Today is a great day to conduct your annual review of your insurance policies. We would like to take a moment to discuss auto insurance coverage. During your auto insurance review, look for gaps in insurance coverage, remove any redundant coverage, and make sure you have enough coverage for your needs. The details of your auto insurance policy will be on a page called your declaration page, or “dec” page. The dec page typically contains information such as:
- Your policy number
- The dates of coverage
- Details about the insured vehicle
- Kinds of coverage and limits
- Deductibles
Many people do not know all the types of auto insurance available to them. We know it can be overwhelming, too. Debbie Taussig Law is always willing to sit down with our clients and review their auto insurance coverage and policies with them. We can help you determine where additional coverage is needed, so you will not be stuck holding the bill should you get in an auto collision.
Liability Coverage
In Colorado, liability insurance is mandatory for vehicle owners. There are two types of liability coverage: bodily injury and property damage. If you are at-fault, liability insurance covers the other driver’s injuries and the damage to their car. More coverage can be purchased, but the minimum coverage for Colorado are:
- $25,000 for bodily injury or death to one person in an accident
- $50,000 for bodily injury or death to all persons in an accident
- $15,000 for property damage in an accident
While the above are the mandatory minimum coverage amounts, it is highly recommended that drivers have enough coverage to protect what assets you have if you become an at-fault driver.
Uninsured/Underinsured Motorist Coverage (UM/UIM)
UM/UIM coverage covers medical and other expenses when someone hits you and they do not have adequate insurance. In Colorado, insurance companies are required to offer you this coverage, but drivers can decline it, but it must be done in writing. We never recommend waiving this coverage. You can select UM/UIM coverage up to the amount of liability coverage you have.
There are always some drivers who are willing to “take a gamble” and do not have the state-required insurance. As a result, it is always recommended to get enough UM/UIM coverage to satisfy your needs, should someone without adequate insurance hit you.
Medical Payment Coverage (Medpay)
Insurance companies are required to offer you $5,000 in Medpay coverage at a minimum, but you can purchase more. You can also waive this coverage, although we do not recommend doing so.
Conclusion
While this is simply an overview of things to consider when reviewing your auto insurance, we know there are many factors to consider. We will always help our clients review their auto policies and figure out the best coverage for them. Each client has a unique set of circumstances so our advice will vary from client to client.
As always, if you have been injured because of the negligence of another person, please contact us. We will give you a free claim evaluation and can discuss your options at that time. Call us at 720-637-2247.
