A person suffering injuries as a result of another person’s mistakes should be able to seek compensation. A new law in Colorado will amend how much that compensation may be. If you are a victim of an accident here, it is critical that you understand these limitations and what they mean for your future ability to claim compensation. Talk to a Lakewood personal injury lawyer about your case today.
House Bill 24-1472 was put into place in June of 2023. This law expands the damage cap in the state. You should know that the state has long had non-economic damage caps and statutes for some time. However, in 2025, these laws will change, which could impact your ability to recover damages.
In 2025, the economic damage cap will increase to $1.5 million. This is unlike other caps previously in place in that it will apply to all civil actions filed on January 1, 2025, or after until January 1, 2026. It will also apply to any claim for relief that accrues on or after January 1, 2025. In 2026, the cap will only apply to claims that occurred on or after January 1, 2025.
The good news for those who have been hurt is that this law could expand the amount of damages you are owed. Keep in mind that there are still very specific limitations, and you must still prove that you are owed the damages you claim.
If you were hurt due to the mistakes of others, you may not be able to seek compensation for damages up to $1.5 million. Keep in mind, though, that you need to act quickly to make sure you file a claim within the allotted time. If you were hurt at any time prior to January 1, 2025, and the statute of limitations has not expired yet, you still have the right to file a claim.
Meet with an attorney to be sure you know what your rights are under this new law. Do not assume the insurance company will simply provide you with a higher value for your case. They will not. However, our attorneys will help you prove you are owed that higher amount if it applies to your specific personal injury case.
Because of these changes in damage caps for personal injury and wrongful death cases, seeking legal representation is more important than ever. Your attorney will be able to provide you with a range of insights on what your rights are, including:
There are limits that could impact your ability to receive the compensation owed to you. If you have not done so yet, set up a free consultation with a trusted personal injury lawyer in Colorado. Let these professionals and attorneys provide you with guidance into what your legal options are right now so you are not struggling to pay the bills.