Motorcycle Insurance : Protect yourself with a minimum of $ 250,000 in Underinsured / Uninsured Motorist and Other Motorcycle Insurance Coverage
By Scott O ’ Sullivan , O ’ Sullivan Law Firm
That is right we are talking about a MINIMUM of $ 250,000 worth of coverage for UIM ( underinsured / uninsured motorist ), and keeping the other needed motorcycle coverage at or in excess of that $ 250,000 minimum when at all possible .
This month we are urging everyone to pull out and look at their Motorcycle insurance policy to make sure you have enough coverage and are not underinsured . Protect yourself to the best of your ability . The current recommendation is a minimum of $ 250,000 in coverage with coverage of at least $ 250 , 000 for under-insured / un-insured motorist ( UIM ) coverage as well .
We are also currently working with a motorcycle rider who was driving south on a busy Colorado road at night . A car came out of a side street on the east side of the road and made a lefthand turn , crossing all the northbound lanes . The car then hit our client , trapping his leg between the car and the bike . His leg was nearly amputated . Since the accident , this motorcyclist has had nine surgeries and is facing over $ 1.5 million in bills .
Unfortunately , our client only had $ 25,000 in insurance and the auto driver only had $ 25,000 . Not only is this poor guy facing huge medical bills , but his career is over and he is now facing an entirely new way of life and all we can get for him is $ 50,000 .
I cannot stress enough that anyone who owns a motorcycle should purchase the absolute maximum they can afford in insurance . At a minimum , you should have that $ 250,000 in Underinsured Motorist ( UIM ) coverage as part of your motorcycle insurance and that is a minimum .
Additionally , if you own your home , you need to add an umbrella policy to your homeowner insurance that covers UIM , and other coverage for your motorcycle . Get the most coverage that you can get but , at a minimum , you should get $ 1 million in coverage in an umbrella policy .
Another one of our clients was traveling south on Santa Fe Boulevard on his motorcycle when a car hit him , taking a left in front of him in a similar fashion as the first client we talked about , The impact literally broke every bone in the motorcyclist ’ s body . His face even looks completely different .
Luckily , in this case , the driver of the car had $ 2,250,000 of coverage and our client had $ 100,000 in UIM coverage . He should not have to face financial ruin because of the negligence of someone else when driving a car . He was lucky that the driver of the car was well insured . I guess he just got to be hit by the right person !
Do you really want to trust other drivers to carry enough insurance to cover your medical bills if you are in an accident ?
Too often , people do not carry UIM ( uninsured and underinsured , motorist ) because they mistakenly think their healthcare insurance will adequately provide when it may not . Think of your coverage for your health care insurance deductibles and co-pays . In some severe cases , those expenses alone are enough to stress a person ’ s finances . Secondly , health insurance does not cover everything that UIM covers .
• Uninsured / Underinsured Motorist Insurance covers :
• Lost wages
• Future medical expenses
• Any damage arising from the accident ( with the exception of property damage )
• All economic and noneconomic loss , which includes pain and suffering
Health insurance and Uninsured and Underinsured Motorist ( UIM ) insurance are completely different types of insurance coverage . If you end up in a car accident , your purchase of adequate insurance before that accident is one of the best decisions you can make . To learn more about this topic , please download my free book : https :// osullivan-law-firm . com / areas-of-practice / motorcycle-accident / motorcycle-law-a-littlebook-about-the-big-things-you-should-know /
In a nutshell :
You should have a minimum of $ 250,000 in Uninsured and Underinsured Motorist ( UIM ) insurance included in your motorcycle insurance .
If you own your home , add an umbrella policy of at least $ 1 million for UIM on your motorcycle if you can afford more insurance than the $ 250k and if you have any questions about this article , don ’ t hesitate to call me : 303-388-5304 or https :// osullivan-law-firm . com /
Scott O ’ Sullivan www . thunderroadscolorado . com February 2016 Thunder Roads Magazine ® Colorado 9