Car Accident

Understanding Funding Options for Car Accident Claims in Washington State

Posted on by Fast Funds
Understanding Funding Options for Car Accident Claims in Washington State (2)
11
Jul

Navigating the aftermath of a car accident can be overwhelming, especially when dealing with medical bills, vehicle repairs, and lost wages. In Washington State, victims of car accidents have various funding options to manage these expenses while pursuing their claims. Understanding these options can provide relief and allow individuals to focus on recovery. This discussion explores the available funding solutions, including personal injury protection, medical payment coverage, third-party liability claims, and litigation funding.

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Personal Injury Protection (PIP) Insurance

Personal Injury Protection, commonly known as PIP insurance, is a no-fault coverage option available to drivers in Washington State. This type of insurance is designed to cover medical expenses, lost wages, and other related costs regardless of who is at fault in the accident. PIP insurance can be a crucial source of immediate financial support, enabling accident victims to receive necessary medical treatment without waiting for the resolution of their claims. Washington State law requires insurance companies to offer PIP coverage as part of their auto insurance policies. While drivers can choose to reject this coverage in writing, having PIP insurance can provide peace of mind and financial stability following an accident. PIP coverage typically includes medical expenses, lost wages, rehabilitation costs, and even funeral expenses in the event of a fatality. This type of coverage ensures that accident victims have access to funds for their immediate needs, reducing the financial burden during a challenging time.

Medical Payment Coverage (MedPay)

Another funding option for car accident claims in Washington State is Medical Payment Coverage, also known as MedPay. Similar to PIP insurance, MedPay covers medical expenses resulting from a car accident, regardless of fault. However, MedPay does not typically cover lost wages or other non-medical expenses. MedPay can be particularly beneficial for accident victims who do not have health insurance or whose health insurance may not cover all the necessary treatments. By providing coverage for medical bills, MedPay helps accident victims avoid out-of-pocket expenses and ensures they receive timely medical care. In Washington State, MedPay is an optional coverage that can be added to an auto insurance policy. It is important for drivers to consider this option when purchasing their insurance, as it can provide an additional layer of financial protection in the event of an accident.

- WHAT CLIENTS ARE SAYING -

In June, my wife and I asked our attorney about giving us a loan against any settlement proceeds from our case. He told us that the state bar does not
permit lawyers to participate in the financing of clients. The offer of settlement was very low so the case needed to be filed in court. I called Fast Funds. Within 24 hours, I had entered into an agreement with them, selling a very small portion of the anticipated proceeds to them in exchange for immediate financing. Now my suit is in court and I don't have to worry about money until it's outcome. Thank god for Fast Funds
B.G.
As a result of the advances you have made to our client, we were able to refuse an extremely low settlement offer and take the case to court. We settled the day of the trial for a very generous sum. Had there been no advances by Fast Funds, our client would have had no choice but to accept the inadequate offer since he was in severe debt due to his inability to work. Thank you for your helpful assistance in providing our client with the ability to persevere.
C.F.
I was involved in an accident which took my left leg. I was forced to live homeless for eleven months. Thanks to the Fast Funds people advancing money. I now live in an apartment,I am walking on a prosthetic and otherwise getting my life back together, even though my attorney has not yet settled my lawsuit. I don't know what I would have done for money because the insurance company has offered nothing so far.
A.R.S.
I was involved in an auto accident which caused me to suffer a herniated disc. Because of this injury, I was forced to miss many months of work. I had no income and no place or person to turn to for money. My attorney told me he was unable to help with any financing and the insurance company was refusing to settle the case. I turned to a company called Fast funds. They immediately reviewed my file and took the financial pressure off by providing me with interim financing. I am now able to wait for as long as it takes for my lawyer to achieve a successful result in my case. Without the financial involvement of Fast Funds, I don't know what I would have done.
K.P.
I wanted to thank you for your sensitivity in helping me cope through a very difficult time in my life. Without your help, I would have been unable to pay my rent , forcing my wife and children to be put on the street. I have not been able to return to work and I was tempted to accept the insurance company's very low offer to settle, even though I knew it was not fair or reasonable. You have given me the ability to withstand the financial pressures. Thanks for your help. I will never forget it
C.S.
I have in the past referred clients to Fast Funds Inc., a non-recourse company. The experience of my clients
and my firm were totally positive. Fast Funds was responsive to the clients financial and emotional needs, provided the necessary emergency money and did not interfere in any manner with my handling of the cases. The clients, without my input, negotiated the advance directly with the company. In each case, they were completely satisfied with the final result of the case, including the amount of profit earned by Fast Funds. Non-recourse funding is clearly a valuable tool to the plaintiff's attorney.
M.J.L.
"I am writing to recommend the valuable assistance of the Fast Funds Inc., a company that provided interim funding to financially needy clients. They help to insure that a case will be brought to a successful resolution. A good case in point is when I was offered $75,000.00 for a seriously injured client. Had she not been able to take advantage of the advance financing offered by Fast Funds, I would have been forced to take the money. As it turned out, because my client now had the financial ability to withstand the pressures of time, I tried the case to a jury and received a verdict of $315,000.00.
M.S.D.
It is my belief that non-recourse companies, such as Fast Funds, the company to whom I refer my needy clients, perform an invaluable service to both the client and the attorney. Simply put, it is common knowledge that one of the tools negotiation utilized by insurance companies is time. Offering
considerably less money than the actual case value to a client in desperate need of funds while the case is pending, gives the insurance companies a tremendous advantage. This advantage is minimized and the playing field is leveled when the client has the ability to obtain funds for a minimal portion of the anticipated proceeds. Many times, with no prospects of income, an injured party will settle the case for whatever offer is made.
R.J.F.

