Car accidents happen frequently, and while many may not leave a heavy impact on families, one with someone who doesn't have insurance can cause damage to your finances that is hard to repair. As an owner of a vehicle in Colorado, you're required to carry uninsured or underinsured motorist coverage for your own protection. This kind of coverage takes over in a situation where you're involved in a hit-and-run crash or if a driver is caught without car insurance.
What can it do for you? If you're in an accident with someone without insurance, you can make a claim to your own insurance instead. Your company will then make payments to you, and you can choose to take a settlement. You may want to have your attorney represent you when you file a claim, because you'll want to get a settlement that covers everything you need after your accident.
There are many forms of insurance coverage that can take over following an accident. If you went to the hospital, you may be covered by your health insurance, for instance. If the other driver had some insurance, then it may have covered some damages up to the point when it ran out of coverage.
Your underinsured or uninsured coverage should provide you with the extra compensation needed to cover any financial shortfalls you find after your bills are paid. You should have enough compensation to cover lost wages, medical care today and in the future and to help you if you've been left with a disability. Our website has more information for you to learn about this product.