Underinsured Motorist Coverage For Motorcyclists
Most states have set their own minimum limits for liability insurance coverages that drivers and motorcyclists must have in that state in order to comply with its insurance laws.
If you are involved in an accident caused by a driver or motorcyclist who only has the state's minimum liability insurance requirements, you may come to the realization that minimum requirements are fairly low and are not enough to pay for your property damage and/or bodily injury costs.
Having underinsured motorist coverage as part of your motorcycle insurance policy can help protect your wallet when you get into an accident with a driver who has insufficient insurance coverage.
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How Underinsured Motorcycle Coverage Works
If you had underinsured motorcycle insurance on your policy, it would eliminate the gap between what the guilty driver could pay and the amount you owe. Keep in mind that your underinsured coverage will only pay up to the limits you have set with your motorcycle insurance company.
Without this protection, you'd be stuck paying for the extra expenses. Of course, you could sue the other driver. However, collecting from a successful lawsuit can be difficult, and legal action can drain your time and energy.
Types of Underinsured Motorbike Insurance
Most motorcycle insurers split their underinsured coverage into two categories:
- Bodily injury: Pays for your hospital bills, doctor's visits, medications, physical therapy, lost wages, and other related expenses.
- Property damage: Covers the cost to repair or replace your property after an accident.
Underinsured Motorcycle Insurance Limits
In the example mentioned above, your underinsured driver coverage would pay your remaining expenses (but only up to the limits of your policy).
So, how much underinsured protection do you need?
If your state requires underinsured motorist coverage, you'll have to comply with your state's underinsured driver insurance requirements. (Note that most states don't have any guidelines concerning this coverage.)
Beyond the minimum limits, it's wise to consult with an insurance agent or other qualified financial professional to determine what's an appropriate amount for you to carry. Regardless, you might consider purchasing as much uninsured motorcycle coverage as you can reasonably afford, as the minimum limits set by the state can be so low as to leave you with major expenses in the event of an accident.
In essence, purchasing uninsured and underinsured motorist coverage is really purchasing liability coverage for another driver. You are taking measures to protect yourself if the other driver doesn't comply with insurance laws and can't pay for your costs.
The good news? Relatively speaking, underinsured motorist coverage is pretty inexpensive.
Where to Buy Underinsured Motorist Coverage
Any carrier that provides insurance coverage for motorcyclists should offer underinsured protection.
If you already have a motorcycle insurance policy, you can call your insurance agent or company representative to find out about adding underinsured coverage to your policy.
If you do not already have any motorcycle insurance, now is a good time compare motorcycle insurance quotes. Don't forget to have underinsured coverage factored into your quote.