Do I Have Enough Car Insurance To Protect Myself?

 Posted on October 18,2024 in Car Accident

Colorado law requires drivers to purchase auto insurance policies, specifying minimum coverage limits. While having some coverage can protect you if you are at fault for a collision, you will be personally liable for other people’s damages if your policy limits are too low. Nobody plans to be involved in a motor vehicle accident, but preparing for the unexpected by purchasing enough insurance is wise.

What are the minimum coverage limits in Colorado? How much more do I need? Your dedicated lawyer from Hoggatt Law Office, P.C. can help with car accident claims, whether against another driver’s policy or your own.

How Much Car Insurance Does Colorado Require?

Every auto owner must have liability insurance to cover other people’s property damage and bodily injury if they are at fault for a collision. Minimum coverage limits are:

• $25,000 bodily injury or death per person
• $50,000 bodily injury or death per accident
• $15,000 property damage per accident

These limits are often seen as 25/50/15. Consider how much an injured person’s medical bills, lost wages, and property damage are likely to be. These limits are far below reasonably expected expenses, and the injured victim may also qualify for non-economic damages for accident-related losses that diminish their quality of life. Your insurance policy will only pay these damages up to your coverage limits, and you are responsible for paying the remainder out of pocket. If you are at fault for injuring several people, the damages multiply.

How Much Coverage Do I Need?

Your auto insurance should be enough to protect your assets. You should purchase liability insurance of an equal value to your assets. If you have $400,000 in assets, you need a $400,000 liability limit.

Although Colorado law does not require it, you should also protect yourself in the event you are injured in a hit-and-run accident or by an underinsured/uninsured motorist. When the at-fault driver remains unidentified in a hit-and-run, you must file a claim against your own UM/UIM policy. Again, your policy will only pay your damages up to your coverage limits. Most people choose to buy UM/UIM coverage with limits that are the same as their liability limits. Given the above example, you would buy $400,000 of UM/UIM coverage.

If you do not have health insurance, buying Med-Pay coverage will help you pay for your medical treatment expenses before auto liability insurance benefits are disbursed. Whether you file a claim against another driver’s policy or your own, you are responsible for paying your medical costs until you recover the compensation you are due. Med-Pay can help ensure you get the treatment you need and avoid collections.

Contact Our Caring Fort Collins, CO Motor Vehicle Accident Lawyer Today

Whether you have questions about auto insurance coverage or need assistance with a claim, Hoggatt Law Office, P.C. is here to help. Call us at 970-225-2190 for your free consultation with our dedicated Larimer County, CO car accident attorney.