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Colorado drivers are at high risk from uninsured drivers & underinsured drivers. Learn how UM/UIM coverage protects you financially.
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By Michael DiPaolo and Metier Law Firm
The personal injury attorneys at Metier Law Firm know that Colorado's scenic highways and vibrant cities are a dream for many local and visiting drivers. But behind the wheel, unexpected situations can arise.
One major concern? Sharing the road with uninsured or underinsured drivers. This is where Uninsured/Underinsured Motorist (UM/UIM) coverage comes in, acting as your financial guardian angel in a collision.
Having a personal injury lawyer who is familiar with Colorado insurance laws and Colorado car accident law is important. The personal injury lawyers at Metier Law Firm have a wealth of experience in dealing with the complicated and often confusing Colorado insurance laws and Colorado car accident laws.
While Colorado mandates liability insurance for drivers, not everyone follows the rules. Statistics show a significant number of motorists on the road without proper coverage. A 2021 report by the Insurance Research Council found that in Colorado, an alarming 13.5% of drivers are uninsured.
On top of that, Colorado has the highest instances of underinsured drivers in the nation at a staggering 40.9%.
That means you have an over 10% chance of encountering someone with no insurance after a collision they cause and a 40% chance of someone being underinsured. The consequences? You have to pay for things like medical bills, lost wages, and car repairs, which can be very difficult financially.
The Colorado minimum car insurance requirements are:
This means that Colorado requires drivers to have insurance that covers:
It's important to note that these are just the minimum requirements. While they offer some basic protection,they might not be enough to cover all the expenses in a serious accident.
This is where UM/UIM coverage steps up. It acts as a substitute for the at-fault driver's insurance, providing financial protection in two key scenarios:
Let's illustrate the importance of UM/UIM with real-life situations that could happen to anyone on Colorado's roads:
UIM coverage helps pay for expenses that exceed the at-fault driver's insurance limits. This financial support can be crucial in ensuring you can focus on healing without worrying about mounting bills.
UM/UIM coverage goes beyond just financial protection. It provides peace of mind by offering a safety net in case of unforeseen circumstances. Here's how it empowers you:
While Colorado requires insurers to offer UM/UIM coverage at the same level of bodily injury liability insurance coverage, you have the option to reject it. However, this decision should be carefully considered.
Colorado's beautiful landscapes shouldn't be overshadowed by the worry of uninsured drivers. UM/UIM coverage is a small investment that offers significant protection on the road. It ensures that you have financial coverage in case of an accident caused by someone without proper insurance.
So, before you cruise the scenic highways of Colorado, make sure UM/UIM coverage is included in your car insurance plan. It's a wise decision that could safeguard your financial well-being and offer peace of mind on every journey.
With offices in Fort Collins, Denver, and Colorado Springs, Metier Law Firm is just a phone call away to help you with your Colorado car accident claim. Call us for your free and confidential consultation at 866-377-3800.
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If these questions have crossed your mind, let us help. You may need a little direction or may not need an attorney at all, but you deserve to be confident knowing your options. Your confidential consultation with us is totally free.
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