As a motorcycle rider in Colorado, you're exposed to a higher risk of accidents than traditional vehicle drivers. While state law requires minimum liability insurance coverage, it's crucial to understand that this coverage primarily protects other drivers and property. To safeguard your own financial well-being in the event of an accident, Underinsured Motorist (UIM) insurance is essential.
Why UIM Insurance Matters
UIM insurance provides financial protection when you're involved in an accident with an underinsured driver. This means the other driver's liability coverage is insufficient to cover your medical expenses, lost wages, and other damages.
Colorado's Minimum Coverage and the UIM Gap
Colorado's minimum liability insurance requirement for medical payments is $25,000 per person. While this may seem adequate, it's essential to consider the potential costs of a serious motorcycle accident. Medical bills, lost wages, and long-term care can quickly exceed this amount.
If you're injured in an accident with an underinsured driver and your medical bills surpass the $25,000 limit, you'll be personally responsible for the remaining costs. This is where UIM insurance comes in. It acts as a safety net, providing additional coverage to compensate you for your losses.
Colorado Statutes and UIM Insurance
Colorado Revised Statutes § 10-4-602 governs UIM insurance. This statute outlines the requirements for UIM coverage and allows policyholders to purchase additional coverage beyond the minimum limits offered.
Protect Yourself, Protect Your Future
By investing in UIM insurance, you're taking proactive steps to protect yourself and your financial future. If you're a motorcycle rider in Colorado, it's highly recommended that you have coverage that exceeds the state minimum.
Do Not Opt Out of UIM Coverage
Colorado law requires insurance providers to offer UM/UIM coverage in all policies unless the policyholder declines in writing. Many insurance providers will give you a form letter to sign that says you are opting out of UIM. Do NOT fall for this trick!
Curtis | Walton Law: Your Advocate for Justice
If you've been involved in a motorcycle accident, Curtis | Walton Law is here to help. Our experienced attorneys understand the complexities of motorcycle accident claims and will fight to ensure you receive the compensation you deserve.
Don't let an underinsured driver jeopardize your future. Contact Curtis | Walton Law today for a free consultation.