We are asked this question, time and time again: “Do I have enough motorcycle insurance coverage?” The answer is, probably not. Unfortunately we often get this question after a biker has been in an accident. At that point it is too late to make changes to cover the losses and injuries incurred. And since statistically bikers are far more likely to be injured than drivers, proper coverage is necessary.
Don’t be underinsured – learn the basics!
Insurance salesmen are out to do one thing: sell. Their goal is to provide coverage quickly and inexpensively. Often they know little about proper motorcycle insurance coverage and are certainly far removed from the outcomes that occur when a biker with too little coverage is in an accident.
Minimum coverage varies from state to state, but typical motorcycle insurance offers $5,000 property coverage, $15,000 for injury/death to one person, and $30,000 for injury/death to multiple people. Do the quick math: total a Harley and bash in the side of an SUV- $5,000 won’t even make a dent on these claims. A trip to the hospital, tests, x-rays and scans, and a few physical therapy appointments eat up all that coverage… if you’re lucky. And don’t even talk about time off work!
There is good news!
Sure- you don’t want to end up in the hole after an accident, but who can afford high premiums? Contact your agent because you may be surprised just how inexpensive an increase in coverage can be. Sometimes just a few dollars more a month is enough to greatly increase your motorcycle insurance coverage. Many companies offer 100/300 and even 250/500 policies which vastly exceed the wimpy 15/30 coverage. In addition, you can purchase an umbrella policy. An umbrella policy will kick in after you have exhausted your liability policy and will cover the excess damages. These policies often offer in excess of 1 million dollars coverage.
We all just want to get on our bikes and ride, but going without proper motorcycle insurance coverage is like riding without a helmet. Don’t take unnecessary risks – contact your insurance agent today and make sure you have adequate coverage before it’s too late! Here is a great video that further explains how to make sure you are getting the right insurance.
If you have questions about your motorcycle insurance coverage or if you have been in a motorcycle accident, contact us at Kass & Moses.