Why You Need Underinsured Coverage
More than a third of motor vehicles have the New York minimum $25,000 insurance policy or no insurance at all! Approximately 75% of motorcycle accidents result from collisions with another motor vehicle with a 98% chance of the motorcyclist being injured.
Most motorcycle injuries in New York are worth hundreds of thousands of dollars to millions of dollars. Even a knee injury is worth a lot of money. We got $465,000 for a motorcyclist with a knee injury.
Statistically, the driver of the other vehicle was at fault in two-thirds of motorcycle accidents with another vehicle. However, we have only seen one or two accidents in New York involving a Harley or cruising motorcycle where the motorcyclist was at fault probably because bikers on Harleys and cruising motorcycles are generally more experienced, more careful, and not riding at excessive speeds.
All this means that there is a good possibility you will be injured in an accident which was caused by someone else’s fault. Unfortunately, this also means that there is a good possibility you will be victimized twice when you find out that the other driver had only $25,000 insurance coverage or no insurance at all.
Since motorcyclists are not covered by no-fault which pays for medical treatment and lost wages in a car accident, riders could easily find themselves responsible for more than $50,000 in medical bills. Unable to work, probably for months, you will likely be victimized a third time. Obviously, $25,000 is substantially insufficient to compensate you in the event of a serious injury.
What can you do to protect yourself? Purchase underinsured coverage which will pay you when the car has less insurance than your policy limits. For instance, if the car has $25,000 insurance and you have $300,000 underinsured coverage, the car’s insurance will pay you $25,000 and your insurance company will pay you $275,000.
You bought Full Coverage Insurance. Do you think you have underinsured coverage?
Uninsured/Underinsured Insurance Coverage on Your Declarations Page
Ask your insurance agent TODAY to increase your underinsured/uninsured coverage to $300,000 (or more if available) on your motorcycle insurance policy (I also recommend it for your car). If you have minimum liability insurance coverage, increase your liability coverage so that you can purchase increased uninsured/underinsured coverage. Do it today, because after an accident it’s too late.
Recommended Motorcycle Uninsured/Underinsured Coverage
We recommend $500,000 uninsured/underinsured coverage available with Liberty Mutual or $300,000 available with Progressive.
Find out how to determine how much underinsured coverage you need and which insurance companies offer more than $250,000 – and use our free underinsured coverage calculator to tell you how much you need.
Uninsured/underinsured claims in New York must be properly filed with the insurance company as soon as reasonably possible or within 90 days of the date of the accident.
Funny 3 min Video About Underinsured Coverage
If you have been hurt in a New York motorcycle accident, please call us immediately, preferably before speaking with any insurance company.
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Motorcycle Attorney Phil Franckel talks about how motorcycle accidents are different
Philip L. Franckel, Esq. is the author of all articles and content on this website, one of the Personal Injury Dream Team™ Founding Partners at 1-800-HURT-911® New York, well-known for representing motorcyclists. He has a 10 Avvo rating; Avvo Client’s Choice with all 5-star reviews; Avvo Top Contributor; and is a former Member of the Board of Directors of the New York State Trial Lawyers Association. Mr. Franckel created the motorcycle awareness campaign BE AWARE MOTORCYCLES ARE EVERYWHERE®.
Founding Partner Rob Plevy, Esq.
Robert Plevy, Esq. is a motorcycle accident lawyer and one of the Personal Injury Dream Team™ Founding Partners at 1-800-HURT-911® New York. Robert began his legal career in 1993 as an Assistant Corporation Counsel defending The City of New York against personal injury lawsuits.