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Will insurance actually cover your total property damage costs?

On Behalf of | Sep 26, 2022 | Auto Accidents

After a car crash, you have to worry about the damage to your property and also any injuries that you may have suffered. You may expect insurance to pay for your costs.

Typically, Colorado drivers all carry liability insurance, which will help cover the expenses people have following a motor vehicle collision. In most cases, liability coverage carried by the driver who caused the crash will pay for property damage and injury expenses related to the collision.

However, some drivers negatively affected by a recent collision may realize as they attempt to negotiate their claim that insurance simply will not pay all of their costs. Why might a driver have uncovered property damage expenses?

The mandatory coverage is somewhat low

Although drivers should have a combination of property damage and bodily injury liability coverage, the policy will only pay at most the amount set as the limit for the policy. Basic insurance compliant with Colorado law might offer just $15,000 worth of property damage coverage.

If you have a newer vehicle, and import or a vehicle especially retrofitted to be wheelchair accessible, repair costs could be far more than $15,000. A low coverage policy will also likely fall far short of the cost to fully replace a totaled vehicle. In fact, for those with prestige vehicles, $15,000 may not be enough to fully offset the diminished value of their vehicle after the crash, as what they can sell it for or obtain if they use the vehicle as a trade-in will drop substantially following a collision.

What happens when insurance leaves you with big bills?

It would be incredibly unfair for someone who didn’t cause a crash to have to pay out of pocket to repair their own vehicle or to secure medical care. Colorado law does allow those hurt in collisions to file a civil lawsuit when they have costs insurance doesn’t cover and reason to accuse the other driver of negligence or misconduct.