It is an absolute necessity for drivers to review their insurance policy to determine if they have sufficient UIM coverage.
Grand Junction, CO (PRWEB) February 25, 2013
According to research, 1 in 7, or 15% of all drivers in the state of Colorado are currently uninsured. Although liability insurance is required in order to register and operate your vehicle in the state of Colorado, the security of knowing that others are required to have insurance is of absolutely no benefit once you have been in an accident with an uninsured driver. Greg Remmenga is a personal injury attorney in Grand Junction, Colorado who has seen this problem arise many times when helping his clients. Remmenga says, “Drivers are encouraged to take a detailed look at their car insurance now to make sure they have insurance coverage to protect them in case of an accident caused by an uninsured or under-insured driver.”
Currently in Colorado, drivers are only required to carry liability insurance that will protect the person they injure up to $25,000. Unfortunately, this amount is insignificant in light of the different expenses that can accrue when a person is involved in an accident. Most of the population doesn’t take into account all the expenses that are associated with a severe car wreck. These costs can include rehabilitation, wage loss, future medical treatment, and other damages including pain and suffering. While Mr. Remmenga doesn’t sell insurance, he uses different techniques in his marketing in Grand Junction to advise that these potential expenses should be taken into account when deciding the right policy.
Uninsured Motorist insurance (UIM) is an insurance policy purchased to protect you and your loved ones if you are in an accident caused by someone else who has no insurance or not enough insurance. For example, if a driver purchased $100,000.00 of UIM coverage and the at fault driver has no insurance, you would have $100,000.00 of coverage for your injuries. Or, if the at fault driver has the minimal $25,000.00 policy, you would have $125,000.00 of coverage. UIM coverage can also protect you if the person causing the accident has committed a “Hit and Run” and you are unable to determine the identity of the person causing the accident because they fled the scene.
Mr. Remmenga states, “It is an absolute necessity for drivers to review their insurance policy to determine if they have sufficient UIM coverage. In Colorado, policy owners are only denied UIM coverage if they have signed a waiver.” It is imperative that drivers review their policy to determine if enough coverage has been purchased. The amount of coverage needed is proportional to the amount of income you could lose in an accident, the availability of health insurance or other insurance to cover the medical bills and wage loss, the possible expenses to cover the care and assistance for your family if you are unable to be there to provide the assistance. These aspects should be the start of the analysis of how much UIM coverage to obtain. Cost should never be a factor in the decision. Checking with a local insurance agency, we found that 100/300 in UM/UIM coverage usually costs around $34.00 per vehicle per year and $1 million costs approximately $185.00 per vehicle per year.