LYFT ACCIDENT LAWSUIT LOANS
In the US, over a third of consumers (36%) use ride-hailing services like Lyft. That’s the latest figure (2019), representing an increase of 18% compared to 2015’s 15%. – There is a need for Lyft Accident Lawsuit Loans.
Uber is still more popular than Lyft, but the latter’s usage is also on the rise. Indeed, Lyft’s market share of ride-hailing passengers ranges from 29% to 39%.
Unfortunately, this rise in usage has also led to a considerable uptick in Lyft accidents. If you’ve been in one such incident, then know that you may qualify for Lyft accident lawsuit loans.
On that note, we created this guide to help those who’ve been in a Lyft crash know what their legal funding options are. Read on to learn how lawsuit loans for Lyft accident victims can give you a financial reprieve.
A Quick History of Ride-Hailing Accidents in the US
In 2010, there were almost 5.42 million police-reported motor vehicle crashes (MVCs) in the US. These accidents resulted in nearly 2.24 million people sustaining injuries. Worse, they led to the demise of a staggering 32,885 individuals.
Still, according to Government data, MVC deaths in 2010 were the lowest count since 1949.
Then came the arrival of ridesharing companies like Uber and Lyft. Uber came first, launching in San Francisco back in 2010, and then expanding to New York City in 2011. Lyft also started out in SF, but it only did so in 2012.
Since their launch, however, more road crashes and fatalities have occurred in the US. Indeed, since their inception, these two companies have caused a spike of 2% to 3% in fatal MVCs. That’s about 1,100 deadly crashes each year.
Recovery for Losses Through Lyft’s Liability Insurance Coverage
Lyft has its own third-party liability coverage capped at $1 million per accident. This one pays for personal injuries or property damages to the passenger. However, this policy is contingent on the driver itself, and when the crash occurred.
Being “contingent” means that the Lyft driver’s own insurance policy kicks in first. Everyone who drives for the company must have enough personal auto coverage. As such, any claims made against a Lyft driver must go through the driver’s own insurer first.
In this case, the Lyft driver’s personal auto insurance is the primary coverage. Only when the driver’s insurer denies the claim will Lyft’s insurer step up. The same goes if the driver’s coverage isn’t enough to cover all damages resulting from the crash.
Unfortunately, a Lyft driver’s insurer has many ways to deny claims. For instance, it won’t pay unless the driver has a ride-sharing endorsement. Another is if the driver doesn’t have the necessary commercial auto insurance policy.
With that said, you have two main avenues of recovery. The first is the Lyft driver’s own personal auto coverage. If they deny the claim, then you can file with Lyft’s business liability insurance carrier.
What Passengers Should Do After Being in a Lyft Accident
In such instances, you’d potentially deal with four insurance companies. Your own insurer, the Lyft driver’s, Lyft’s, and the insurer of the other driver involved in the crash. All these can be extremely taxing on your part when all you want is to heal and recover from your losses.
Keep in mind that insurance companies can and do deny claims all the time. In the health sector, for instance, there’s a 24% denial rate for claims for chronic illnesses. What makes it worse is that these denied claims are from patients who paid for their coverage.
Things can be much worse in the case of a Lyft accident, as there could be a lot of parties involved. The Lyft driver’s insurer may deny the claim, and the other driver’s insurer may also do the same. Lyft’s insurer could also deny the claim if Lyft drivers were working with their Lyft apps turned off.
As you can see, there are plenty of ways that insurance companies can make your life harder.
Therefore, it’s a wise decision to speak to a personal injury attorney as soon as you can after the accident. A lawyer will take all the confusion out of the claims filing processes. The legal professional will also handle all correspondences with the involved insurance companies.
Most importantly, your attorney will do everything to recover compensation for you. Of course, they’ll make sure that you can recover from every possible avenue. If there’s a possibility of a bigger payout, they may also take your case to court.
What Then Are Lyft Accident Lawsuit Loans?
These lawsuit loans are lawsuit cash advances for Lyft accidents. It’s a type of litigation funding offered to plaintiffs in ride-hailing accident cases. This means that you can apply for one so long as you have a valid and filed case against Lyft (or the Lyft driver).
Lyft accident pre-settlement loans allow plaintiffs to “advance” a portion of their settlement. Let’s say that you’ve filed a claim or sued Lyft and are expecting a $100,000 payment. Litigation funding firms give you access to part of that payment even before you receive it.
The Benefits of Lyft Accident Pre-Settlement Loans
Many cases of car accidents can take months to even a few years to settle. However, keep in mind that you’re dealing with at least three other parties in a Lyft accident. This means that you’re likely to wait even longer to receive the compensation you deserve.
Pre-settlement loans for Lyft accident victims won’t force you to wait that long. If you qualify, you can have the money you need in as little as 24 to 48 hours. The same applies for cash advance loans for Uber lawsuits.
Quick access to funds is only one of the primary benefits of loans for Lyft accident victims, though. Here are a few other reasons that you should consider applying for these programs.
No Settlement, No Loan Repayment
Lyft accident lawsuit loans are non-recourse funding programs. This means that you don’t have to pay back the loan on your lawsuit if you don’t win the case. The lender won’t require you to pay back the cash advance so long as you don’t get anything from the defendants.
High Credit Scores Aren’t Necessary
While referred to as “loans,” Lyft accident settlement loans don’t consider credit scores. Meaning, you don’t need an excellent credit standing to apply and be eligible for one. Litigation funding firms won’t even have to pull your credit report to qualify you.
What pre-settlement lenders require is a valid and meritorious case. They also need borrowers to have legal representation. This means that you need to have an active case filed and handled by an attorney to qualify for the loan.
Remember: lenders take on a lot of risks whenever they issue Lyft accident lawsuit loans. There’s the risk of non-repayment, in case the borrower doesn’t win the case. As such, they also need quality cases with a high chance of winning.
Usual Loan Requirements Don’t Apply
If you’ve ever taken out a bank loan, you know how lengthy the process can be. Numerous requirements, such as proof of income and employment, are a must for such loans. This isn’t the case for pre-settlement loans for a Lyft accident.
Litigation funding firms won’t require you to submit these documents or bank statements. You don’t have to furnish them utility bills or other financial proof banks often require. The most important thing for them is for an attorney to be handling your lawsuit.
Of course, you still need to have a valid bank account. This is where you’ll receive the money from your approved cash advance. Be sure to keep your lines open, too, as the lender will need to get in touch with you after you apply.
Repayment Only When the Lawsuit Settles
Lyft accident lawsuit funding programs don’t come with monthly repayments. You’d most likely only need to pay back the lawyer once throughout the entire duration of the loan. That’s because you only need to pay them back when your case does settle, and you receive the award.
So, you don’t have to worry every month about paying back a cash advance on a Lyft accident settlement. Plus, there’s no pressure on when exactly you have to make the repayment. You only need to do this when you do recover compensation from the defendants.
Don’t Wait for Months to Receive Your Lyft Accident Compensation
As you can see, Lyft accident lawsuit loans can be your saving grace if you’ve been in such an incident. With a lawsuit cash advance, you can tap your settlement way before the court awards it to you. You can then use the money to pay for your accident treatment or restock on your medications.
Whatever you need the money for, you can use your pre-settlement loan to fund it.
If you already have an ongoing Lyft lawsuit handled by an attorney, get in touch with Lawsuit Cash Today. Our team processes applications quickly, so we can send you the funds you need in just 24 to 48 hours.
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