your case and negotiating for compensation, your damages and financial obligations continue to mount. Get legal funding today from High Rise Financial to protect yourself from economic hardship.
How to Recover Compensation After a Motorcycle Accident
There are multiple ways in which motorcycle accident victims can recover compensation for their damages. Generally, motorcycle accident survivors and their families can work with personal injury lawyers to file a civil claim against the party responsible for causing the accident. If your case is successful, you could be awarded compensation for your damages in court.
However, there are some instances in which motorcycle accident victims may also be able to recover compensation for their damages by filing a claim with an applicable insurance company. By filing a claim with the insurance company, you may be able to secure an injury settlement outside of court.
Damages You Could Be Awarded
When you are a victim of a motorcycle accident, you have the right to be repaid for every loss. Not only can you be compensated for your economic damages, but you can be compensated for your non-economic damages as well.
Economic damages are monetary. They encompass all of your financially-based losses. Some of the different types of economic damages motorcycle accident victims can recover include:
- Medical bills
- Medical equipment
- Future medical care
- Costs of increased insurance premiums
- Loss of income
- Loss of future potential earnings, including retirement savings contributions and bonuses
- Costs of repairing or replacing your motorcycle
- Other property damages
- Other financial damages
However, motorcycle accident victims also have the right to be compensated for nine economic losses. These can be more challenging to quantify, as non-economic damages do not have a fixed financial worth. They describe the ways your life has been affected by your injuries and what you have been through.
Some of the different types of non-economic damages motorcycle accident victims may be able to recover include:
- Pain and suffering
- Diminished quality of life
- Reputational damages
- Loss of household services
- Emotional distress
- Skin scarring, dismemberment, or disfigurement
- Loss of consortium
Your attorney will go over your damages in great detail to calculate the value of your claim. Your High Rise Financial loan specialist will need to go over the details of your case with your lawyer to determine how much we should authorize in your motorcycle accident lawsuit loan approval.
Access Your Pre-Settlement Funding in 24 Hours
Unlike traditional loans, lawsuit loans do not require a credit check or a steady income. We understand and recognize that after everything you have been through, you may not currently have regular wages.
You might also be struggling with credit score issues after medical bills went to collections or other necessary living expenses went unpaid. Fortunately, we may be able to help you get on your feet.
Once we determine that you are eligible for legal funding, we can send your funds to you in as few as 24 hours. There is no interest on your lawsuit loan the way there is with traditional loans. In this way, you do not need to worry about getting into further financial distress in your attempt to get through these difficult times in your life.
How does Legal Funding Work?
Legal financing is different from traditional bank loans because the cash you receive is your own. It is not money borrowed from a lender; it is early access to the settlement that you will receive at the end of your lawsuit.
If you have a strong case and a high probability of winning your suit against the party that caused your motorcycle accident, you can receive up to 20% of your projected settlement. When you apply, we will evaluate the details of your lawsuit to determine its value and calculate the amount we can offer.
You are not responsible for paying back this money. It is yours to keep if you lose your case. On the other hand, if you win, your attorney will use a portion of your settlement to reimburse us for the legal funding, plus applicable fees.
Winning Your Motorcycle Accident Lawsuit Takes Time
Most lawsuits are not resolved quickly. It can take months or years to negotiate a fair settlement for your motorcycle accident. Several factors contribute to how long it takes to win compensation.
Completing Medical Treatment
In most cases, lawyers will recommend a victim wait to file their lawsuit until after their medical treatment is completed. Yet, if ongoing therapy is needed, you should wait until your acute injuries are healed, and you have a realistic idea of how much your long-term treatment will cost.
Filing a lawsuit before completing medical treatment makes it challenging to get all the compensation you deserve. For example, if you settle too soon, you could wind up paying for your medical fees out of pocket.
That’s because once the case is decided, insurance companies aren’t obligated to provide you with additional reimbursement. How long this will delay your settlement depends on the severity of your injuries.
Motorcycle accidents sometimes cause devastating and severe injuries that take many months to heal completely. As a result, it could take many months for your treatment to conclude before even beginning your claim.
Building a Solid Case and Collecting Evidence
While you must be aware of the statute of limitations that determines how soon you need to file, you should also take the time to prepare thoroughly before submitting your claim. You will have to work with your personal injury attorney to collect evidence related to your accident and build a strong case.
