The differences between recovering from an accident with insurance as opposed to without are drastic and could be life-changing. Insurance coverage is required for vehicle use; driving without insurance violates state laws. It is prudent to have insurance coverage even for wealthy persons. The ramifications of getting into an accident are large and long-lasting.
Recovery without Insurance
- There is a fine for not carrying insurance coverage on a vehicle that is driven.
- The person at fault may bear all expenses related to the accident, including property damage and personal injury.
- It may be necessary to pay for repairs immediately.
- Your driver’s license may be suspended for a year.
- It may be necessary to file aSR-22 financial responsibility form.
- Future insurance rates may be double or triple for up to three years.
- Court appearances and possible legal expenses may result.
- You must try to collect from other driver’s insurance company if they are at fault.
Recovery with Insurance
- Damages are paid for less the deductible amount.
- Repairs can be made right away.
- THe insurance company negotiates with the other insurance company on your behalf.
- Rates may go up, but not as high as if you had no insurance.
- There is no penalty for a lack of insurance.
- Thee is no need to file a SR-22.
Without insurance, you risk possible bankruptcy if you are at fault and are sued for damages and injuries. You will suffer from increased insurance rates for years after, and finding an insurer will be more difficult. Breaking the law will have its own repercussions, including a driver’s license suspension. This could affect your ability to get to work and earn an income. Medical injuries are very expensive and, without insurance, you are liable for those expenses on your own.
Always consult with your insurance agent to determine the best insurance plan for your situation.
Creating a home contents inventory and keeping it updated is an essential task that every homeowner should complete at least in some form. You do not have to be a professional movie producer to videotape your possessions or take sharp photographs. All you need to have is a small amount of equipment and patience. The result will be documentation that can smooth the way to recovery whenever a claim is made against home insurance for losses due to natural disasters, theft or other damage to the home contents.
What Equipment is Necessary?
- Use a form that you can obtain from your insurance agent or online to list household contents.
- Use a video camera, digital or standard camera to visually record everything. A copy stand or tripod can be very helpful for getting a good close-up photo.
- You will need a safe place to store your documentation away from the home. A bank safe deposit box or online digital storage facility are excellent choices.
What Items Should Be Documented and How?
- Keep a record of all items you may want replaced or repaired. Include everything — from rugs to ceiling fixtures, personal items, electronics, appliances and furniture. Go through every room, including the attic, basement, garage and outbuildings, to make your list. Include small items like toys, wall hangings, contents of drawers, plants, games, sports equipment, ornamental lawn items, tools, outdoor furniture and any item that has value and would cost you to replace.
- Keep a written record of item price, when it was purchased, serial numbers, brand names, sizes and estimated replacement costs. Include any receipts or appraisals.
A home inventory should be updated regularly and as new items are acquired. It can be used for speeding up claim recovery when needed and to decide how much insurance should be purchased.
When you’re shopping for cheaper insurance in Colorado, it is important to make sure that you are not only looking for a low price, but also quality insurance. You can search for "Cheap car insurance in Colorado" and find many different results. You may find results from specific companies in your area, and you might also find many websites that offer the option to search for quotes from many different insurance companies at the same time.
When you are entering in your information for a cheap insurance quote, you should always be honest. This way you can get the most exact quote for you. If you have any previous tickets or accidents, ensure that you include those as well as any safety features you have on your vehicle. This will help the quote finder give you the best quote and the best companies for you to purchase car insurance from in Colorado. Some quote websites will also give you detailed information about your state’s car insurance statistics including the most commonly stolen cars, how many drivers there are, and much more!
The state of Colorado, like every other U.S. state, has drafted several requirements that potential drivers must meet before they can get a license. One of these requirements is that Colorado drivers must have a legitimate Colorado auto insurance policy that meets several minimum standards. By Colorado state law, all licensed Colorado drivers must carry a car insurance policy that includes the following coverage amounts:
- Bodily Injury Liability — Bodily injury liability is that portion of a car insurance policy that pays for any injuries the driver causes in an accident. In Colorado, a licensed driver must have automobile insurance coverage that will pay at least $25,000 per person and $50,000 total for all persons involved in each accident. Since medical expenses and so forth can exceed these amounts, and since the total per occurrence coverage may be insufficient to pay damages for everyone involved in the accident if more than two people are injured, it is highly recommended that your Colorado car insurance policy have higher coverage limits.
- Property Damage Liability — Property damage liability covers damage to other vehicles and property that may be your fault in the event of an accident. An acceptable Colorado auto insurance policy that can lead to licensure as a driver must have a coverage limit that will pay at least $15,000 per accident.
- Uninsured/Underinsured Motorist Coverage — This portion of an automobile insurance policy will cover your injuries and related expenses if an uninsured or underinsured motorist hits you with his or her vehicle. Colorado law does not actually require drivers to buy this coverage from Colorado auto insurance companies, but these companies must at least offer uninsured/underinsured motorist coverage in amounts equal to bodily injury liability coverage. Drivers can then decline it in writing.
- Medical Payments Coverage — Colorado auto insurance companies by law must offer $5,000 worth of extra medical payments coverage, but drivers are not required by law to accept it.