Will Making a Claim for Uninsured Motorists Raise My Insurance Rates?
When a person is in an accident that isn’t their fault and they sustain damages or injuries, they understandably want financial compensation to make up for the losses they sustained. However, when the at-fault driver is uninsured or doesn’t have enough insurance coverage for the damages, it may become more complicated to recover compensation. Accidents are already stressful on their own without adding additional confusion and complications such as colliding with an uninsured driver. Fortunately, the person can file for uninsured or underinsured coverage. Once the claim is filed, their provider will contact the other driver’s insurance for payment.
What is Underinsured and Uninsured Coverage?
Underinsured motorist coverage is an addition to your auto insurance policy meant to protect you if there’s an accident involving someone who doesn’t have sufficient insurance of their own. In an accident, the at-fault driver’s insurance is supposed to compensate the injured driver. However, if the at-fault driver’s policy has a limit below the cost of the damages, the injured driver’s underinsured motorist coverage covers the rest.
Uninsured motorist coverage protects you if the at-fault driver doesn’t have insurance. If the at-fault driver doesn’t have insurance to pay for damages, your insurance policy may pay you directly. Your own uninsured motorist insurance policy will pay for your injuries and other damages sustained after the accident.
Will Insurance Rates Go Up for Filing an Uninsured or Underinsured Coverage Claim?
People are understandably hesitant to file an uninsured or underpaid claim to recover compensation after an accident out of fear that their insurance rates will go up. However, an auto insurance company cannot raise insurance rates under Colorado law because they filed a claim for uninsured or underinsured motorist benefits.
Benefits of Underinsured and Uninsured Motorist Coverage
In Colorado, insurance companies are required to offer uninsured and underinsured motorist coverage to anyone purchasing an insurance policy. Purchasing this additional coverage is optional but is a beneficial add-on. While Colorado requires drivers to have auto insurance, it’s still far too common that drivers don’t have insurance coverage. By having underinsured and uninsured motorist coverage, you are protected if you’re in an accident with a driver who doesn’t have insurance or enough insurance coverage. Additionally, this coverage pays for the insured’s damages caused by a hit-and-run driver.
Is a Lawyer Needed When Filing an Uninsured or Underinsured Claim?
The insurance company aims to pay as little as possible, even to those they insure. A skilled personal injury lawyer has the training and experience to help you get a fair payment for your uninsured motorist claim. They can negotiate with the insurance company with your best interest in mind to get you the best outcome possible. Additionally, a lawyer can help estimate the value of your claim to ensure you receive the total amount owed to you.
Contact Our Skilled Personal Injury Attorney at Mintz Law Firm
At Mintz Law Firm, we’re dedicated to helping injured individuals throughout Colorado recover the compensation they deserve after sustaining damages from an accident caused by someone’s negligence. When an accident impacts your health, livelihood, and financial wellbeing, you deserve to be compensated and have your best interest protected against insurance companies’ tactics to offer less than you deserve. Our legal team at Mintz Law Firm is committed to helping you recover the compensation owed to you. Schedule a consultation with us through our contact form or call (303) 462-2999.