Insurance Coverage Information
When you sign up with a new insurance company, the advertising and catch words are always about shopping rates and figuring out the best way to save money. When insurance salesmen are quoting you prices and showing you how they can save you money, most of the time you ask two questions….. 1) do I have “full coverage” and 2) “if I hit someone do I have enough coverage so I don’t get sued?” What I have learned from speaking at dozens of seminars and meetings is that the general public’s perception of full coverage doesn’t really mean what most people think. The term “full coverage” usually means your policy has collision coverage on it to cover property damage in the event you cause an accident. Yet, when only focusing on these two questions, you might leave out the most important issue.
What happens if the accident is not your fault? The majority of motorcycle accidents are just that, caused by someone else. Whether it is a truck taking a left turn in front of you, or a minivan not paying attention and striking you in the rear, you could all of the sudden be relying on the hope that the individual who just altered your life was responsible enough to have adequate insurance. Yet, there are ways to protect yourself before an accident ever happens. The way to do this is make sure you have adequate uninsured and underinsured motorist coverage.
In most southern states, the term “uninsured motorist” coverage does not simply mean it only applies when an individual is “uninsured”. In most situations, your coverage could be applied when an individual is “underinsured”. So take this scenario: You get hit on your bike, and have to have surgery on your leg. You find out your medical bills are $50,000.00, and you are out of work for a month. You then find out the person that hit you only carries $25,000.00 in insurance. You could have a problem. If you have adequate uninsured motorist insurance, in most situations you would be allowed to use your own insurance after you have exhausted the at fault parties insurance policy. This could become crucial if you are laying in bed unable to provide for your family.
Now depending on where you live and how your policy is written, different states have laws which will dictate whether you can use your uninsured motorist policies from just your bike or the policies from all of the vehicles you own. This is very important when looking into whether or not you can “stack” all of your policies. If you have questions about your own policies or even just want an attorney to take a look at what you carry to make sure you and your family are protected, give us a call over at Steelhorse Law. We would be happy to go into more detail about how these policies can protect you in the event someone forces you to lay your bike down.