Recent changes to Colorado laws governing non-economic losses and other damages could affect those involved in car crashes. Legislation signed into law in 2023 updated damage caps in certain areas.
People involved in collisions in certain areas, such as I-70 or Colfax, may face a more contentious claims process with insurance providers.
While the policy covering the driver at fault may theoretically help cover the losses of the other people affected by the crash, pushback from insurance companies is quite common when a collision generates major expenses.
Those in the Denver area who need to seek compensation after a wreck may require support in understanding the law, the policy that applies, and the negotiation process.
Call (303) 894-8100 or reach out online to speak with our car accident attorneys in Denver who can help you understand your rights and pursue the full compensation you deserve.
When reviewing a car insurance settlement offer, a standard split often applies. Frequently, medical expenses account for approximately 40% of the settlement, while lost wages can comprise another 30%.
The pain and suffering, or non-economic damages, of the people affected by the wreck constitute the final 30% of the settlement amount.
A demand letter sent to an insurance provider can help ensure that the party seeking compensation receives a fair and reasonable offer. However, those filing sizable claims need to be ready for aggressive negotiations.
Insurance companies often try to minimize what they pay out on large claims.
For example, they may establish a life-care plan that undervalues future medical expenses by lumping them together and minimizing their amount. Injured parties may need to propose their own plans based on their medical needs.
Other times, insurance professionals come to the table with a lowball offer, which then requires a counteroffer and negotiations. Frequently, reports about the crash and information in the police report prove critical when countering lowball settlement offers from insurance providers.
There are generally three steps those involved in motor vehicle collisions should take to protect their right to fair compensation later. The first step is to document everything.
People can use their phones and blunt communication with police officers during the crash reporting process to create a verifiable paper trail. Medical records are also important.
The second step is to reject the initial insurance settlement offer. The chances are good that the initial offer is unreasonably low.
The third step is to contact Beem & Isley, P.C. for a free review by calling (303) 894-8100.
