Recently, I was retained to represent three people who suffered serious injuries in three different motorcycle accidents in New York. What do all three of my clients have in common?
- All three motorcyclists suffered a serious leg fracture requiring surgery;
- All were injured because someone else was 100% at fault;
- In each of these accidents, the person who was at fault had minimum insurance liability limits of $25,000;
- All three motorcyclists had minimum insurance liability limits of $25,000 without underinsured insurance coverage;
- All three motorcyclists could only collect $25,000;
- All three motorcyclists could have been compensated for their injuries in an amount of several hundred thousand dollars.
I have several tools available in my law practice to uncover all available insurance coverage and assets to compensate my clients. For instance, I use a service which can find additional insurance policies and excess insurance policies (also known as blanket liability insurance). I also use an investigative database which can locate real estate and other assets owned by the person responsible for causing the accident.
When the person who causes the accident has an insurance policy with $100,000 or $300,000 liability limits, there is a good chance that I can find a $1,000,000 blanket liability policy. The problem is that people who have a minimum liability insurance policy almost always have little to no assets and no other insurance policies.
If you are seriously hurt in a motorcycle accident, you will probably be out of work for several months and may not even be able to continue your present line of work. You may not be able to pay your rent or mortgage payments and other bills. Hospital and medical bills for injuries sustained in a motorcycle accident often range from $35,000-$50,000 and more.
Motorcyclists know that they are constantly in danger of drivers who don’t pay attention to motorcycles. If you ride a motorcycle, you must protect yourself from financial ruin. Fortunately, you can adequately protect yourself from someone else’s negligence for very little money by purchasing an insurance policy with underinsured and uninsured coverage of $300,000.
An online quote with nationally known insurance company for a 35-year-old male living in Nassau County with a 2001 Harley XL 1200S Sportster showed that the cost to increase insurance coverage from the minimum $25,000 liability policy with no underinsured coverage to a $300,000 liability policy with $300,000 uninsured/underinsured coverage is only $31.91 per month extra (depending upon your personal history and other conditions, your extra premium could be less or more).
This means that for an extra $383 per year, my three clients could have obtained an additional $275,000.
You may think that it will never happen to you, but unfortunately I see it all the time. Please call your insurance agent today and increase your liability and uninsured/underinsured coverage to at least $300,000.