Uninsured/Underinsured Motor Vehicle Insurance Coverage
Publication: Thunder Roads Colorado
Published: March, 2010
As a lawyer practicing in the field of personal injury, I frequently see serious motorcycle accident victims who are unable to obtain sufficient compensation since the party causing the accident does not have enough insurance coverage. Many motorcyclists say that they have full coverage for their motorcycle and are shocked to find out that they could have received sufficient compensation if they had purchased the right coverage.
Colorado requires that all motor vehicles, including motorcycles, carry at least $25,000/$50,000 in liability coverage. Although liability coverage is required, a large percentage of motorists do not carry motor vehicle insurance at all. What this means is if you are involved in accident, there is a good chance the at-fault driver is uninsured.
Even if you carry motor vehicle insurance, recovering the damages from an accident can be difficult if the person who caused your injury does not carry liability insurance or is underinsured. In most cases, drivers are uninsured for economic reasons. That is, that they do not carry liability insurance because they do not have the financial resources to do so. Therefore, if you seek to pursue legal action against the uninsured motorist for your damages, even if your case is successful, you may still be responsible for covering your accident related expenses if the uninsured motorist does not have the financial means to compensate you.
The best way to protect yourself against uninsured motorists is to add uninsured/underinsured motorist coverage to your motor vehicle policy. This coverage allows you to collect damages from your insurance company in the event that you are hit by an uninsured or underinsured motorist. It is advisable to obtain the highest limit one can afford in order to be the most protected.
If you have any questions on this topic or any other personal injury or accident related topic, please fill out the form on the right or give me a call at 303.454.8000 or 1.800.ROSEN.911.