Insurance Coverage and You, Part 3: Medical Payment Coverage

In Colorado, auto insurance carriers are required to offer drivers Medical Payment insurance, often referred to as “Med Pay”. However, most insurance carriers do not take the time to fully explain these benefits, and policy holders may be persuaded into waiving this coverage. The bottom line, however, is that Med Pay benefits are a huge asset if you are ever involved in an accident.

The first thing to know about Med Pay is that these benefits are paid to you in instances where you have been hurt in a collision, regardless of fault. This means that even if the other driver’s insurance carrier is disputing liability, you can still recover Med Pay benefits from your own carrier to help cover medical expenses.

Second, these benefits are specifically paid to help cover medical expenses resulting from injuries, and can even be issued directly from your insurance carrier to your healthcare provider(s). If you have not waived Med Pay coverage and you are ever injured in an accident, speak with your providers to see if any of them can help you obtain these benefits.

Third, just as with all insurance coverages, there are various tiers of benefits for Med Pay. Colorado law requires that auto insurers offer a minimum of $5,000.00 per incident. Most carriers offer higher benefits in $5,000.00 increments, and the additional cost is not significantly higher. If you are not sure if your policy includes this coverage, it is highly recommended that you speak with your insurance agent soon. If your policy does not have Med Pay coverage, it probably should.

The reason Med Pay coverage is so beneficial, besides the fact that it is paid regardless of fault, is because Colorado law does not allow […]

By |September 5th, 2019|Personal Injury|Comments Off on Insurance Coverage and You, Part 3: Medical Payment Coverage|
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Insurance Coverage and You, Part 2: Uninsured Motorist Insurance

In addition to liability coverage, Colorado law requires that insurance carriers offer Uninsured Motorist insurance, often referred to as UIM or UM coverage. It is up to the insured party to either accept or reject UIM coverage. However, a lot of drivers are not familiar with this coverage, and do not understand how important it is to have.

UIM coverage is additional insurance from your carrier that provides benefits if you are in an auto collision caused by another driver, and that driver either does not have insurance or does not have enough insurance to fully cover your damages. In Colorado, the minimum liability coverage is $25,000.00. Many drivers carry policies with state minimum coverage because they cannot afford additional coverage. If one of these drivers were to cause a collision with you, any damages over the policy limits would have to be recovered directly from the driver. Realistically, recovering additional damages from an at-fault driver very rarely is even possible. The result would mean that you would likely have to pay these additional expenses out of your own pocket.

This is where UIM coverage is key. Once the at-fault driver’s policy limits have been reached, UIM coverage will take over and continue to pay your damages until either you have been fully compensated, or until you reach your own UIM policy limits. UIM policies generally carry coverage equal to the liability limits of the same policy. The state minimum coverage is $25,000.00 per person and $50,000.00 per incident. UIM coverage also protects you in cases where the at-fault driver has failed to obtain insurance at all, or in unique cases where the other vehicle’s normal coverage would not apply such as a hit-and-run or a […]

By |July 6th, 2019|Personal Injury|Comments Off on Insurance Coverage and You, Part 2: Uninsured Motorist Insurance|
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A Quick Look at Liability

As the saying goes, accidents happen. This saying is of little comfort for those who have been injured in an accident of some type. Whether it’s the result of falling due to a dangerous condition, an object striking you because it wasn’t properly secured, or an auto accident caused by someone else’s carelessness, your injuries are the result of a so-called accident that could have been prevented. The first step, if you’ve been hurt, is to determine what insurance coverage exists. The negligent party may have insurance that will cover you for your injuries. For example, Colorado requires that every driver carry liability coverage with a minimum of $25,000 in coverage just in case they cause an accident.

Additionally, in cases where the injury was a result of something other than an auto accident, many homeowners insurance and renter’s insurance policies cover personal liability coverage in the event that a person causes an injury to another party. Businesses also usually carry professional liability insurance in case an employee injures someone or someone is hurt while visiting their business. Once insurance coverage has been verified, the next step is to open an insurance claim to recover for your losses due to your injuries. However, insurance companies will always look for an excuse not to pay you for their claim. They’ll never want to pay you for your injuries. We can help make sure that you’re protected and your rights are covered when an insurance company isn’t paying you. If you’ve got an open claim, please contact us about how to protect your rights and secure your claim. Don’t let someone else’s accident cost you.

 

This blog was originally posted as a video on the official Law One […]

By |April 2nd, 2019|Personal Injury|Comments Off on A Quick Look at Liability|
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Insurance Coverage and You, Part 1: Liability Coverage

Nowadays, most of us set up our auto insurance for auto-pay, and after initially setting it up we do not reexamine it. We pay our premiums, but as life changes we forget that we may need different coverage. Here at Law One, we recommend you review your policy annually, to review your coverages and limits to be sure you have the proper coverage for your situation.

The first kind of coverage most of us have is liability coverage. Liability coverage provides protection for other drivers if you are at fault in an accident. In Colorado, you are required to have a minimum policy limit of $25,000.00 of liability coverage. What this means is that if you are at fault in an accident, your insurance provider could pay the other driver up to $25,000.00 for their damages, injuries, pain and suffering.

You can always obtain more coverage by paying a higher premium. Many drivers ask, “Why would I want to pay for more coverage just to benefit someone else?” The reason is because at-fault drivers can be personally held liable for any damages that are greater than their policy limits.

Here is a useful hypothetical: Imagine you have paid for a minimum policy limit of $25,000.00 and you are at fault in an auto accident. The other driver sustains $35,000.00 in total damages. Your insurance company will only pay $25,000.00 of those damages, meaning that you could be personally liable for the additional $10,000.00. Generally, increasing your liability coverage to $50,000.00 requires only a small increase in your premium, but provides a lot more protection in case you ever cause an accident.

We hope you are never involved an auto accident, let alone the cause of one. Having the […]

By |April 5th, 2017|Personal Injury|Comments Off on Insurance Coverage and You, Part 1: Liability Coverage|
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