Many insurance companies provide minimum requirement insurance policies, so you gain as little insurance as you must according to state law. Some states require only $15,000 in motorcycle insurance policy coverage, yet healthcare costs for an accident average $53,000 or more. This means you do not have the coverage for $38,000 or more in damages.
Where does the rest of the money come from if you are in a motorcycle accident?
In the best case scenario, everyone who operates a motor vehicle has insurance. That insurance covers your damages, when they are liable for your motorcycle accident. Those damages include your medical bills, lost wages and other reimbursements. Then your motorcycle insurance covers the rest.
But that is a best case scenario that rarely works out in real life. In reality, most people do not have the insurance they need. Everyone believes they will not get into an accident. But there are accidents on our streets every single day. So accidents do happen and people who think they would not happen to them are the ones left covering damages. Even worse, people owing you money for damages usually do not have the savings needed to make up for damages when their insurance is not enough.
Protect Yourself Before It Is Too Late
In case someone who causes your motorcycle accident does not have required or ample insurance, your insurance agent offers “uninsured motorist” coverage and “under-insured motorist coverage.” These insurance coverages protect you when you are in an accident. Of course, you have to make the decision to accept this coverage and pay a little bit more each month for it.
You may see this coverage as something extra you have to pay because someone who hits you does not pay what they should for insurance. But a better way to see it is as the money you need, should one of these uninsured or underinsured people hit you.
Six figures of coverage in these categories is not unreasonable, particularly given current healthcare costs. Your body sustains major damage when impacted at typical speeds for accidents with other vehicles.
Minimum Insurance Coverage Is Rarely Enough in a Motorcycle Accident
Insurance minimums in your state rarely provide enough compensation after a motorcycle accident. So why are the minimums so low? Few people know why the legislators require so little insurance coverage. Simply complying with the law is not enough to pay for damages when a real accident occurs, particularly when a motorcycle is involved.
Most people trust the state minimums are what they are for a reason. They think this is sufficient coverage and only pay what they are required to pay by state law. But in real life, this is a mistake. The best pre-accident protection you can buy is adequate motorcycle insurance policy coverage. You need to go the extra mile to protect yourself in case you are injured, instead of riding your motorcycle on “a wing and a prayer,” hoping the other person covers your injuries.
An attorney works for you after such an accident, to obtain the compensation you are owed. But this compensation starts with insurance policies. When the insurance coverage runs out, sometimes it is impossible to gain funds from other places, such as the negligent driver’s wages.
Take Protective Steps Now, Before Your Motorcycle Accident
Motorcycle accident attorneys play a major role in your financial well-being after an accident. You need to know who your go-to motorcycle accident lawyer is in your state, having their information ready in case you get into an accident. After all, accidents are not planned. That is why they are called accidents. Being prepared with a lawyer’s information means you get the help you need from the first moments after your motorcycle accident.
Meanwhile, buy as much uninsured and underinsured insurance protection as you can afford. Your coverage should be for six figures, if possible. Also, write down or program your motorcycle accident lawyer’s contact information into your smartphone. You should call them from the accident scene or as soon as possible after emergency medical treatment. Your lawyer will advise you each step of the way, also handling the insurance company contacts and negotiations for settlement. If your case must go to trial, your attorney will handle that, too.