Having the appropriate insurance coverage in case of a motorcycle accident is one of the most important steps that you can take to protect yourself and your motorcycle investment. I understand that no one likes using their own motorcycle insurance when they are not at fault but sometimes you have no choice.
Uninsured and Underinsured Motorist Coverage
Most people assume that if they are injured in an accident through no fault of their own, the other driver’s insurance company will simply cover all their injuries, medical bills, and lost wages. If a motorcyclist is injured by a driver that has no insurance, what can he or she do? What if a motorcyclist is seriously injured in an accident through no fault of their own, but the other driver has minimum insurance coverage, which in North Carolina is only $30,000? In my experience $30,000 often does not even come close to paying for the motorcyclist’s medical expenses, much less their lost wages and pain and suffering. These scenarios, which are unfortunately very real, are the recipe for financial disaster.
You cannot control how much car insurance, if any, other drivers on the road have on their vehicles. I say “if any” because recent studies show that one out of every six drivers in North Carolina has no automobile liability insurance. In North Carolina, we have over 6 million licensed drivers, which means that there are a little over 1 million drivers in North Carolina that have no automobile liability insurance.
What can you do ahead of time to guard against the financial hardship of being seriously injured in an accident caused by someone with little or no insurance? You first look at your insurance policy or talk with your insurance agent to see if you have sufficient uninsured and underinsured motorist coverage as part of your motorcycle insurance policy. Uninsured coverage protects you when the person causing your accident has no insurance at all, and underinsured coverage protects you when the person causing your accident has too little insurance. You will find that increasing your uninsured and underinsured coverage is fairly inexpensive, particularly when weighed against the cost of getting into an accident when the other driver has little or no insurance coverage.
For more information on uninsured and underinsured motorist coverage, you can also please read my article titled “ Protect Yourself With Enough Uninsured and Underinsured Insurance Coverage Before You Are in an Accident.”
If you have any questions about your motorcycle insurance coverage, call me at 919-942-1181. I am always available to answer your questions and my consultation is free.
Protecting Your Custom Motorcycle Investment
Many of you have added custom parts and additional equipment to your motorcycle. You want to make sure that this investment you have made is protected if your motorcycle is unfortunately stolen or totaled. In other words, you want to get reimbursed for the money you have put into customizing your motorcycle. You can protect this investment by talking to your insurance agent about adding Optional or Additional Equipment Coverage to your motorcycle policy. Check your policy to see if your customized equipment and additional parts are covered. You can also call your agent to let them know you have a certain amount of money invested in custom equipment/additional parts, and you want to make sure that investment is covered dollar or dollar if your motorcycle is stolen or totaled.
For more information on Optional and Additional Equipment Coverage, you can also read my article “Protecting Your Custom Motorcycle Investment.”
If you have any questions about motorcycle insurance coverage or want to talk to me about a motorcycle accident Give me a call directly at 919-942-1181, send me an email at garyrpoole@mindspring.com or complete our online contact form.