Provident provides some of the lowest rates in the industry on commercial vehicle accident lawsuit loans. Broadly, your claim falls into this category if it involves a business vehicle or business employee carrying a large insurance policy.
Some common types of commercial car accidents are:
If you have been in an accident while in one of the aforementioned vehicles then you are entitled to compensation. Even if liability is clear, it can take months or even years for your case to settle. Don’t your lawsuit be the source of financial stress. Seek out a cash advance with Provident legal funding. We can get you vehicle accident lawsuit loans within 24 hours of approval.
Approval factors for commercial auto accident lawsuit loans
Legal funding is granted to individuals on a case-by-case basis. However, there are several factors that determine whether or not you will qualify for lawsuit loans. These factors are liability, insurance, and damages.
Liability is who is at fault for the commercial vehicle accident. This means there are several parties who are potentially at fault for the accident.
- The commercial vehicle driver
- The commercial vehicle
- The passenger vehicle
If liability is on the passenger driver, then the amount you can receive is linked to the policy limits. This means that if the other driver does not have insurance, you will need to rely on your own UM insurance.
If liability is clear (i.e. the commercial defendant was clearly at fault), your case will likely settle before trial. In fact, in the case of some high-profile ride-sharing companies (Uber and Lyft), they’ve settled every personal injury claim against them prior to trial. Read more about why ride-sharing companies settle claims instead of litigating on our ride-sharing accident page.
In order to qualify for legal funding, the defendant needs to have insurance. The insurance policy is what will cover all of your bills, your future medical expenses and any property damage.
Therefore if there is not any insurance then you will not be able to pursue the defendant. You will instead have to use your own company in order to cover the damages with UM coverage. If there is not enough UM coverage to handle all of your financial needs you may pursue a case against your insurance provider.
Damages are considered as the following:
- Pain and suffering
- Loss of consortium
In order to qualify for legal funding, you need to have sustained damages. Typically a case has a higher value if there has been some sort of medical damage. This can be in the form of treatment (chiropractic, physical therapy, etc.) or surgery and injections. The other forms of damages can be calculated and added to the total value of the accident.
In terms of available data, there is not much for crashes when it comes to rideshare agencies (Uber and Lyft). Due to the infrequent use of taxis in America in the modern-day, there is not available data outside of the city of New York.
However, Uber has released a report stating that between the years 2017 and 2018 there were a total of 97 fatal crashes. Of those crashes, there were a total of 107 fatalities.
As stated in the IIHS, in 2018 there were a total of 4,136 people who were in fatal crashes with commercial trucks ( trucking companies).16% were truck drivers, 67% were occupants of passenger vehicles, and 15% were pedestrians, bicyclists, or motorcyclists. This shows just how deadly commercial vehicle accidents can be.
The fatality rate for truck accidents in 2018 is 31% higher than it was in 2009. The death rate for truckers due to these accidents is 51% higher.
For some commercial vehicles (Uber, Lift, Taxis) the causes for the accident are the same as typical accidents. Theses include:
- Drowsy driving – falling asleep, even if for a second, while at the wheel
- Speeding – driving over the speed limit
- Distracted driving – texting, eating, drinking, or talking on the phone while driving
- Intoxicated driving – drinking while driving also accounts for driving while under the influence of drugs
For different commercial vehicles, typically those that are on the larger side, such as buses and trucks, have different common causes for accidents.
- Rollover – due to an array of events, a truck or bus flips over
- Fatigued driver – some drivers are required to make long trips with few breaks
- Faulty vehicle – the vehicle does not have proper maintenance, which causes engine fires, wheels to burst, etc.
- Poor training – a special license is required in order to drive a bus or truck, but sometimes companies rush training and have poorly retained drivers on the road
- Improper cargo – cargo stored on trucks is done improperly causing it to dislodge while driving
As you can see there are many reasons why commercial vehicles have accidents. Most commercial vehicles have large insurance policies due to them being a part of companies.
How much is my commercial vehicle accident worth?
It is difficult to calculate the value of your commercial vehicle accident. It depends on the insurance company that you have to go against. In order to determine the value of the case, insurance companies use the following:
- At-fault – who was at fault? Was it a commercial vehicle?
