Car accidents can cause a lot of damage. This damage can occur to your personal property, namely your vehicle, and can result in serious injuries to you and your loved ones. The costs of these damages will quickly add up. Lost time off work, medical bills, and car repairs can add up quickly. This is especially problematic when the driver that caused the accident is uninsured or underinsured. How can you get the compensation you need to make yourself and your family whole again?
There are ways to handle a situation in which the other driver is uninsured or underinsured. The attorneys at accidentdenver.com are highly experienced in getting the victims of car accidents the financial compensation they deserve.
Uninsured or Underinsured Motorist Coverage
Under Colorado state law, all drivers are required to carry auto insurance coverage on their vehicles in order to legally drive. However, just because it is the law, it does not mean that every driver actually has insurance. Even when they do, they may carry only the minimum, which very often provides too little coverage to actually cover the cost of the damages they caused.
An uninsured motorist (UM) is defined as a driver of a vehicle that has no insurance coverage at all. An underinsured motorist (UIM) is a driver that has insurance, but the amount of that insurance is insufficient to cover all of your damages.
A UM/UIM insurance policy is carried by the victim of the accident within his or her own insurance policy. It is a clause that provides coverage (or additional coverage) in cases where the driver that caused the accident is uninsured or underinsured. This helps to protect you from having to cover costs such as:
- Medical bills
- Future medical bills
- Pain and suffering
- Lost wages
- Loss of future earnings
Colorado Minimum Coverage Requirements
The State of Colorado requires all drivers to carry a minimum amount of car insurance. Liability insurance covers the costs of bodily injury or property damage suffered by victims. Drivers are required to carry the following minimum amount of liability insurance:
- $25,000 per person for bodily injury
- $50,000 per accident for bodily injury
- $15,000 per accident for property damage
By law, Colorado insurance companies must sell Uninsured/Underinsured Motorist insurance as part of their policies. The minimum amounts are:
- $25,000 per person for UM/UIM
- $50,000 per accident for UM/UIM
However, drivers are allowed to refuse this UM/UIM coverage in writing. Some do this to save money without fully realizing what they are giving up. This protects you in the case that another driver is unable to pay from insurance proceeds.
Filing a Claim
If you are injured by a driver without insurance or enough insurance, your insurance company should pay out if you have UM/UIM coverage. Some insurance companies will try to get out of it, and you may have to file against your own insurance company as well.
Another option is to go after the personal assets of the driver who caused the accident. Depending on the assets that person has, this may or may not be worth filing a lawsuit against them. Consult with your lawyer about the best way to proceed in this type of case.
Consult an Experienced Denver Auto Accident Attorney
Uninsured or underinsured motorists can take a heavy toll on your finances, and your life.
If you or a loved one has been injured in any sort of motor vehicle accident in the greater Denver metropolitan area, please do not hesitate to contact us today at 303-642-8888 for a free consultation. We are here waiting for you.