Being hurt in an accident is always incredibly unpleasant and stressful, and it can get worse if someone else causes it. Even if you eventually prevail in a claim or litigation and receive compensation, that will be in the future, right? So who is now covering your medical bills? If you cannot work, how will you pay your bills? How do you manage your finances? This article provides the necessary financial information if you have been in an accident in Colorado.
You have three options for seeking compensation after a Colorado car accident
Before 2003, Colorado was a “no-fault” state. Colorado has now become a fault insurance state. The following are the alternatives available to injured drivers and passengers today for obtaining compensation to cover their medical and property damage expenditures following an accident in Colorado:
- Claim with your auto insurance
- Claim the insurance of the at-fault driver.
- File a strong lawsuit against the negligent driver to recover damages.
The good news is that your expenditures will be paid more promptly if you opt to claim with your insurance provider. If your Denver car accident lawyer establishes that the other party was at fault, their insurer may reimburse your insurance company later. If you were concerned about getting your medical costs reimbursed quickly after a car accident, this would be a tremendous relief to you. It also comes in handy if the fault party’s insurer initially denies your claim and you need more time to prove liability.
Minimum liability insurance requirements in Colorado
In Colorado, drivers are required to carry a minimum amount of coverage on all of their vehicles.
- $25,000 per person for any physical harm.
- $50,000 for each incident if one more people are hurt.
- There is a $15,000 property damage cap for each accident, excluding harm to the insured person’s car.
If another driver files an accident claim or lawsuit alleging you caused an accident, this minimally required coverage takes effect. Initially, you can also use your auto insurance to pay your expenditures and then approach the other driver’s insurance company later for payment.
Colorado also requires auto insurance companies to provide $5,000 in medical payment coverage. ‘Med pay’ coverage is another name for this. Drivers have the option to reject it. If they take no action, the policy will now include medical pay coverage. Even though this insurance is optional, it offers some financial assistance to anyone harmed in an automobile accident in Colorado, regardless of who was at fault.
The procedure for receiving payment
After choosing the party with whom you wish to register a compensation claim, the next step is to submit a claim. You can do this by telling your insurance company about the collision. In other circumstances, you will hear from the insurance loss adjuster.
It is crucial to back up your claim with all required evidence, such as images, videos, and any witness statements you may have. Working with an experienced Colorado auto accident lawyer will be your best choice for handling this correctly, and they can assist you in obtaining the much-needed compensation.
Click here – COMMON EXAMPLES OF ESTATE LITIGATIONS IN LOS ANGELES