Are you struggling to cope while your car accident settlement is taking time to resolve? Although pursuing a lawsuit or insurance settlement can be time-consuming, ultimately, it is the best way to ensure that you recover maximum compensation and hold the liable party accountable.
There are many reasons why car accident settlements can be delayed. With help from High Rise Financial, you can get an advance on your settlement so you can escape financial instability. Apply now or contact our loan specialists to learn more about the application process for car accident settlement legal funding.
In This Article
Accounting for Your Medical Expenses
One of the top reasons why it may take so long for your car accident settlement to be processed is because your attorney will need to account for all of your medical expenses. Going through all of your medical records, bills, and other related documents can take a considerable amount of time.
Since you may have tens of thousands or even hundreds of thousands of dollars in medical debt due to your injuries, it is essential that your attorney account for every loss. Some of the more common types of medical expenses that should be included in your car accident settlement include:
- Mental health counseling fees
- The costs of your physical or occupational therapies
- Your prescription medication fees and co-pays
- Your doctor’s appointment co-pays
- Your ambulance bills
- The costs of diagnostic imaging
- The costs of your medical treatment
- Transportation fees
It is also important to consider your future medical expenses. Depending on the severity of your injuries, you may wind up requiring medical treatment and care for the foreseeable future. It will be of utmost importance that your attorney considers your prognosis when calculating the value of your car accident settlement.
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What Is Maximum Medical Improvement (MMI)?
Maximum medical improvement (MMI) refers to the point at which someone becomes fully recovered from their injuries or reaches the point where they are not expected to improve any further.
Although you do not necessarily need to reach MMI to obtain your car accident settlement, doing so can help ensure that you are compensated fairly for your damages. This is because your attorney will need to ensure that you were compensated fairly for the injuries you sustained, your existing treatment, and future medical care.
If you were to attempt to settle your car accident case before reaching MMI or without understanding your anticipated future losses, you could settle for less than you ultimately deserve or wind up having out-of-pocket expenses in the future.
The Value of Your Car Accident Settlement
In any car accident case where the value of your settlement is high, it may take longer to settle your claim. This is, in part, because extensive property damages, exorbitant medical expenses, and considerable noneconomic damages can cause the negotiation process to stall.
Insurance companies are not going to want to pay out to the max if they can avoid it. Your attorney can help to ensure the insurance company does not trick you into settling for less than your claim is worth.
Dealing with the Insurance Company
Insurance companies are profit-driven. They will nearly always prioritize their own financial interests over that of their claimants or policyholders. You can expect the insurance company to go through your claim with a fine-toothed comb, looking for opportunities to reduce your settlement, delay the processing of your claim, or deny your entitled compensation.
The insurer may also blame you for causing the accident in an attempt to reduce their financial obligation. Hiring a car accident attorney to handle the negotiations process on your behalf may be the only way to ensure fault is evaluated accurately in your case.
When to Accept an Insurance Company Settlement Offer
Although you may be struggling financially, accepting an insurance company’s settlement offer may not always be in your best interests. Before you accept an offer from the insurance company, make sure you contact your car accident lawyer to review it.
Your attorney can give you a better idea of whether the settlement is fair and reasonable, or whether you should renegotiate the terms of the settlement. If the insurer refuses to settle your claim fairly, your attorney will be prepared to move forward with a lawsuit against the liable party and ensure the insurance company is held accountable for its financial obligations.
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What to Do When Your Settlement Is Delayed
If your car accident settlement has been delayed for any of the previously mentioned reasons or for another reason entirely, you may be having trouble making ends meet.
Fortunately, when you contact High Rise Financial, you can get the financial help you need when you need it most. Obtaining a car accident lawsuit loan may be in your best interest. To qualify, you must:
- Be 18 years or older
- Have a lawyer
- Expect a car accident settlement
Our loan specialists will contact your car accident attorney to learn more about your case and determine how much we can approve car accident legal funding. In many cases, we have the potential to authorize up to 20% of your anticipated payout. Learn more about the lawsuit loan application process and what to expect from your case when you contact High Rise Financial today.
Contact High Rise Financial to Discuss Pre-Settlement Funding for Your Car Accident Lawsuit
When your car accident settlement is taking far longer to resolve than you previously thought, obtaining a car accident lawsuit loan may be in your family’s best interests.
Contact your attorney to find out whether pre-settlement funding could be a good fit for you. When you are ready to apply, reach out to our team at High Rise Financial with questions and concerns. You can apply now, call our office, or fill out our online contact form to get started.