A Florida car accident loan can help a victim endure the aftermath of a harrowing experience that combines with the uncertainty of the financial condition he is facing. This is especially true if the family relies on him as the main breadwinner.
Actually, regardless of the state you’re in, a car accident is undoubtedly a difficult experience to encounter. In Florida and other US states, the decision on how much a person stands to receive as economic and non-economic compensations must be in accordance with the no-fault rule.
What Exactly is the No-Fault Rule?
Under Florida’s No-Fault Rule, victims can file a lawsuit against the at-fault driver only if the amount of injuries and damages exceed the amount of insurance coverage protecting the vehicle. In such cases, the victim along with his beneficiaries, are entitled to seek additional compensation known as compulsory damages.
Such damages include financial compensation for the economic and non-economic hardships and disruptions brought about by the car accident.
The No-Fault rule requires the court to determine the level of fault that each party to the accident is answerable in terms of actions. The rule adheres to the principles of the Comparative Negligence law, which is used to determine the monetary reward the victim can claim as compensation.
Apparently, the level of negligence and carelessness exhibited by both the victim and the driver during the accident will determine the amount that will be awarded as compulsory damages.
Under the No-Fault Rule, the driver of the “at-fault” vehicle still stands to receive compensation that he can use for damage-recovery. This remains true even if the investigation showed that the driver was 99% at fault.
However, the circumstances and processes by which economic and non-economic compensatory damages are awarded can prolong the time it takes for the victim to actually receive the proceeds.
In the meantime, medical and hospitalization bills continue to add up. Basic household necessities such as food, house rental and utility costs are in danger of losing funding; not unless the settlement of the compensatory damages can be resolved immediately.
Significance of the Help Lawsuit Loan Companies Provide to Car Accident Victims
Fortunately for the victims of serious automobile accidents, there are corporate entities that offer lawsuit loans to help victims meet their financial needs while still unable to work. Rather than wait for a Florida court to decide on the types and amounts of compulsory damages to award, the lawsuit loan company will advance the payment of the settlement.
The arrangement is no -risk on the part of the car accident victim since payment of the lawsuit loan will come from the pending settlement,
Yet the lawsuit loan company takes the risk of not receiving compensation at all or receiving compulsory damages in an amount lower than what was advanced to the victim. Nevertheless, a lawsuit loan company cannot collect payment from the victim as part of the terms and conditions agreed upon.by both parties.