Why Is It Important To Have A Sizeable Insurance Policy If You Ride A Motorcycle?
Most people drive with a minimum limits policy. In Virginia, that’s $25,000 per person and $50,000 per accident. It doesn’t mean it’s the maximum you can get, so we tell all of our clients to get more coverage. After all, if you have a severe or permanent injury and you’ve got a 25/50 policy, you are dead in the water because you don’t even have enough money to pay for the first day at a hospital. I personally carry a million-dollar policy, and I’m not saying that everybody needs that coverage, but they need more than 25/50. I would say that the absolute minimum that people should have in this day and time is a $100,000 policy. When you get into an accident with somebody, the only insurance policy you can rely on is your own.
We get many cases where people are struck by a driver with no insurance, and some states do not require people to carry any form of insurance. Florida is one of them because we have had at least two cases of people struck by someone from Florida that had no insurance at all. It’s important to realize that when you are in an accident, the only thing you know you’ve got is your policy. If your policy is better than the policy of the person that struck you, then yours may come into play, help protect you, and give you more coverage. The driver of the other vehicle may leave the scene of the accident, so you don’t know whether they’ve got any coverage or not. You can’t identify them, so in that case, if they disappear, then you have your policy as a backup.
This is known called uninsured motorist coverage. So, if I have that $100,000 policy that I recommended, my coverage will go immediately from $0 to $100,000 from my policy. It would be at least $100,000, no matter what happens. There is a perception going around that if I go from a 25/50 policy to a 50/100 policy, my premium will double, which that’s not true.
The premium increase is modest. Also, I think people feel like the policy is only to protect other people and do not realize that it’s really for their own benefit. One of the most important decisions to make is how much to cover your vehicle. Going back to motorcyclists, we had a case where the motorcycle got hit by a pickup truck that ran a stop sign, landing him in the hospital for quite a while. Both the motorcycle and the pickup truck had minimum limits policies which meant that he would only get $25,000 for his injuries. He wanted us to represent him, but I told him that he should call the insurance company and settle with them.
When he did that, they offered him $5,000, which is flabbergasting, but it just shows that they will try to take advantage of people, even if someone lost a lot in an accident.
For more information on Insurance Coverage For Motorcycle Riders, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (804) 905-9743 today.