- Medical treatment – did you receive any treatments for your injuries
- Policy limits – what policy limits does the insurance company have
- Any other plaintiffs – were there any other people injured in the accident
This personal injury claim has the potential to have a settlement range between 5,000 and multiple millions of dollars.
Generally, Provident legal funding can grant 10%-20% of your total settlement. As such, commercial vehicle accident lawsuit loans have the potential to be extremely high, in order to make the high case value.
Commercial accident vs private vehicle accidents
Other than the insurance policies there are several other differences between typical car accidents and commercial car accidents. Below we have detailed some of the primary differences.
Depending on what commercial vehicle you are in, the type of injuries can be extremely severe. This is particularly true if you are in a larger vehicle such as a truck or a commercial bus.
Common injuries for these include:
- Traumatic brain injury – injury in the brain that can result in permanent damage
- Spinal cord injury – an injury to the spine that typically results in paralysis from the affected area down
- Broken bones – bones are broken or shattered as a result of the impact
- Lacerations – cuts from flying debris during the accident
- Scarring – scarring as a result of the accident also known as permanent disfigurement
These injuries are common due to the weight of the vehicles. The larger the vehicle the more damage it can do to an individual.
Statute of limitations
The statute of limitations for certain commercial vehicles is also different. Due to some commercial vehicles being government-insured, the statute of limitations may be shorter than the statute of limitations for typical car accidents.
This is why as soon as it is safe for you to, you should file your claim if you are in a commercial vehicle accident.
Some commercial vehicles, particularly buses, can cause injury even if there is not an accident. That is because this type of vehicle makes any sudden, abrupt stops that can cause someone to fall.
Additionally, someone can slip on uncleaned spills or be injured by faulty ramps.
What benefits does Provident Legal funding offer for my accident lawsuit loan?
There are many benefits to receiving a lawsuit loan from Provident legal funding. This is because we offer some of the best prices in town.
- Online – our entire process is online, you never have to worry about paper funds
- No win/ no pay – if you do not win your settlement, you get to keep the pre-settlement funding on us
- Fast approval – we offer approval in as little as 24 hours. We will get you approved between 24 and 48 hours
- Larger settlement – with legal funding from us, you’ll be able to get a large settlement because you will be able to stay in your case longer
- Direct transfer – once you are approved will transfer your pre-settlement funding to you same day
- Attorney cooperation – we work with your attorney to make sure you get your legal funding as quickly as possible
What is the step-by-step process for commercial vehicle accident lawsuit loans?
There is a fairly simple process in order to receive a cash advance from provident legal funding. You can have your cash advance within 24 hours of approval. Below we have detailed the steps it will take to receive pre-settlement funding from provident legal funding.
- Apply – apply online or call to speak to one of our case managers
- Contact – we contact you for additional information and get in contact with your attorney
- Review – after correspondence with your attorney we review your case
- Legal funding – we get you your pre-settlement funding
We offer four methods that you can use in order to receive your lawsuit loan. These are the following methods that we offer funding transfer:
- Direct wire
- Western Union
- Overnight check
After those four simple steps, you choose the method you want to receive your lawsuit loan.
Is my commercial vehicle accident lawsuit funding a loan?
While lawsuit loan and traditional loan both have the word “loan” in them, they are not the same thing. There are several key differences between the two of them.
- Must be paid back repaid regardless of case outcome
- Outrageous interest rates
- Loan sharks
- Monthly interest
- Repayment is contingent on the success of your case
- Simple, non-compounding rates
- You are not in charge of repayment
- Rates only charged once every six month
- Never pay more than twice your funding amount
Legal funding on commercial vehicle accident claims
Even if it is early in your claim and policy limits are unknown, we can still provide funding. Because pre-settlement funding companies know that there is a larger policy at play, they are only concerned with liability and damages.
One of the most important parts of a pre-settlement funding request on a motor vehicle accident claim is a traffic accident report. After most crashes involving injury, the responding police officer will interview both drivers and any witnesses, document their findings, and try to assign fault.
If you suffered injuries as a result of the accident and the other party was at-fault for the crash, you are very likely to be approved for pre-settlement funding. The amount of funding you qualify for depends on your injuries and treatment to-date.
Injured and need cash to get-by? Provident can help. We can get you funding within 24 hours.