Top Fort Collins, Colorado Insurance Bad Faith Attorneys
When you purchase an insurance policy, you are essentially entering into an agreement with the insurance company. As long as you pay your premiums and keep your insurance policy in good standing, they agree to provide the benefits stated in the contract. In the case of automobile insurance, your insurance company agrees to cover you in case the unexpected happens and you are injured in an automobile accident.
What is Insurance Bad Faith?
Unfortunately, there are situations when insurance companies fail to uphold their end of the agreement. If an insurance company unreasonably denies your claim, they are considered to be acting in “bad faith”. While claim denial is a common reason for filing a bad faith lawsuit, there are many other ways an insurance company can commit bad faith:
- Failure to investigate a claim
- Refusing to settle a claim
- Unreasonable translation of the policy
- Failure to reimburse you according to the policy limits
- Delay of payment
- Unreasonable denial of a claim
Each one of these situations results in a breach of contract. Luckily, laws have been created to uphold contracts that have been breached and protect you from such situations. If you have been denied a legitimate insurance claim by your insurance company, it is important to contact an experienced personal injury attorney immediately. Your attorney will need to meticulously review your insurance policy to determine if your insurance company has unreasonably denied your claim and therefore acted in bad faith.
What to do in case of Insurance Bad Faith?
Your insurance company is responsible for acting on your behalf and negotiating with third parties with your best interest in mind. Instead, many insurance companies negotiate claims that suit their own company’s interests – not yours. If your insurance company fails to pay a claim or falsely denies your claims, you may be entitled to sue for breach of contract, breach of fiduciary duty, bad faith and even for violations of the Colorado Consumer Protection Act. In addition, you may be eligible for up to three times the amount of insurance benefits currently owed to you.
If you suspect your insurance company of bad faith practices, it is important to contact a Colorado bad faith attorney immediately. Insurance companies have large legal firms dedicated to protecting their assets and it is crucial that you obtain your own legal representation before attempting to file a claim. In addition to taking legal action, you should immediately report your insurance company to the Colorado commissioner of insurance.
Bodily Injury Liability
This coverage will cover you if you cause an accident and someone else is injured. While Colorado requires limits of $25,000 per person and $50,000 per accident, financial experts usually recommend that drivers carry substantially more insurance. A single head injury can easily cost $40,000 in medical expenses and disabilities. Experts recommend a minimum of $100,000 per person and $300,000 per accident to ensure that you are adequately covered in the case of a catastrophic accident.
Property Damage Liability
This covers you in case you accidentally damage someone else’s property with your automobile. In most situations, this usually covers damage done to another person’s vehicle. A $15,000 limit is all that is required by Colorado law. If the damage done to another person’s property exceeds this amount, you may find yourself inadequately covered and responsible for the remaining amount.
Uninsured or Underinsured Motorist Insurance
This covers any expenses that may occur if you are involved in an automobile accident with an uninsured or underinsured driver. The minimum limits are the same as Colorado’s minimum liability limits ($25,000/$50,000). Drivers can purchase additional coverage to increase their security in case they are injured by an uninsured driver.
Collision and Comprehensive Insurance
Collision insurance covers any damage to your car after an automobile accident. Comprehensive insurance covers any damage to your car if it is stolen or damaged in any other way besides a collision (weather damage, falling objects, wildlife encounters etc). While these insurances are not required by law, many banks require it, especially if you have an auto loan.
Contact our top rated Colorado Insurance Bad Faith Attorneys
Colorado insurance laws can be difficult to navigate and interpret. As a result, it is important to contact an experienced Fort Collins, Colorado personal insurance attorney if you are injured in an accident. Your attorney will be able to review your insurance policies and negotiate with insurance companies to ensure that you receive all the compensation you are entitled to.
