Colorado law requires all drivers to maintain a minimum amount of insurance coverage. However, the minimum coverage is often inadequate to cover damages in a car accident claim in Denver, CO.
How Much Insurance Coverage Is Required in Colorado?
In Colorado, drivers must purchase a minimum liability insurance policy of $25,000 per person for bodily injury, $50,000 per accident for total bodily injury, and $15,000 for property damage.
This level of coverage meets your legal requirements. But if you are liable for an accident with severe injuries, you may be personally responsible for much more.
Considering the extraordinary costs of emergency care, hospital stays, and surgery, an accident causing severe injuries can easily result in medical expenses alone of hundreds of thousands of dollars. And that is just the beginning of the total damages an injury victim might incur.
While many drivers carry only the minimum coverage to save money on premiums, others purchase higher limits that may still not cover catastrophic injury costs.
Your Options When Claims Exceed Insurance Limits
If you have been injured in a car accident and you learn that the driver only has minimum coverage, you need to know your options for securing the compensation you deserve.
First, if you have purchased underinsured motorist (UIM) coverage, it may provide the protection you need. For example, if your damages total $200,000 and the at-fault driver only has $25,000 in coverage, your UIM coverage can pay the remaining $175,000 up to your policy limits.
Second, you could file a lawsuit against the at-fault driver to pursue compensation for your damages that exceed their insurance limits. If they have substantial assets or income, you could obtain a judgment against them to recover additional compensation.
Lastly, you can carefully investigate the details of your accident to determine if any other party could be partially responsible for your damages. Do not assume that a negligent driver is the only party at fault. If the at-fault driver was on the job at the time of the accident, their employer could be liable.
If a vehicle defect, such as failed brakes or defective tires, contributed to the accident, an auto manufacturer or maintenance business could be at fault. Each additional liable party brings additional insurance coverage that may be available to pay your damages.
The Importance of Comprehensive Investigation
It is always essential to conduct a careful investigation of your accident. At Dan Caplis Law, our car accident injury attorneys in Denver know how to examine the facts of your accident to identify all possible causes and all potentially liable parties to help maximize available sources of compensation for your damages.
We also take fast action to help preserve vital evidence before it can be destroyed or lost and uncover proof needed to build your strongest case. We have a vast network of experts we consult to establish causation and liability and accurately value your damages.
Contact Dan Caplis Law
If you are injured in an accident and your claim exceeds the at-fault party’s available insurance coverage, there may be additional sources to pay your damages. At Dan Caplis Law, our car accident attorneys have the experience, skills, and resources to help you secure maximum compensation.
Call (303) 770-5551 or visit our contact page and schedule a free consultation to discuss your claim.