Underinsured and Uninsured Insurance Coverage Checkup – Do You Have It?
More than a third of motor vehicles have a minimum $25,000 insurance policy or no insurance at all! Approximately 75% of motorcycle accidents result from collisions with another motor vehicle with a 98% chance of the motorcyclist being injured. Yet, most motorcycle injuries are worth hundreds of thousands of dollars to millions of dollars.
Statistically, the driver of the other vehicle was at fault in two-thirds of motorcycle accidents with another vehicle. However, because I usually represent Long Island bikers on Harleys and cruising motorcycles who are usually more experienced, more careful, and not driving at excessive speeds, I have only seen one accident involving a Harley where the motorcyclist was at fault.
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 $25,000 insurance coverage or no insurance at all.
Since New York motorcyclists are not covered by no-fault which pays for medical treatment and lost wages in a car accident, riders could easily find themselves responsible for more than $50,000 in medical bills. Unable to work, probably for months, you will likely be victimized a third time. Obviously, $25,000 is substantially insufficient to compensate you in the event of a serious injury.
What can you do to protect yourself? Purchase underinsured coverage which will pay you when the car that hits you has less insurance than your policy limits. For instance, if the car has $25,000 insurance and you have $300,000 underinsured coverage, the car’s insurance will pay you $25,000 and your insurance company will pay you $275,000.
Ask your independent insurance agent TODAY to confirm that you have $300,000 (or more if available) underinsured/uninsured limits on your motorcycle insurance policy. I also recommend it for your car, but it is essential for your motorcycle. Underinsured/uninsured insurance coverage is surprisingly inexpensive.
I recommend calling an independent insurance agent to make sure you get the best advice. 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.
Uninsured/underinsured claims must be properly filed with the insurance company within 90 days of the date of the accident. If you have been hurt in a motorcycle accident, please call Phil Franckel, Esq. immediately for a free consultation at 1-800-HURT-911.
Watch this funny video about underinsured coverage and find out what you should know about your motorcycle insurance coverage.
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