Six Reasons Not to Skimp When It’s Time to Purchase Motorcycle Insurance
When considering motorcycle insurance, make sure to purchase the right policy—one that provides protection in the event of an accident. Motorcycle insurance is often expensive, and many riders choose an inexpensive policy because they don’t think an accident will ever hurt them.
Insurance companies know that motorcycles are more likely to crash than other vehicles, and they price their policies accordingly. However, never let a policy’s high price deter you from purchasing quality insurance. If you are in an accident, you will want coverage. Below we discuss six reasons why you need to choose a dependable policy.
Reason #1: Medical Expenses Add up Fast
Medical expenses quickly mount following a motorcycle accident. For example, an accident can cost more than $17,000 for a rider who wasn’t wearing a helmet at the time of the accident. A rider’s insurance may cover some of the costs, but co-pays, deductibles, and other items that insurance doesn’t cover can add up fast. To avoid financial disaster, make sure your motorcycle insurance policy provides coverage for medical expenses—including emergency services, hospital stays, and long-term care—in the event of an accident. Too many riders carry inadequate motorcycle or health insurance and are stuck dealing with the high price of their accidents.
Reason #2: Your Loved Ones Deserve Coverage
Given the inherent danger of motorcycles, riders should prepare for the worst when crafting their insurance policies. No matter how experienced you are or how safely you drive, fatal accidents can and do happen. Protect your family by purchasing a policy that covers funeral and burial expenses in the event that you’re in a fatal accident. Without proper coverage, you may leave your family on the hook for these costs, which could lead to serious financial hardships.
Reason #3: Your Accident May Force You out of the Workforce, Long-Term
If you’re in a motorcycle accident, you may sustain serious injuries that prevent you from returning to work. Possible injuries include traumatic brain injuries, spinal cord damage, burns, and broken bones, all of which would likely necessitate long-term rehabilitation. Depending on your job, even minor injuries may make a return to work immediately following your accident difficult. When purchasing motorcycle insurance, consider your profession and how an accident may hurt your ability to work. Do you work in a physically demanding occupation that requires you to remain in good physical condition, or do you have a computer-based job that you could do from home? Ideally, you want motorcycle insurance that will provide you with the best possible coverage given your individual circumstances.
Reason #4: You May Cause an Accident
Most motorcyclists think that other drivers constitute the biggest danger on the road. Riders understand, because they are riding the smaller and more exposed vehicle, they must remain highly vigilant, and often think that this level of care means that they will arrive safely at their destination 100 percent of the time. However, no matter how careful you are, accidents can still happen. Riders should expect the worst when crafting their insurance policies. Purchase a policy that provides adequate coverage in the event you cause an accident that results in extensive personal or property damage. If you choose an inexpensive policy, you may find yourself on the hook for the full amount of damages not covered by your policy—which could prove significant.
Reason #5: You Have a Loan to Pay Off
If you financed your motorcycle when you purchased it, you may still have a loan payment. If so, consider your outstanding amount when choosing an insurance policy. Like new cars, the value of a new motorcycle depreciates significantly the moment you drive it off the lot, and depending on your financing agreement, you may owe more than your motorcycle is actually worth. When considering an insurance policy, purchase coverage that covers your actual loan value rather than just the price of the motorcycle. If an accident totals your bike, you don’t want to make monthly payments for a totaled motorcycle because you chose an inexpensive insurance policy. Think ahead and choose a policy that provides you with full coverage.
Reason #6: Accidents with Uninsured Vehicles Can Be Expensive
Riders may choose inexpensive, insufficient motorcycle insurance policies for many reasons. Most often, they believe that because they are safe drivers, they can avoid accidents, and thus don’t need to worry about their insurance coverage. Other times, riders may think that because they only ride occasionally, they only need minimum coverage. However, riders should always prepare for the worst. If you are in an accident with an uninsured motorist, even if the accident was not your fault, you may need to pay for your own medical expenses and property damage if your policy doesn’t provide sufficient coverage. Choose a policy that protects you and your family from financial disaster in the event of an accident.
The most effective way to provide financial protection if you are in an accident is to carry adequate insurance, which can protect you from bankruptcy by providing compensation for medical care and other expenses. Are you adequately covered? Review your policy thoroughly and ensure that it covers you for all scenarios.
Injured in a Motorcycle Accident? Get Legal Help from the Dolman Law Group
If you or a loved one sustained an injury in a Florida motorcycle accident, contact an experienced motorcycle accident attorney immediately. Your attorney will understand the legal process surrounding your claim, negotiate with insurance companies, and represent you in court, if necessary. Call the Dolman Law Group today at (727) 451-6900, or contact us online, to schedule a free consultation with our experienced attorneys. Let us help you!
Dolman Law Group
800 North Belcher Road
Clearwater, FL 33765