Many people believe auto insurance will cover every dollar lost in a crash. Unfortunately, insurance policies set a limit for payouts. Even severe injuries and other large expenses might go beyond what insurance actually provides. Knowing the limits on insurance coverage can help you make better choices in your case and plan for the future. If you need guidance on your car accident compensation contact our Aurora car accident lawyer today.
What Are Colorado Insurance Policy Limits?
An insurance policy usually contains a specific, maximum dollar amount the company will pay.
Per-Person Limits: This is the most an insurance company will pay for injuries to a single individual within a crash.
Per-Accident Limits: Insurers also set a maximum total they will pay for all injury claims from one accident. So, if several people are hurt, everyone might need to divide the per-accident total.
Policy limits are set and followed whether a person suffers mild whiplash or life-changing injuries.
Colorado’s Minimum Auto Insurance Requirements
Colorado law requires every motorist to carry at least:
- $25,000 for injury or death for one person
- $50,000 for all injuries or deaths per accident
- $15,000 for property damage per accident
These numbers might seem high at first glance, but a serious car accident can quickly lead to much higher costs. This means if the at-fault driver buys only the minimum coverage, and many do, someone injured by their negligence may not be able to have all of their losses covered.
Other Potential Sources of Compensation in a Colorado Car Accident Claim
If you’re injured in an accident and the other party doesn’t have enough insurance to cover your losses, you’re likely feeling frustrated and overwhelmed. However, you may have other options that can help you recover more:
Uninsured/Underinsured Motorist Coverage (UM/UIM)
This type of insurance bridges the gap if another driver has no insurance at all or not enough to cover your losses. While uninsured/underinsured motorist coverage isn’t mandatory in Colorado, many drivers purchase it anyway. If you have it, you can recover some additional compensation through this route.
Additional Liable Parties
Sometimes there’s more than one legally responsible party. If your accident involves a work vehicle, a company can share blame if their employee caused the crash during work. Also, if a car owner let someone else drive their car, and that driver was reckless, the owner’s insurance could apply even though they weren’t driving.
Personal Assets of the At-Fault Driver
In other cases, you may be able to file a personal injury lawsuit directly against the person who caused your accident to try to collect more money. It’s important to be realistic, as some drivers who carry minimum insurance usually don’t have large assets. The process for trying to collect can take a considerable amount of time and may not actually produce compensation if the person lacks money or other assets.
Contact Our Car Accident Lawyers Today for a Free Consultation
If you’ve been involved in an accident and need help determining how to get the most amount of compensation for your losses, we can help you explore your options. Contact us today to schedule a free consultation at (303) 529-9662.