Tuesday, March 29, 2011

Should I get an Advance on my Personal Injury Case?

A common question your Las Vegas Personal Injury Lawyer gets asked is: Should I get an advance on my Personal Injury case? It can be very enticing to get money up front and many lawyers in Las Vegas promise a check very quickly. But, you have to ask, what price are you actually paying for a small check up front? A lot!

In your Las Vegas Injury Lawyer's experience, most cash advances are in the $500 to $3,000 range. Most funding companies charge a 4% interest rate. 4% sounds really low doesn't it? But, what they don't tell you is that, that 4% is added monthly, not yearly. That means, if you get a $3,000 cash advance, you will probably pay the cash advance company $10,000 or more when your case is over!

In cases where your Personal Injury Lawyer in Las Vegas has been able to convince clients that a cash advance is not the way they want to go, they are very thankful at the end of their case, since they have more money left over for them! When some of your Personal Injury Lawyer's clients do get cash advances, they are disappointed at the end of their case, because most of their money ends of going to the cash advance company and not them!

The lesson, do not get a cash advance! If you are having financial difficulties, temporarily moving in with family or friends is a good idea! Next time, we will discuss the process of getting your car fixed and getting a rental car after a car accident.

Thursday, March 10, 2011

What Is Underinsured (UIM)/Uninsured (UM) Motorist Coverage and Why Should Have It?

What is Underinsured (UIM)/Uninsured (UM) Motorist Coverage and why should I have it? This is common question that your Las Vegas Personal Injury Lawyer gets asked frequently. UIM stands for "Under Insured Motorist" coverage. UM stands for "Uninsured Motorist" coverage. What does that mean? It means, if the person who caused your accident does not have any insurance or has very little insurance, UIM and UM coverage protects you. If you have just basic insurance, you are protecting everyone else on the road, except you! Most people think that they are "fully" covered, but if you do not have Underinsured (UIM)/Uninsured (UM) Motorist Coverage, you are driving around naked!

When this happens most frequently is when someone else causes an accident you are in, and drives off, resulting in a hit and run. If you do not have Underinsured (UIM)/Uninsured (UM) Motorist Coverage, you will recover nothing. It is also very common for people to let their insurance lapse, so if they are in an accident, the only part of your policy protecting you is your Underinsured (UIM)/Uninsured (UM) Motorist Coverage. Also, if the other person who caused the accident had low insurance limits and you need more coverage, Underinsured (UIM)/Uninsured (UM) Motorist Coverage will kick in once the other person's insurance is maxed out.

So, your Las Vegas Personal Injury Lawyer will tell you to look at the Declarations page of your insurance policy, the page that tells you what types and how much insurance you have. If you do not see UIM or UM listed, contact your insurance agent and add it. Your Las Vegas Personal Injury Lawyer recommends Underinsured (UIM)/Uninsured (UM) Motorist Coverage limits of $50,000 or above. Next time, we will discuss advance on your potential settlement.