Accident attorneys with a proven track record:

Front Range Injury Attorneys - Denver Personal Injury Lawyers

2590 Welton Street, Suite 200

Denver, Colorado 80205

Q23C+95 Denver, Colorado

720.826.4399

https://frontrangefirm.com

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Exploring Liability Coverage

Liability coverage stands as the sole coverage mandated by law. Liability coverage protects you from legal claims for damages arising from an accident you caused. It protects you by paying claims that would otherwise result in a lawsuit against you and your personal assets. Under liability coverage, your insurance company must pay claims as required by the policy and defend you if you are sued for covered claims they did not settle.

Under this insurance, your insurer commits to covering specified amounts for damages or injuries resulting from accidents deemed your fault. In Colorado, the legal minimum coverage stands at $25,000 per person/$50,000 per incident. While this suffices for many, individuals with substantial assets might opt for higher coverage to mitigate potential liabilities surpassing their insurance limits.

If you cause injuries or property damage in excess of your insurance liability limits, the injured party may file a lawsuit in Colorado courts to recover the fair value of their damages. Your insurance company has a duty to defend the entire lawsuit, but they are only legally required to pay up to the policy limit you purchased. A verdict in excess of the policy limits falls on you to pay the amount of money awarded above your policy limits. For people with significant assets, it is more likely that a plaintiff can pursue you to collect the judgment. That may result in seizing property, bank accounts, garnishing wages and other acts to satisfy the judgment. Buying a higher liability policy reduces the likelihood that you will suffer an excess judgment and the plaintiff's collection efforts.

Understanding Uninsured/Underinsured Motorist Coverage

Uninsured or underinsured motorist coverage (UM/UIM) safeguards you in accidents caused by inadequately insured drivers or those lacking insurance altogether. UM/UIM is another form of coverage that pays claims to you as the policyholder. An important distinction to make is that UM/UIM pays claims to you for crashes caused by the uninsured or underinsured motorist coverage. Essentially, it stands in the place of that person's liability coverage.

Understanding the nuances of available auto insurance coverage is imperative for ensuring adequate protection. While liability coverage remains vital, med-pay and UM/UIM coverage play pivotal roles in safeguarding accident victims' interests. We encourage policyholders to review their coverage meticulously to ascertain comprehensive protection against unforeseen contingencies.

If you sustained injuries in an accident in Colorado, contact the personal injury lawyers at Front Range Injury Attorneys today to schedule your free consultation. Our experienced legal team are knowledgeable and zealous advocates for our clients and their cases. We treat our clients as people, not case files. Learn more about how we can help you pursue compensation for your injuries and damages. Contact our Denver law firm to learn more.