When your vehicle has been damaged in a Denver auto accident, it can be difficult to know how to go about getting repairs completed and understanding who is responsible for paying for the repairs. The compensation depends on the type of insurance coverage you have. It’s important to know what your plan covers and understanding the differences between at-fault and no-fault insurance.
At-fault auto insurance:
If found at fault for an accident, your insurance should pay for the other person’s vehicle repair or replacement. Your insurance also may cover medical bills of an injured party. However, if you don’t have collision insurance and are at fault for the accident, your coverage won’t include the costs to repair your vehicle.
Collision or “full-coverage” is usually required if you are leasing a vehicle or if you’re making payments to a bank for an auto loan. While collision insurance covers your vehicle and expenses, liability insurance covers the expenses of the person you were in the accident with. By law, you’re required to have a minimum amount of liability insurance in Colorado. This insurance comes into play when you’re found to be at fault for an accident.
No-fault insurance is a more streamlined process that ensures that your insurance company will pay for a claim for your vehicles damage, no matter who is to blame. If the other party involved in the accident also has no-fault insurance, their insurance company will cover the damage to their vehicle, even if you were at fault for the accident. The purpose of no-fault insurance is to reduce the monetary costs that are associated with the insurance claims and litigations. It reduces the likelihood that any of the parties will resort to filing a lawsuit to resolve disputes.
Both drivers are at fault for the accident:
When both drivers are at fault for an accident, it’s commonly referred to as a 50/50 accident. When this happens, your insurance company pays for your vehicle’s damage, while the other driver’s insurance pays for theirs. However, if you don’t have collision insurance, your insurance may not pay to fix your vehicle.
If you don’t agree with the insurance company’s final numbers, you can either accept it or file suit. If you have been in an auto accident and your insurance company is not delivering on their promises, contact Mark A. Simon, your Denver auto accident attorney. He will make sure that you receive fair payment and that your interests are the first priority. Learn more helpful advice, like the top five important steps to take after a car accident.