Third-Party Liability Claims

When a car accident occurs due to the negligence or fault of another driver, the injured party can file a third-party liability claim against the at-fault driver’s insurance company. This type of claim seeks compensation for medical expenses, property damage, lost wages, and other related costs. In Washington State, drivers are required to carry liability insurance to cover damages they may cause to others in an accident. Third-party liability claims involve a thorough investigation to determine fault and assess the extent of damages. It is essential for accident victims to gather evidence, such as police reports, witness statements, and medical records, to support their claims. Working with an experienced attorney can significantly enhance the chances of a successful third-party liability claim, as legal professionals can navigate the complexities of insurance negotiations and ensure that victims receive fair compensation.

Litigation Funding

In some cases, car accident claims may take an extended period to resolve, especially if the case goes to court. During this time, accident victims may face financial strain due to ongoing medical expenses and lost income. Litigation funding, also known as lawsuit loans or pre-settlement funding, can provide a viable solution in such situations. Litigation funding companies offer cash advances to accident victims based on the anticipated settlement or judgment amount of their claims. These advances can be used to cover medical bills, living expenses, and other financial needs while waiting for the case to conclude. Unlike traditional loans, litigation funding is non-recourse, meaning that if the case is unsuccessful, the borrower does not have to repay the advance. This type of funding can alleviate financial stress and allow accident victims to focus on their recovery and legal proceedings. It is important to carefully consider the terms and fees associated with litigation funding, as they can vary between providers. Consulting with an attorney can help accident victims make informed decisions and select reputable funding companies.

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Health Insurance and Medical Liens

For car accident victims who have health insurance, their policies can cover medical expenses related to the accident. Health insurance can provide a safety net, ensuring that necessary treatments and procedures are covered without significant out-of-pocket costs. However, it is important to be aware of potential medical liens that may arise in these situations. A medical lien is a legal claim made by a healthcare provider or insurance company to recover the costs of medical treatment from any settlement or judgment received by the accident victim. In Washington State, medical liens are governed by specific laws and regulations, and it is crucial for accident victims to understand their rights and obligations. Working with an attorney can help navigate the complexities of medical liens and ensure that accident victims receive fair compensation while addressing any outstanding medical bills.

Uninsured and Underinsured Motorist Coverage

In cases where the at-fault driver does not have sufficient insurance coverage or lacks insurance altogether, uninsured and underinsured motorist coverage can provide essential financial protection. Uninsured motorist coverage (UM) and underinsured motorist coverage (UIM) are optional coverages that drivers can add to their auto insurance policies in Washington State. UM coverage compensates for damages caused by a driver who does not have insurance, while UIM coverage applies when the at-fault driver’s insurance is insufficient to cover the full extent of the damages. These coverages can be invaluable in ensuring that accident victims are not left with significant financial burdens due to another driver’s lack of adequate insurance. By including UM and UIM coverage in their policies, drivers can protect themselves and their passengers from potential financial hardship in the event of an accident.

Government Assistance Programs

For accident victims facing financial difficulties, government assistance programs may offer support. In Washington State, programs such as Medicaid and the Washington Apple Health program provide healthcare coverage to eligible individuals, including those with low income. These programs can help cover medical expenses related to car accidents, ensuring that victims receive necessary treatments without incurring significant costs. Additionally, social services and community organizations may offer assistance with other financial needs, such as housing, food, and transportation. Exploring these resources can provide valuable support during the recovery process and help accident victims regain stability.

Settlement Negotiations and Structured Settlements

When pursuing a car accident claim, settlement negotiations with the at-fault driver’s insurance company are often a critical step. During these negotiations, accident victims and their attorneys work to reach an agreement on the compensation amount that adequately covers medical expenses, property damage, lost wages, and other related costs. Structured settlements can be an effective option for receiving compensation. In a structured settlement, the settlement amount is paid out in periodic installments rather than a lump sum. This approach can provide a steady stream of income to cover ongoing medical expenses and living costs. Structured settlements can be tailored to meet the specific needs of the accident victim, providing financial security and stability over time. It is important to carefully consider the terms of a structured settlement and work with an experienced attorney to ensure that the settlement meets the victim’s needs and circumstances.

The Role of Legal Representation

Navigating the complexities of car accident claims and funding options can be challenging, and having legal representation can significantly improve the outcome of a claim. Attorneys specializing in personal injury law understand the intricacies of insurance policies, settlement negotiations, and legal proceedings. They can provide valuable guidance, advocate for fair compensation, and handle the administrative and legal aspects of the claim, allowing accident victims to focus on their recovery. An attorney can help gather evidence, assess damages, negotiate with insurance companies, and, if necessary, represent the victim in court. By working with a legal professional, accident victims can ensure that their rights are protected and that they receive the compensation they deserve.

Choosing the Right Funding Option

Selecting the appropriate funding option for a car accident claim in Washington State depends on various factors, including the extent of injuries, available insurance coverage, and financial needs. It is essential for accident victims to evaluate their options carefully and make informed decisions. Consulting with an attorney can provide valuable insights into the best course of action and help identify the most suitable funding solutions. By understanding the available options, accident victims can navigate the financial challenges of their claims and focus on their recovery with confidence.

If you or a loved one has been involved in a car accident in Washington State and need financial support to manage medical expenses, lost wages, and other related costs, Fast Funds is here to help. Our experienced team understands the challenges you face and is dedicated to providing the funding solutions you need. Contact Fast Funds today to learn more about your options and receive the financial assistance you deserve. Let us help you navigate this difficult time and ensure that you have the resources to focus on your recovery.