Posted on 02/01/2021 at 09:18 AM by The Biker Lawyers
‘You can’t always get what you want, but if you buy it on time, you get what you need.’
Do you need insurance?
Yes. For starters, insurance is required by law.
Although insurance is required for every vehicle on the road, one in ten motorists have no insurance, and many that do have insurance don’t have nearly enough.
We all need protection for when life goes wrong. What you’re really buying is protection against financial ruin. Think of it this way: Without insurance, you have nothing standing between your life savings and one injury.
Read on …
Situation 1 – You’re the cause of the injury
You’re driving along the road, speeding 8 over the speed limit, because you know how fast you can go before the police will ACTUALLY pull you over.
Your phone begins to vibrate. You’re a capable adult, and you’ve spared a quick glance a thousand times before to see whether it’s an emergency, or whether you can ignore it.
You look down, see it’s a friend calling and nod your head, knowing you can call them back later.
You look up just in time to smash into the back of a car.
You’re at fault. The guy your rear-ended is badly injured.
Your liability insurance comes into play, protecting you from financial ruin.
Situation 2 – You’re the victim of the injury
You’re stopped at a stoplight, patiently waiting for the green light. You’re quite the respectable citizen, after all.
Next thing you know, your face is mashed into your airbag, your ears are ringing, and a world of pain and confusion has taken over.
The guy that hit you isn’t a law-abiding individual, so he has NO insurance. He also has no home, no savings, and just wrecked his car. In other words, he has nothing worth suing him for. Sure, you could get a judgment, but the dude will just take bankruptcy, and leave you holding the bag. You can’t bleed a rock, after all.
This is when it’s critical that you have an insurance policy that has uninsured/underinsured (UM/UIM) coverage. It’s designed to cover your losses when the guy who caused the injury can’t. This also applies if the other guy has insurance, but the amount of his coverage is too low.
By having the right coverage in place, you protect yourself from financial ruin.
A bit of good news: Having the right amount of insurance coverage is cheap. Sure, you could get the minimal coverage, but for just a few bucks more, you can get REAL coverage that will protect you and your family from financial ruin caused by an accident.
Make sure you have not only liability coverage, but also UM/UIM. Get at least $250,000 coverage for each of these types of insurance.
Consider an umbrella policy on top of that (look for a separate article coming soon on this topic).
If you have questions, send us a message. Let The Biker Lawyers help you.
Insurance not paying out? Contact us today.