Buying an insurance policy requires you to make several choices. While no one wants to imagine what would happen after a serious crash, it is important to learn about the types of insurance coverage in Memphis motorcycle accidents. If you are unsure of what your best options are, it may be worth calling Board-certified lawyer David E. Gordon about motorcycle insurance coverage in Memphis.
Uninsured Motorist Coverage
In Memphis, uninsured motorist insurance is a driver’s protection against every other driver in the city. If they have uninsured coverage in their insurance policy, then they are going to be compensated even if the other driver who hit them has no insurance. Tennessee has one of the largest populations of uninsured drivers in the entire country; it is estimated that 20 percent of the drivers in Tennessee do not have motor vehicle insurance. It is believed that in Memphis specifically, 25 percent of the drivers do not have insurance coverage. Therefore, having uninsured motorist coverage in Memphis is vital.
How Much Uninsured and Underinsured Coverage is Necessary?
Whenever someone buys a motor vehicle insurance policy, they purchase a certain amount of coverage. In Tennessee, the lowest available to a consumer is $25,000 of protection for an injury that they cause. If the biker has uninsured motorist coverage, then they could be compensated up to $25,000 for their injuries. For only a small premium increase, that can jump up to $100,000.
David recommends that every biker have at least $100,000 of uninsured motorist protection. Even if the at-fault driver has $25,000 worth of coverage, the uninsured coverage can cover any excess cost above that $25,000. That is called underinsured motorist coverage and it is not purchased through an additional fee. It is a protection that automatically comes with their purchase of uninsured motorist protection.
A person who has this type of motorcycle accident coverage in their policy is covered in the event of a hit-and-run, which is common in Memphis.
What is Excess/Umbrella Coverage?
Excess or umbrella coverage refers to the protection that goes above and beyond someone’s basic automobile insurance policy. A motorcyclist who has a lot of assets to protect, such as a large stock portfolio or a house that is paid for, might consider excess or umbrella coverage, which is normally $1 million. Ordinarily, these kinds of coverages apply only to liability. This means that the umbrella coverage would protect them in the event they cause a serious injury to another driver.
It is not likely that a biker will cause a serious injury to another driver because the size of the motorcycle is so much smaller than the other vehicle. However, it remains a possibility and is inexpensive, so a person with high assets should consider it, and inquire whether the excess or umbrella coverage applies in underinsured situations.
What to Look for in an Insurance Plan
A motorcyclist in Memphis should look for the following types of motorcycle accident coverage in their insurance plan:
1) They need to make sure that they have enough protection for any damage or injury that they cause. The minimum amount of liability protection in Tennessee is $25,000 but $100,000 is recommended.
2) Uninsured/underinsured protection helps a biker when the other driver has no insurance or has little insurance to cover the injuries that they cause. This insurance is so important that the Tennessee legislature requires purchasers to sign a statement if they have rejected coverage.
3) Collision coverage is protection for their motorcycle in the event the accident is their fault, or in the event they strike a stationary object other than a motor vehicle. If their motorcycle is old or inexpensive, then this will be a coverage that they could decline.
4) Comprehensive coverage is a protection for the motorcycle in the event that it is vandalized, stolen, or strikes a deer on the highway. A person can decline to have it if they so choose, although the price is usually affordable.
The liability and uninsured motorist protections are vital and should be part of every motorcyclist’s coverage.
Talk with an Attorney About the Types of Insurance Coverage in Memphis Motorcycle Claims
Your experience after a crash might already be determined by the policy that you purchased. Call the Law Office of David E. Gordon to discuss the types of insurance coverage in Memphis motorcycle accidents. Do not miss out on compensation because you did not prepare ahead of time.