Should I Purchase Uninsured or Underinsured Coverage?
It is an unfortunate, yet common theme — someone gets seriously injured in a traffic crash but faces unjust hurdles in obtaining adequate compensation post-accident. This scenario is not a get-rich-quick scheme, it is about simply being able to financially recover from a serious injury.
Time and time again, Hoffman Law Firm witnesses individuals struggling to stay financially afloat, burdened by mounting medical bills, property damage, and loss of income, especially when the at-fault party is uninsured or underinsured. It’s disheartening to observe victims, already grappling with physical and emotional distress, undergoing additional financial strain. This article aims to provide one method to protect yourself against the financial burdens that a car crash can create.
While most drivers on the road are insured, there’s always a chance you might encounter one who isn’t or one who does not carry enough insurance coverage to adequately address the financial burdens imposed on the injured victim. This is where uninsured/underinsured motorist (UM/UIM) coverage comes into play. At Hoffman Law Firm PC, we’ve witnessed firsthand the financial distress and complications that can arise when clients are involved in accidents with inadequately insured drivers. Let’s discuss the crucial reasons why obtaining UM/UIM coverage is important for every Colorado driver.
Understanding UM/UIM Coverage
Uninsured/underinsured motorist coverage is a form of auto insurance that protects you if you’re involved in a collision with a driver who either doesn’t have any insurance, or has insufficient coverage to cover the damages, or if you are the victim of a hit-and-run. In Colorado, where the beauty of the landscape is rivaled only by the unpredictability of the road, safeguarding yourself with UM/UIM coverage is not just advisable; it’s an investment in your peace of mind.
Financial Protection
The primary benefit of UM/UIM coverage is financial protection. Medical bills, property damage, and loss of income due to an accident can create a financial burden. Without adequate coverage, victims are left to cover these costs out of pocket. UM/UIM insurance provides another form of compensation to minimize the possibility of you being left financially stranded.
Legal Requirements and Limitations
Colorado law mandates all drivers to have a minimum level of auto insurance. However, the minimum required coverage may not always suffice to cover all the expenses arising from a severe accident. In fact, Colorado only requires a minimum of $25,000 of injury liability per person. While $25,000 is a substantial sum of money, it will never provide enough compensation for injured victims. UM/UIM coverage fills this gap, offering additional protection against drivers who are underinsured.
Frequency of Uninsured/Underinsured Drivers
Despite the legal obligation, a significant number of drivers on Colorado roads are either uninsured or underinsured. According to the Insurance Information Institute, approximately 14% of motorists nationwide are uninsured. In Colorado, encountering such a driver is not a rarity, making UM/UIM coverage essential for safeguarding your interests.
Comprehensive Coverage
UM/UIM coverage extends beyond just covering medical bills and property damage. It can also encompass other losses such as pain and suffering, loss of enjoyment of life, and future medical expenses, ensuring a comprehensive shield against the financial ramifications of an accident.
Hit-and-Run Accidents
In the unfortunate event of a hit-and-run, identifying the at-fault driver can be challenging, if not impossible. UM/UIM coverage acts as a crucial buffer in such scenarios, providing the necessary financial support when the responsible party is untraceable.
Peace of Mind
Knowing that you are covered, regardless of the insurance status of the other driver, brings invaluable peace of mind. This mental comfort can significantly alleviate the stress and anxiety associated with driving on busy Colorado roads.
Investing in Uninsured/Underinsured Motorist Coverage can be a Life Saver
At Hoffman Law Firm PC, we advocate for the well-being and financial security of all drivers traversing the captivating yet unpredictable terrains of Colorado. We witness the distress and hurdles that victims face when entangled with uninsured or underinsured motorists, and we emphatically recommend UM/UIM coverage as a shield against such uncertainties.
Remember, the open road is full of possibilities; let’s make sure they’re all positive. Drive safe, stay protected, and for any legal assistance or inquiries related to personal injury law in Colorado, do not hesitate to reach out to us at Hoffman Law Firm PC. Your safety is our priority, and we are here to guide you every mile of the way.