Most people in Wyoming and Colorado drive on a daily basis. Even if you don’t have to commute to work because you run a business from your own home, you still have to go to the grocery store or take your children to doctor’s appointments.
Drivers have to carry insurance on their vehicles to protect them from liability in the event of a crash. The mandatory insurance you have may give you a false sense of security in the event of a motor vehicle collision. Many people dealing with totaled vehicles or severe injuries caused by car crashes learn too late that insurance won’t cover all of their costs.
What are the two main reasons that someone not at fault for a car crash will have uncovered expenses?
They encounter an uninsured or underinsured motorist
While state law mandates insurance coverage, some people intentionally cancel their policies to save a little money. There are others who may not even realize that their insurance coverage lapsed due to a missed payment, and you could get hurt in a crash caused by someone with no coverage at all.
For every uninsured driver on the road, there may be several with inadequate insurance. Neither Wyoming nor Colorado have minimum policy requirements high enough to cover the cost of buying a new vehicle or the extensive medical care required for severe injuries.
They experience a hit-and-run crash
Sometimes, you will never discover that the other driver has inadequate insurance or a lapsed policy because you can’t identify who hit you. Drivers who are under the influence, who have suspended licenses or who have lapsed insurance policies may not stop after a crash despite laws requiring them to do so.
They may drive off hoping that you can’t track them down and hold them accountable. If you don’t locate the driver in a hit-and-run crash, you may not be able to make an insurance claim at all.
You can potentially add extra coverage to your own insurance policy to protect you from these scenarios, and those left with bills not covered by insurance could look into other compensation options, like the possibility of filing a civil lawsuit. Identifying sources of risk for financial losses after car crashes will help you better protect yourself both before and after a wreck.