Motor vehicle accidents are some of the most common ways individuals suffer injuries and deaths across the United States. When another party is responsible for causing your injuries, you can hold them accountable for their negligence actions by filing a claim with The insurance company or pursuing a civil lawsuit against them.
When your car accident involved a company vehicle, you may be wondering how much your compensation could be affected. While the legal details are worked out, you may be struggling to cope financially. Do not hesitate to contact High Rise Financial if you require an advance on your car accident settlement.
Liability for Car Accidents Involving a Company Vehicle
Establishing fault after a car accident is essential if you hope to recover compensation for your damages. Generally, car accidents occur due to one of the following:
- Defective parts
- Dangerous roads
- Distracted driving
- Impaired driving
- Failure to yield or stop
- Other unsafe driving practices
Your attorney will need to closely evaluate the way in which your accident occurred to accurately determine who is responsible for your injuries. If your car accident involved a company vehicle, there are several potential ways your case could be handled.
First, if a company employee was on the job at the time of the accident, not only could the employee be held accountable, but the company employing the liable party could also be responsible. If the accident occurred off work hours, the employee’s company may also be held accountable if the driver was operating a company vehicle.
Cases of this nature can be particularly complex due to the fact that there may be multiple parties who could share liability for your damages. However, if your attorney can identify all liable parties, it is more likely that you will recover maximum compensation for your damages.
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Recoverable Damages After a Car Accident
After a car accident involving a company vehicle, your attorney will need to go over how your life has been affected by your injuries and the car accident event to calculate the value of your claim. A portion of your damages could be recovered through the insurance company.
However, insurance settlements typically only cover property damages and medical bills. Furthermore, insurance settlements only cover compensation up to the amounts of coverage purchased by the policyholder. If your damages exceed these limits, filing a lawsuit may be the only way to recover maximum compensation for a company car accident.
Examples of damages you have the right to recover through an insurance or civil claim could include:
- Medical expenses and equipment fees
- Any property damage fees or replacement costs
- Loss of current and future earnings
- Loss of consortium and reduced quality of life
- Pain and suffering and emotional distress
It is also possible that you could be awarded punitive damages after a company car accident. For example, if a company was grossly negligent in its care of the company vehicle, it could be ordered to pay punitive damages. However, every state has different laws in place regarding punitive damages and when they can be awarded.
As a general rule, never expect to be awarded punitive damages, as they are not compensable losses.
How Damages Are Paid Out
There are multiple ways in which car accident victims can recover compensation. Filing a claim with the insurance company may be in your best interests.
However, whether you file a claim with your own insurance or that of a liable party will vary depending on whether the state you live in is fault-based or no-fault-based and whether you purchased your own no-fault coverage.
When you have excess damages the insurance company will not cover or is not financially obligated to, you could recover compensation at trial. If the court fines the defendant liable for your company car accident, the liable party will then be ordered to cut you a personal injury check.
How Long Does It Take to Access Your Benefits and Compensation?
It is difficult to say how long it will be before you can access the compensation and benefits you deserve after a car accident with a company vehicle. However, there are many factors that will be taken into account, such as:
- Whether you are receiving an insurance settlement or payout from a trial verdict
- Whether the liable party has access to the compensation they need to pay you
- How long the court has given the defendant to pay out on your claim
- Whether the defendant has made the choice to appeal the decision in your personal injury claim
Depending on the specific circumstances of your car accident claim, it could be months or even longer before your settlement comes in. Once your settlement comes in, your attorney will need to use your funds to cover your medical expenses, work with the health insurance company, cover your attorney’s fees, and other outstanding debts that could have a negative impact on your life. The remaining balance will then be sent to you to use as you wish.
However, if you are hoping to avoid additional financial distress while you wait for your car accident settlement to be paid, you may consider taking out a pre-settlement lawsuit loan. High Rise Financial loan specialists can go over your expected payout, provide you with a portion of your car accident funds in advance, and help you put your financial insecurity behind you.
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Although being struck by a company car will not inherently increase the amount of compensation you could be awarded, since there are multiple parties who could share liability, the odds are increased that you could be awarded there and just compensation for your damages.
While you are waiting for your car accident settlement to be funded, reach out to our loan specialists at High Rise Financial to discuss your opportunities for a car accident lawsuit loan. Fill out our quick contact form or call us to apply today.