- While there is some variation among the laws in different states surrounding liability for motorcycle accidents, one thing remains the same.
- In most states, if you aren’t at fault for the accident, you are not liable for damages. To recover the damages you suffer, you have to go through the other party’s insurance carrier.
- If your damages exceed a certain amount or you find yourself unable to reach a settlement agreement, you will have to file a lawsuit to recover your damages.
Lawsuits Don’t Always Settle Overnight
Lawsuits, however, can take a long time to settle. Even for experienced lawyers, an estimate of how long a given claim will take to settle is still just that: an estimate.
In the meantime, you have to deal with all the damages you suffered. That’s where problems can arise.
If you have to cover unexpected expenses immediately following your motorcycle accident, your normal budget is thrown out of whack.
How Can I Cope Financially in the Meantime?
Thankfully, we can answer this question. As you wait for your case to settle, you can cope financially with the help of one of Injury Wallet’s partner’s motorcycle accident settlement loans.
With that motorcycle accident loan in hand, you can weather the financial storm as you wait for your case to settle.
Motorcycle accident loans, sometimes called motorcycle cash advances or pre-settlement motorcycle accident loans, are a sort of financial bridge that spans the time between when you first file a lawsuit and when you settle (or win in court).
Motorcycle Accident Fast Facts: Questions & Answers
Motorcycles are an excellent vehicle for hobbyists, commuters, and thrill-seekers. There isn’t much that compares with riding a café racer, scooter, or hog along a winding mountain road.
Unfortunately, like car accidents, motorcycle accidents happen every day. The damage caused by a motorcycle accident often exceeds that of a typical car accident.
Because the damages are sometimes higher, the likelihood that an injured motorcyclist will need to file a lawsuit is greater than that of a typical motorist.
We put together some facts and statistics to illustrate the severity of motorcycle accidents.
How Many Accidents Happen Each Year?
While the number differs from year to year, data from the National Highway Traffic Safety Administration (NHTSA) can give us a snapshot of a two-year period.
NHTSA estimates that 84,000 motorcyclists were injured on U.S. roads in 2019. This, compared to the 82,000 in 2018, represents a two percent increase.
Furthermore, NHTSA data shows that motorcyclists are overrepresented in the data surrounding traffic accidents. That means that motorcyclists—per mile driven—are more likely to suffer injury than car drivers.
What Injuries Are Typical?
Like car accidents, just about any injury can occur in a motorcycle accident. Approximately 80% of motorcycle accidents result in injury or death.
Compare this with roughly 20% in car accidents, and the difference is night and day. The most common injuries in motorcycle accidents are injuries to the feet, shin, and thigh area.
Head injuries are also a common occurrence in motorcycle accidents.
What is the Average Settlement Size?
There is no average motorcycle accident settlement size because there is no average motorcycle accident.
A seemingly infinite number of factors can affect a given motorcycle accident. Those same factors can all apply to an eventual settlement.
How Many Fatalities?
Fatalities are far more common in motorcycle accidents than in typical car accidents.
While motorcycles represent only about 3% of all vehicles registered in the U.S., motorcyclists account for a staggering 14% of all vehicle fatalities each year. In 2019, 5,014 motorcyclists were killed in traffic accidents.
How Many on the Road?
In 2018, there were 8.3 million motorcycles registered in the U.S.
What If I Need to File a Claim but Can’t Afford a Lawyer?
If you need to file a motorcycle accident claim but are unsure about attorney costs, don’t worry. Many car accidents, motorcycle accidents, and personal injury lawyers work on the basis of contingency fees.
In this payment arrangement, you pay your lawyer only when they win or otherwise settle your claim. If they fail to do so, you won’t owe them a dime.
Who Qualifies for Motorcycle Accident Settlement Loans?
To qualify for a motorcycle accident settlement loan, you need to prove just two things. First, that you have an attorney representing you.
Second, that your attorney is filing a lawsuit to recover your claim’s damages. That’s it: our lending partners will contact your attorney to verify the details of your case.
Using that information, they will determine how much you can borrow and at what rate. The higher your claim’s chances of success, the more you can borrow at a better rate.
How Does Pre-Settlement Funding Differ from Other Loans?
Settlement loans differ from traditional loans in one key area: collateral. For most loans, the collateral you put up is the entirety of your assets.
If you default, the lender can seek repayment through any of those assets. This is not the case with lawsuit loans. Lawsuit loans are a form of a non-recourse loan.
With a non-recourse loan, the collateral is very specific. With a lawsuit loan, your collateral is your eventual settlement money. Thus, if you don’t win your case or settle out of court, you won’t owe your lender a penny.
That means that if you work with an attorney based on a contingency fee and don’t win your case, not only will you owe your lender nothing, but you will also owe your attorney nothing.
Ready to See What We Can Do for You?
If you’re ready to see how Injury Wallet can help you, get started with our online application today.
Once you submit your application, the process is quick and easy. Injury Wallet submits your application to the numerous lawsuit lending partners.
We review all of the loan offers that come back to us, then we give you the best interest rate we can find. Our established ties with the nation’s top lawsuit lending firms help us ensure that we get our clients the best rate.
Save yourself the financial uncertainty that often accompanies a motorcycle lawsuit settlement process. Consider taking out a lawsuit loan.
Better yet, save yourself time, effort, and money by letting Injury Wallet do the shopping for you. Get started today!