In short, yes— rideshare passengers may qualify for pre-settlement funding. Just because your car accident occurred in an Uber, Lyft, or other rideshare vehicle does not affect whether you may qualify for pre-settlement funding. Uber and Lyft maintain insurance coverage of up to at least $1 million when the driver is carrying passengers or en route.
A Lifeline While You Wait…
While coverage for your injuries may be available, standard liability issues and demand disputes will play out as in any other type of car accident. For rideshare passengers, pre-settlement funding can help cover necessary expenses until the settlement is received.
Pre-settlement funding is not a traditional loan. There is no credit check or monthly payments. Think of it as a cash advance on your future settlement, which will be repaid when the settlement arrives. Because pre-settlement funding is non-recourse, you do not have to repay the money if, for some reason, a settlement does not happen.
Rideshare Accidents
Rideshare liability coverage depends on what the driver was doing at the time of the collision. All rideshare drivers must carry at least the minimum liability coverage required by their state. If the accident occurs when they are not logged onto the rideshare app, only their personal insurance applies.
If the driver is online and available for a trip at the time of the crash, their rideshare company generally provides at least $50,000 per person and $100,000 in coverage if the driver is at fault. The million-dollar coverage applies when the driver is either en route to pick up or transporting a passenger.
Like all motor vehicle accidents, every rideshare accident is unique. More than one party may prove liable, and the investigation can lengthen the settlement process. In the meantime, accident victims may not be able to work or take care of their families, and bills pile up. Pre-settlement funding offers a lifeline to those needing money to pay basic expenses, though it can be costly.
Qualifying for Pre-Settlement Funding
To qualify for pre-settlement funding, you must have an active personal injury lawsuit pending and a lawyer representing you. When filling out the online application, the lawyer’s contact information must be included. Your attorney must agree to cooperate in order to secure pre-settlement funding.
This is how pre-settlement funding works: The funding company consults with your attorney to determine the merits of your case and the expected settlement. After obtaining the necessary documentation from your lawyer, such as medical records and police reports, the funding team evaluates your case and decides whether to provide litigation funding. If the application is approved, a funding agreement is forwarded to your attorney, who reviews it and discusses it with you.
Talk to Your Car Accident Attorney About Pre-Settlement Funding
As your legal representative, your attorney is charged with looking after your best interests. They know the details of your case and, after review, can help determine whether pre-settlement funding is the right choice in your situation.
Though the final decision about whether to accept pre-settlement funding ultimately rests with you, both you and your lawyer must sign the pre-settlement funding agreement. Once the agreement is signed and received, expect funding disbursement within 24 to 48 hours.
Contact Us
If you suffered serious injuries during a rideshare accident and need funds to stay afloat until the settlement, Mustang Funding can help. Learn more from our ultimate guide to pre-settlement funding.
About Mustang Funding
Mustang Funding, founded in 2018 and based in Wayzata, MN, is a litigation finance company dedicated to empowering individuals and law firms nationwide with transparent and innovative financial solutions. With over $170 million funded, 10,000+ checks issued, and more than 3,000 cases financed, Mustang provides plaintiff pre-settlement funding, law firm financing, and commercial funding to meet diverse client needs. Their commitment to transparency, integrity, and expertise sets them apart, offering tailored financial support to plaintiffs, businesses, and legal professionals. By bridging capital gaps and fostering access to justice, Mustang Funding continues to lead the legal asset investment industry with a strategic, inclusive, and forward-thinking approach.
