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Protect yourself against the underinsured

Chances are, if you are in Colorado and are involved in a multi-vehicle accident, one of the other vehicles will be driven by someone who is either an uninsured motorist or an underinsured motorist. This is because of all the states in the US, Colorado has one of the higher rates of motorists operating vehicles without adequate insurance. Motorists can protect themselves from such an event by including coverage against those drivers within their insurance plan. In fact, many policies already have some sort of coverage for this.

When you are in an accident with a motorist who has no insurance or who has insurance that won't pay for your injuries and expenses, it will cover a up to $5,000 in medical expenses (unless you have written and expressed refusal of the med-pay option of your policy). Any policy holders that begin or renew insurance after 2009 who did not refuse the option in writing should have that coverage and it will cover those medical expenses even if you also have UM/UIM written into your policy.

But in many unfortunate cases, you will need substantially more than $5,000 to cover the cost of your medical expenses following an accident. This is where carrying the additional UM/UIM insurance can really pay. If the other driver is at fault and is not properly insured, your policy's provision for UM/UIM will see that you are paid. Your payment will be the amount another driver's insurance should have paid you for your pain, suffering, lost wages and medical expenses. In other words, your policy will pay for your bodily damages, within the extent of the policy.

Oftentimes, insurance and payouts are not forthcoming and it takes work to receive compensation. If you are trying to figure out what to do in regard to an uninsured/underinsured motorist, you may want to reach out to a local car accident firm. They can answer your questions and may be able to help you receive maximum compensation per your plan's policy.

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