Big Changes to Colorado Insurance Law Means You Get the Uninsured Motorist Coverage You Pay For (Part Five – What Should You Do?
As we learned in parts one through four, Colorado Revised Statute 10-4-609, effective January 1, 2008, addresses uninsured motorists (UM) and under-insured (UIM) motorist claims and closes the loopholes that prevented consumers from receiving the full benefits they thought they were buying when purchasing UM/UIM coverage in Colorado.
What Should You Do?
Call your insurance company today! This act takes effect January 1, 2008, and it applies to any policy issued or renewed on or after January 1, 2008. It does not automatically update or retro activate an existing policy. You must notify your insurance company and write a new policy or renew your existing policy.
What Else Do I Need to Know?
The new law requires insurance companies to provide consumers with the option of carrying equal limits of UM/UIM as up to the bodily injury liability limits. So, what that means is; if your liability coverage is $100,000 then you are eligible for $100,000 in UM/UIM coverage.
Saving Money by Dropping the Premiums on Additional Cars is Not a Good Idea.
Your insurance agent may try to talk you into dropping coverage on additional cars is not a good idea and here