Colorado laws require that an owner of a motor vehicle have a minimum amount of insurance in the event of an accident. Many drivers however are either uninsured or underinsured - they may have either let their policy lapse because they were not able to pay, or the policy they have simply isn’t enough to compensate you for injuries and damages.
All car insurance carriers in Colorado are required to offer uninsured/underinsured motorists coverage to you when you purchase a policy. It covers you and your passengers if you get in a car accident with an uninsured motorist. You’re not required to purchase it (provided you submit a written statement to your insurance company turning it down).
Uninsured motorist coverage is broken into two parts: bodily injury coverage (injuries) and property damage coverage (damage to your vehicle).
Car accidents are difficult enough if everything works like it should. If the other driver is at fault, their insurance should pay to make you “whole” again. Meaning, you should be compensated for damages to your vehicle, any medical expenses and lost wages for any time you were out of work.
Colliding with an uninsured or underinsured motorist adds a whole new dimension to the situation. If this happens, do the following:
* Obtain contact information from the other driver, including any insurance information they have, and give it to your insurance company.
* Some insurance companies require you to obtain a signed statement from an uninsured driver stating they have no insurance. If yours does, get the signed statement from the other driver.
* Submit a claim after obtaining the above information and statement to your own car insurance provider. If the other driver was underinsured, their carrier will compensate up to his/her policy limits where you then make a claim to your insurance company for the balance.
Note: Before accepting any settlement from an at-fault driver’s insurance carrier, check with your own insurance company first. Most Colorado car accident insurance policies stipulate that you must obtain permission before accepting any settlements. If you accept any settlements without checking with them first and your policy contains this contract provision, you will not be able to submit an under-insured claim to your own insurance company.
Dealing with a car accident where the other driver is at fault and uninsured may end up pitting you against your own insurance company. They may argue that you were partially at fault for the accident or debate the extent of your injuries they are responsible for compensating you for. Even if you were slightly at fault, they may reduce your compensation.
