According to the National Highway Traffic Safety Administration:
80% of collisions involving a motorcycle result in injury or death to the rider.
A motorcycle rider is 35 times more likely to suffer serious injury or death from an accident than occupants in a passenger car.
The National Highway Traffic Safety Administration also states that the motorcyclist is rarely at fault when involved in an accident. If you are in a motorcycle accident and the other party has no or insufficient liability insurance, you can face significant costs for an accident you did not cause.
Because of statistics like these, it is crucial that motorcyclists carry the maximum amount of uninsured/underinsured (UM/UIM) motorist coverage you can purchase.
For motorcycle riders, UM/UIM coverage helps pay for your losses when:
You are involved in a motorcycle accident with another vehicle and other driver is at fault.
The other driver either does not have insurance or has inadequate coverage (i.e. it will not cover your costs).
Specifically, uninsured (UM) and underinsured (UIM) motorist coverage kicks in to pay for the costs associated with your injuries when the at-fault driver has little or no insurance at all.
UM/UIM coverage is critical to purchase the maximum amount available. Having the maximum amount allowed by law is not that much more expensive than what you are currently maintaining. If you now have less than $250,000 of UM/UIM coverage, you need to increase this coverage immediately.
Limits for uninsured and underinsured (UM/UIM) motorist coverage are typically written to reflect the same amount as the limit for bodily injury per person and per accident you currently maintain:
Example: If your motorcycle liability insurance limits are $250,000/$500,000, you would be covered at $250,000 for bodily or death per person in an accident and $500,000 per accident (if multiple people are injured in an accident). Your UM/UIM coverage needs to be at the same amount as your liability limits.
Why should motorcycle riders purchase extra uninsured/ underinsured motorist coverage? According to a study by the Insurance Research Council, approximately 1 driver out of every 7 drivers does not have a current automobile insurance policy. In addition, the Insurance Service Office, Inc. (ISO) states that more than 20% of insured drivers purchase only the minimum coverage required by state law. Because the number of uninsured and underinsured drivers is so high, you must be prepared for the worst. The cost of UM/UIM coverage compared to the costs of injuries sustained in an accident with an uninsured or underinsured (UM/UIM) driver will pale in comparison. I promise you.
UM/UIM motorcycle insurance can protect you and your family against a potential financial disaster. It can also mean the protection of valuable assets, such as your home. When you are shopping around for the right uninsured/underinsured (UM/UIM) motorist coverage for your motorcycle, consider only the maximum. You should speak to several motorcycle insurance providers to find the best rates. Or better yet, call me or email me or fax me for free advice in this area. There is never a charge for a legal consultation. I will point you in the right direction. Contacting me will be your second best decision after purchasing your motorcycle.
Please contact my office at (732) 388-5454 or 1-800-TEAM-LAW. I will be happy to answer any questions you may have free of charge.
Andrew S. Prince, Esq.
136 Central Avenue
Clark, NJ 07066
1 (800) 832-6529
(732) 388-8711 — Fax
Additional Offices in New Jersey:
Edison, East Brunswick, Jersey City, Newark, Orange, Perth Amboy, Westfield and West New York