Approximately 75% of motorcycle accidents result from collisions with another motor vehicle. The driver of the other vehicle was at fault, violating the motorcyclist’s right-of-way, in two-thirds of those accidents. The motorcyclist has a 98% chance of being injured in these motorcycle accidents! The minimum insurance required ranges from only $5,000 to $25,000, depending upon the state. More than a third of motor vehicles have a minimum insurance policy or no insurance at all!
All this means that there is a good possibility you will be injured in a motorcycle accident which was caused by someone else’s fault. Unfortunately, this also means that there is a good possibility you will be victimized twice when you find out that the other driver had only $5,000 to $25,000 insurance coverage or no insurance at all.
Without good private health insurance, motorcyclists can easily find themselves responsible for more than $100,000 in medical bills. Since you will probably be unable to work, possibly for months, you can be financially devastated. Monthly bills including rent or the mortgage payment may go unpaid. Obviously, $25,000 is substantially insufficient to compensate you in the event of a serious injury.
What can you do to protect yourself? Ask your insurance agent TODAY to confirm that you have matching liability and underinsured/uninsured limits on your policies for both your motorcycle and automobiles. If you have minimum liability insurance coverage, increase your liability coverage so that you can purchase increased uninsured/underinsured coverage. Do it today, because after an accident it’s too late!
If you think you don’t need increased underinsured and uninsured coverage for your motorcycle, just ask a few of your friends. Chances are that you have more than one friend who had a serious motorcycle accident and was only able to collect a small amount of money.
Finally, if you are involved in a motorcycle accident (or car accident), call a lawyer immediately and before speaking with any insurance company. Uninsured/underinsured claims must be properly filed with the insurance company within 90 days of the date of accident.