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What do you need to know about available insurance when you are in an automobile accident? This question is relevant not only to insurance the other driver may have but also to insurance available to you through your own policy. Coverages such as medical pay, uninsured or underinsured motorist, property damage, comprehensive, etc. contained in your own policy may become very important. Regarding the other driver, does he or she have an umbrella policy that will provide coverage for your injuries above and beyond the driver's auto policy?
New Law: Uninsured/Underinsured motorist auto insurance Effective January 2008 a new law was created which affects all victims of auto, motor vehicle, or motorcyle accidents. It provides insurance when the other driver is uninsured. It provides insurance when the other driver doesn't have adequate liability insurance. It is insurance you purchase to provide you protection when confronted with these situations. We recommend everyone contact their auto, motor vehicle, or motorcycle insurance agent about this insurance.
Auto accidents and insurance for injuries Colorado law requires each and every driver having a car registered in Colorado to have a minimum of $25,000 in liability insurance coverage for injuries caused to another person by the registered owner of the vehicle or someone using the vehicle with permission. $25,000 doesn't go to far today when it comes to medical bills. To the extent the claim of the injured person against the driver is greater than the liability coverage purchased, the driver is personally liable for any excess. Most people purchase liability coverage in a greater amount. A common package is liability insurance of $100,000/$300,000. This means there is $100,000 of insurance available for injury to one person and a total of $300,000 for all injuries to all people injured. A practice which is becoming more common is the purchase of umbrella insurance over and above the automobile liability coverage described above. You can get umbrella coverage in the millions for a relatively low premium and it not only protects you in auto accidents but it protects you for injuries on your property or injuries you or a member of your family may cause another in a non-auto accident situation. If the insurance of the other driver is inadequate to fully compensate you for your injuries from the car accident, if you have purchased uninsured/underinsured coverage yourself, this may be available to you in addition to what you receive from the other driver's insurance company. In this situation, your own insurance company "steps into the shoes" of the insurance company for the other driver. Example: You are in a car accident and you suffer injuries. The other driver only has minimum liability insurance of $25,000. Your injuries are bad and this money does not adequately compensate you. You can turn to your own insurance company under your underinsured motorist coverage for additional compensation. Recent legislation has liberalized the benefits available to you under this type of coverage. A thorough understanding of insurance policies and coverages is important to you or anyone injured in an auto accident. Understandably most people don't have that understanding. Reference to our website www.hwkslaw.com will provide information regarding insurance relevant to a car accident and, if your question is not answered there, we have attorneys who are knowledgable and who are available by phone or email at no charge to answer your questions. |
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Auto Accidents and Insurance Recent UpdatesJuly 17, 2008 July 15, 2008 July 10, 2008 June 12, 2008 May 29, 2008 ArchivesWeb ResourcesFindLaw |
Auto Accidents and Insurance
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