Are you looking at getting motorcycle insurance and wondering what kind of coverage you should get? Check out this short video for a motorcycle accident lawyer’s perspective on what type of insurance you should get.
Hi, Barry here with the LawFull channel. I’m a Chicago motorcycle accident lawyer and I’ve helped countless motorcycle accident victims with their cases.
Here is my personal website:
www.chicagolegalgroup.com/per...
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And if you need to speak with me about an accident, reach out at info@legalvlogger.com.
0:00 Introduction
1:35 Liability insurance
2:02 Uninsured and Underinsured motorist coverage
3:11 Collision and comprehensive coverage
3:45 Medpay or medical payment coverage aka PIP Coverage
4:32 Motorcycle rental insurance coverage
4:52 GAP or guaranteed asset protection coverage
Almost every state has its own mandatory insurance limits. That’s the minimum amount you need to be in compliance with the law. In my home state of Illinois its $25,000.
Again - this is the minimum amount - having the minimum amount does not mean you have full coverage. To have full coverage you would have the following types of insurance.
INSURANCE 1 - Liability insurance - this is what almost every state requires that you have so that if you hit someone, you have insurance to cover their damages. But that’s just the give-in. That’s where we start.
INSURANCE 2 - it is critical for motorcycle riders to have a lot of uninsured and underinsured motorist coverage. Why is UM and UIM coverage so important? There are a lot of uninsured drivers out there and a huge percentage of the other drivers have the minimum limits.
I’d strongly recommend that you get at least $100,000 of uninsured motorist and underinsured motorist protection. If you can, you purchase more.
For more info on uninsured motorist accidents, see:
• Uninsured motorist cla...
INSURANCE 3 - You should also have collision coverage. If you have collision coverage, it means that if you get involved in an accident, you can use your own insurance to get your vehicle fixed. That will significantly reduce the amount of time it takes to get your car fixed. It will also protect you if you get hit by an uninsured driver.
You can add something called comprehensive coverage. With comprehensive coverage you can get your car repaired if it gets damaged in a non-vehicle related accident. Like if it gets hit by lightning or a tree falls on it.
Think insurance limits don’t matter in vehicle accidents? Check out this video:
• Do Insurance Policy Li...
INSURANCE 4 - Medpay insurance is something you can add to your policy. Medpay or medical payments coverage is a small add-on to an auto insurance policy that covers the first $2,500 or $5,000 or even more, of your medical bills. This is a great way to pay for your co-pays or deductibles or if you don’t have health insurance.
INSURANCE 5 - You will likely need a rental car while your car is being repaired. So, you can add Rental car coverage to your policy. Otherwise, you may get stuck with the bill while you’re waiting for the driver’s insurance to accept responsibility for the accident.
INSURANCE 6 - Finally, you can purchase gap insurance. If you purchase a new car, you have the option of buying gap insurance. If you get in an accident and the car is totaled, the insurance company will only compensate you for the actual value of your vehicle. This value could be much lower than what you owe on the vehicle. Gap insurance will cover the balance
Disclaimer: This video is for entertainment and informational purposes only. It is not intended as legal advice and the accuracy thereof is not warranted or guaranteed. This information is prone to errors and omissions. Use this information at your own risk. Watching this video does not create an attorney-client relationship.