Colorado has at-fault insurance laws. State law requires drivers to carry minimum amounts of liability insurance in the event of a car accident.
The minimum policy amounts include:
- $25,000 for bodily injury or death to one individual in an accident;
- $50,000 for bodily injury or death to multiple individuals in an accident; and
- $15,000 for property damage in one accident
Drivers can also purchase higher amounts of coverage, as well as add-ons. If you get into a crash, you will file an injury claim against the at-fault driver’s policy to recover compensation for accident-related losses.
What Compensation Can I Recover After a Car Accident in Colorado?
Accident victims can typically recover two types of damages after a car crash. Economic damages compensate for financial losses related to the collision; non-economic damages cover personal, non-monetary losses.
In a typical injury claim, you will be able to seek money for:
- Medical expenses (past and future)
- Lost income
- Diminished earning capacity
- Rehabilitation/physical therapy.
- Out-of-pocket expenses
- Pain and suffering
- Emotional distress
- Anxiety and PTSD
- Disfigurement and scarring
- Reduced quality of life
- Loss of consortium
Generally, you will first seek compensation through the at-fault driver’s insurance policy. Unfortunately, a basic 25/50/15 policy may not cover all your losses. In fact, the Insurance Information Institute reported that in one recent year, the average car accident claim for bodily injury was $26,501 — which exceeds Colorado’s per accident limit for injuries or death to one person.
Options for Recovering Damages Beyond Policy Limits
Fortunately, you have options if your claim exceeds the at-fault driver’s policy limits:
Underinsured Motorist Coverage (UIM)
Underinsured motorist coverage steps in and covers your medical bills, lost income, and other damages when you exceed an at-fault driver’s policy limits. If you have UIM coverage as part of your personal auto insurance policy, it can serve as a safety net and make up the difference between the partial compensation you receive from the at-fault driver and your total damages.
Pursuing Compensation from Other Liable Parties
In some collisions, multiple parties may share liability, especially those involving multiple vehicles and those with drivers operating a company vehicle. Under Colorado’s comparative fault laws, you can recover compensation from any party who contributes to the accident.
That may mean seeking damages through multiple drivers’ insurance policies or pursuing compensation from the driver’s employer. The latter option is possible through vicarious liability laws, which allow individuals to hold an employer liable for the negligent conduct of an employee.
Personal Judgment Against the At-Fault Driver
You also have the option to seek a personal judgment against the at-fault driver to recover the remaining amount of your damages. With this option, you will seek compensation from the at-fault driver’s personal assets — liquid assets, business assets, etc. Of course, this option assumes the at-fault driver has sufficient assets to cover your losses.
An Experienced Castlerock Car Accident Lawyer Can Help You Identify Your Legal Options
The insurance claims process is technical, and understanding when your damages exceed an at-fault driver’s policy limits may require legal assistance. Our experienced Castle Rock car accident attorney, Dale G. Casares, can help you identify all insurance policies that apply to your case, including the at-fault driver(s) insurance policies, underinsured motorist policies, and other coverages. Your attorney can also identify other avenues for seeking compensation if your damages go beyond a driver’s coverage.
Call Casares Injury Law today at (303) 688-7474 or fill out our online form to schedule a free consultation.