One of my other favorites is, “But I have full coverage.” Well, full coverage doesn’t mean full coverage for everything. A lot of times, clients don’t want to file a claim on their own insurance policy because it wasn’t their fault.
But you may have additional coverage on your policy to help you recover and be compensated fully for everything that you’ve been through as a result of the negligence of somebody else. There are two types of coverage that you may have on your policy.
Two types of coverage
One is called medical payments, which pays you now for out-of-pocket medical expenses and medical bills that you’re incurring. The other coverage is called UM/UIM, uninsured and underinsured motorist coverage.
Underinsured motorist coverage
If the person who is at fault for your injuries doesn’t have enough insurance, which happens all the time, then we would need to go to your own insurance policy for MedPay and underinsured motorist coverage.
The minimum liability limits in Colorado are only $25,000. And that gets eaten up just like that with a $10,000 ER bill, a $2,000 ambulance bill, and varying initial treatments. You can blow through $25,000 very quickly. And that’s when you would need to turn to your insurance company.
What you should do right now
Look at your policy now. See if you have MedPay and UIM, that’s underinsured motorist coverage. If you don’t, call your agent and add it. It’s usually very inexpensive coverage. And it’s worth a lot to you if you need it.