Boring subject, until it becomes relevant...
Thought y'all might find this enlightening... I know *I* did... (from another forum):
From February Motorcycle Consumer News, Motorcycle Justice Column in quotes.
"My FZ8 was totally destroyed and I suffered a broken arm, broken ribs and other internal injuries after I struck a car broadside at 45 mph. The driver suddenly pulled out from the parking lot of a local bar. She had only MINIMUM-LIMIT COVERAGE ($20,000) and my medical bills alone are over $50,000. She does not own a home or anything else of value.
Her only source of income is the bar where she worked. She had just left work, was over the legal limit for blood alcohol and had been drinking earlier in the day at another bar. Any ideas of how I can get my medical bills paid and some reimbursement for my lost wages? I do not have health insurance and my motorcycle insurance policy DID NOT INCLUDE UNDERINSURED MOTORIST COVERAGE. You have told us in multiple columns that underinsured motorist coverage is a necessity, but I decided to save money because it is not mandatory in my state. I wish I'd taken your advice."
The MCNews attorney suggested the writer may be able to sue one or the other bars to help with his loss. But, lets just eliminate the fact she had a high BAC and think about 2 very important insurance lessons.
Since this is a motorcycle forum lets start with paragraph 2. You need both uninsured AND underinsured motorist coverage. Way to many people are driving cars with minimum or no coverage. This rider could be looking at $250,000 in bills and not $50,000, whom do you think the hospital will come after for the money.
Now for the first paragraph. If I committed a colossal mistake and pulled out in front of a bike or another car in my cage I am responsible for the injured rider/drivers and any passengers damages. Once my minimum insurance coverage runs out...at say $20,000 in the example above, I am liable for the remaining amount of the claim. I can loose my house or my equity in it, retirement savings, any other savings, assets of other kinds, vehicles, my favorite dog.....about anything. Then when they are done with me and I am penny-less, they can garnish my future wages.
Ask yourself honestly if you have enough insurance. Both my friend who is a personal injury lawyer, MCNews, and my financial adviser suggested carrying enough liability...(especially on my 4 wheeled vehicles) to cover all my assets plus 25% more, for liability.
As for uninsured/underinsured motorist coverage.....advice I have gotten is between $300,000 and $500,000 coverage on my bike because bike wrecks are all about high priced medical bills. You may choose to carry less on cars since you have 2 tons of steel for protective gear and injuries are typically less severe.
Ride safe, ride long, .........and like tires, do not assume the cheapest are the best.
Thought y'all might find this enlightening... I know *I* did... (from another forum):
From February Motorcycle Consumer News, Motorcycle Justice Column in quotes.
"My FZ8 was totally destroyed and I suffered a broken arm, broken ribs and other internal injuries after I struck a car broadside at 45 mph. The driver suddenly pulled out from the parking lot of a local bar. She had only MINIMUM-LIMIT COVERAGE ($20,000) and my medical bills alone are over $50,000. She does not own a home or anything else of value.
Her only source of income is the bar where she worked. She had just left work, was over the legal limit for blood alcohol and had been drinking earlier in the day at another bar. Any ideas of how I can get my medical bills paid and some reimbursement for my lost wages? I do not have health insurance and my motorcycle insurance policy DID NOT INCLUDE UNDERINSURED MOTORIST COVERAGE. You have told us in multiple columns that underinsured motorist coverage is a necessity, but I decided to save money because it is not mandatory in my state. I wish I'd taken your advice."
The MCNews attorney suggested the writer may be able to sue one or the other bars to help with his loss. But, lets just eliminate the fact she had a high BAC and think about 2 very important insurance lessons.
Since this is a motorcycle forum lets start with paragraph 2. You need both uninsured AND underinsured motorist coverage. Way to many people are driving cars with minimum or no coverage. This rider could be looking at $250,000 in bills and not $50,000, whom do you think the hospital will come after for the money.
Now for the first paragraph. If I committed a colossal mistake and pulled out in front of a bike or another car in my cage I am responsible for the injured rider/drivers and any passengers damages. Once my minimum insurance coverage runs out...at say $20,000 in the example above, I am liable for the remaining amount of the claim. I can loose my house or my equity in it, retirement savings, any other savings, assets of other kinds, vehicles, my favorite dog.....about anything. Then when they are done with me and I am penny-less, they can garnish my future wages.
Ask yourself honestly if you have enough insurance. Both my friend who is a personal injury lawyer, MCNews, and my financial adviser suggested carrying enough liability...(especially on my 4 wheeled vehicles) to cover all my assets plus 25% more, for liability.
As for uninsured/underinsured motorist coverage.....advice I have gotten is between $300,000 and $500,000 coverage on my bike because bike wrecks are all about high priced medical bills. You may choose to carry less on cars since you have 2 tons of steel for protective gear and injuries are typically less severe.
Ride safe, ride long, .........and like tires, do not assume the cheapest are the best.
