The Importance of Underinsured/Uninsured Motorist Coverage: Colorado Uninsured Motorist Coverage
Have you or someone you know ever been the victim of a hit and run? Have you ever parked your car, and then returned to it to find a big ding or scratch on it with no note taking responsibility?
Picture this: imagine driving safely and responsibly in your car, when all of a sudden you are hit, t-boned, as you cross an intersection when you have the green light. The car that hit you was completely at fault, they ran a red light. You and your passengers suffer extensive injuries, you require an emergency trip to the hospital, and your injuries are serious enough that you require future medical care. Picture now that the driver of the vehicle that hit you has absolutely no insurance, or has the minimum amount possible, not nearly enough to cover all of your medical expenses, missed work, and pain and suffering. What do you do then?
Colorado law has very minimum requirements for personal auto insurance coverage. Currently, Colorado does not require motorists to carry underinsured/uninsured insurance (UM/UIM) coverage, but it can be the most important insurance coverage you can have for you and your family. UM/UIM coverage kicks in when you are injured in an accident and the at-fault party does not have any or enough insurance to cover your damages. Your own insurance company provides UM/UIM coverage.
Typically, the limits offered are split, and can be as low as $15,000/$30,000 meaning $15,000 for injuries to a single person or $30,000 for all persons injured. You can carry a large UM/UIM policy for a few dollars per month, and those few dollars are well worth the coverage offered. For some policies, as little as $17 per month can cover you for $1,000,000 per accident.
We encourage all of our clients to carry a UM/UIM policy. It is perhaps the most important policy you can carry.