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