Going into a lawsuit with no evidence to back you up will practically guarantee that you get a low settlement. Taking the time to build up a solid case to support your lawsuit is worthwhile, even though it lengthens the amount of time it takes to get a settlement.
The Notoriously Slow Court System
Many courts are invariably overwhelmed by cases, and there’s a chance the judge will not hear your personal injury case in a timely manner. It’s not uncommon for personal injury lawsuits to last several years.
Even after your motorcycle accident case resolves, it can take several more months to finally receive your settlement or court-ordered award. Pre-settlement funding for a motorcycle accident lawsuit can alleviate worry and provide the cash you need to cover your bills and damages.
Motorcycle Accident Laws that Could Limit Your Award
There are multiple motorcycle accident laws that could have an impact on the amount of compensation you could be awarded at trial, through the insurance company, or by settling outside of court.
The Statute of Limitations
First is the statute of limitations. Each state has its own laws in place that limit the amount of time a person has to file a personal injury claim for a motorcycle accident. If your claim is not filed before the statute of limitation runs out in your case, you will have lost your opportunity to have your case heard by a judge and jury.
Shared Fault Laws
Sharing liability for your motorcycle accident could also have an impact on the outcome of your case. In some states, sharing fault for your injuries prevents you from recovering compensation for your damages.
However, in the majority of states, you can expect your injury settlement to be reduced based on your percentage of liability under pure comparative negligence and modified comparative negligence laws. Your attorney can give you a better idea of what to expect from the outcome of your case, and our loan specialists can give you a better idea of how much we can authorize your loan approval based on these circumstances.
Benefits of Legal Funding
All the legal funding we provide is non-recourse. According to the Internal Revenue Service (IRS), non-recourse means debts that an individual isn’t liable for. In other words, you don’t have to pay back your legal funding if you lose your case.
In addition, qualifying for legal funding is fast and easy. You can be authorized within 24 hours, and we don’t require financial documents or a credit check. All we need are basic details about your personal injury lawsuit and other supporting information.
Qualifying for Pre-Settlement Legal Financing
Since legal funding is non-recourse, you do not need to prove your financial merit or ability to pay us back to qualify. Therefore, the only requirements to apply for motorcycle accident legal funding with us are that you:
- Were injured in a traffic accident that was another driver’s fault (in some states, you can seek compensation even if you were partly to blame for your injuries)
- Are filing a personal injury claim in court against the other driver to seek compensation for your losses
Have an attorney representing you on contingency who agrees to cooperate with your legal funding application and repayment
What to Spend Your Pre-Settlement Funds on
Many times, motorcycle accident victims are seeking legal funding because they are struggling financially. When you access pre-settlement funding, you can use these funds as you need to. Some of the more common types of expenses covered by legal funding for motorcycle accidents include:
- Costs of vehicle repairs
- Costs of a rental car
- Household expenses
- Outstanding debts
- Entertainment fees
- Other necessities or financial obligations
You have the right to use your lawsuit loan however you see fit. It is not up to High Rise Financial or anyone else to monitor or limit what you can spend your pre-settlement funding on. However, keep in mind that when you secure your injury settlement, civil payout, or insurance settlement, your pre-settlement funds will need to be paid back.
Don’t Let Insurance Companies Take Advantage of You
Insurance companies and defense attorneys know that the financial burden you have after an accident can be crippling. They will use this to their advantage by lengthening the settlement process.
The economic pressure you face while your case drags on can become so overwhelming that you have no choice but to settle on their terms. In fact, insurance company representatives will always try to get you to settle for less. This is because their interests lie in saving money by providing you with the lowest settlement they can give.
You should not let them take advantage of your physical and financial state after something as devastating as a motorcycle accident. Instead, you can fight back with pre-settlement legal funding and maximize the amount of compensation you can win.
Talk to One of the Financial Experts at High Rise Financial Today
Legal funding from High Rise Financial can help if you need money quickly to pay off your financial obligations, including medical bills and other expenses. Once you relieve your financial pressure, you and your attorney will be free to fight for the best possible settlement in your motorcycle accident lawsuit.
There is no risk and no obligation when you reach out to our team of financial experts. Contact us today so that we can evaluate your case, calculate your legal funding amount, and have the money in your bank account within one business day.