The underinsured calculator was created because most of our motorcycle accident clients did not have underinsured coverage (also known as underinsured motorist coverage) when they needed it. (We created the calculator, but we do not sell insurance — we’re motorcycle accident lawyers in New York.)
Uninsured coverage pays you when you are injured by someone else’s negligence, and there is no insurance for the other vehicle to pay you, i.e., hit-and-run, no insurance, or stolen car. Underinsured pays you when the other vehicle doesn’t have enough coverage (like a $25,000 policy) to compensate you for your injury.
You can use this underinsured calculator (some people call it an underinsurance calculator) for both car and motorcycle insurance to instantly calculate:
- The minimum amount of underinsured and additional uninsured insurance coverage you need to buy to cover your living expenses after deducting legal fees, and
- The additional amount you want to receive after deducting legal fees.
You don’t want to lose out on $500,000 underinsured coverage when this driver is texting on his cell phone, and you can’t work for 6 months because he broke your ankle!
Uninsured and Underinsured Calculator
How to Buy Full Coverage Insurance When You Want Underinsured Coverage
Watch this video by New York Motorcycle Accident Lawyer Phil Franckel about how to buy insurance coverage the right way so you don’t get stuck without underinsured coverage.
How To Use The Underinsured Calculator
Pick the number of months you want to insure if you are injured in a motorcycle or car accident. If you break your leg or ankle, you will probably be out of work for approximately 4-6 months.
Four months is a good minimum number of months which is why the calculator is set to a default of 4 months. We set the absolute minimum to 2 months, but you should not change it to less than 4 months, and you should increase it.
Note: underinsured coverage is sold separately for motorcycles and cars. If you are injured in a motorcycle accident, the underinsured coverage on your car insurance will not cover you. You need to buy underinsured coverage separately on each insurance policy.
Estimate your monthly living expenses and enter the amounts in the fields under the description in the left column.
Take a look at this chart if you need help estimating your monthly living expenses (amounts on this chart are a national average and are higher in New York).
The three red boxes in the right column show your total expenses.
The yellow box shows the minimum underinsured coverage you need to cover your expenses.
The green box shows the extra underinsured coverage you may want to get if you also want money for pain and suffering in addition to covering your expenses.
Both the yellow and green boxes include the extra amount you need to pay a 1/3 New York personal injury legal fee. If you are injured in a motorcycle accident, you will need the best motorcycle accident lawyer in New York.
Underinsured Calculator Tips
- Uninsured and underinsured insurance coverage is sold by insurance companies in one “bundle.” If you get one, you get the other, so we’ll just call it underinsured.
- When buying motorcycle insurance, only look at the lowest underinsured policy limit, i.e., $100,000/300,000. The lower amount is the limit one injured person can get. This underinsured calculator will give you the amount of the lower limit.
- Underinsured insurance coverage is used and needed far more often with motorcycle accidents than car accidents. Why? 1) You’re more likely to be seriously injured by a car with too little or no insurance, and 2) You’re more likely to be hit by a car that doesn’t stop. If you ride, you need it!
- Injuries in many motorcycle accidents, like a broken ankle, will keep you out of work for 4-6 months. Can you afford to be out of work?
- In New York, motorcycles don’t get No-Fault coverage. You can’t get lost wages, and your health insurance could put a lien on your case for the medical bills, usually $35,000-$50,000!
- Injuries in most motorcycle accidents are worth from $250,000 to millions of dollars. We got $465,000 for a torn meniscus in a knee.
Where Can I Find an Uninsured Calculator?
This calculator is both an uninsured calculator and an underinsured calculator because uninsured insurance is not sold separately. You can only buy uninsured and underinsured coverage together for one additional premium price.
Why Do I Need To Use An Underinsured Calculator?
Most motorcycle accidents are worth more than $250,000, and approximately 50% of our motorcycle accident cases involve a serious injury worth $500,000 or more.
Probably 30% of those motorcycle accident cases are caused by a car with only $25,000 insurance (underinsured) or by a hit-and-run or cut-off-and-run accident (uninsured).
Few motorcycle accident cases are caused by a car with more than $100,000 insurance.
Underinsured Drivers Probably Have No Assets or Money
When a car is insured for only $25,000, the owner probably has no assets or money that we can go after. People who have assets and money to protect almost always get a lot of insurance.
So if you’re injured by a car insured for only $25,000, it won’t be possible to get more money than that unless you protect yourself by getting underinsured coverage.
This underinsured calculator will show you how much underinsured coverage you need to buy.
Uninsured Drivers Have No Assets or Money
According to insurancejournal.com, 6.1% of all cars in New York are uninsured! When a car has no insurance, it means the owner has no money or assets to go after. Again, You need to use the uninsured calculator and buy the amount of uninsured coverage you need.
How Much Uninsured and Underinsured Coverage Can I Buy?
What Should I Do If I Can’t Afford To Buy Underinsured Coverage?
Consider dropping collision coverage on your motorcycle. Why? Because most motorcycles are worth less than $15,000 at the time of an accident. You’ll pay a lot for only a small amount of insurance coverage.
Instead of buying collision coverage for a $15,000 motorcycle, for about the same amount of money, you can buy $250,000 to $500,000 of underinsured coverage. If you break your ankle, you’ll be able to buy a few motorcycles and have money left over!
Use the underinsured calculator to find out how much underinsured coverage you need. But the uninsured calculator will also show you how much uninsured coverage you need because uninsured coverage is sold together with underinsured coverage for the same price.
You’ll need the uninsured calculator to protect yourself from a hit-and-run or a cut-off-and-run accident.
Ultimate Guide to Underinsured Insurance Coverage
See our complete ultimate guide to underinsured insurance coverage.
If you’re involved in a motorcycle accident in New York, even if another lawyer doesn’t think you have a case, call us immediately for a free consultation. We care about motorcyclists!
Get New York Motorcycle Accident Lawyers Rob Plevy, Esq. and Phil Franckel, Esq. at the 1-800-HURT-911® Personal Injury Dream Team™ on your side and become a member of our family!
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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.