Tuesday, September 21, 2010

Motorcycle Insurance 101 Buy Enough Coverage

Ohio Motorcycle Insurance Explained

Bodily Injury & Property Damage Liability (BI/PD) - BI/PD covers you if you are at fault for an accident that injures another person or damages someone's property, up to the limits you select.

Comprehensive & Collision - This motorcycle insurance coverage pays to repair or replace your motorcycle if it's stolen or damaged in an accident, regardless of who is at fault. For each coverage, you select a deductible that you pay out of pocket. The insurance company pays for the remaining damage. So if you are at fault this pays for damage to your motorcycle.

Uninsured/Underinsured Motorist (UM/UIM) – When you are injured by the fault of another for an accident and that person does not have insurance or does not have enough insurance, UM/UIM will cover your injuries and damages that the at-fault party is legally liable for, such as medical treatment and lost wages and pain and suffering. They pay to the extent your policy exceeds the amount of the at fault party's insurance.

Medical Payments - MedPay covers the cost of necessary medical care you receive as the result of a motorcycle accident and can be used regardless of who is at fault. MedPay often is limited to medical treatment received within the first three years after an accident and is limited to a specific dollar amount. In some states, MedPay only applies after other medical insurance is exhausted.

Custom Parts & Equipment - When you purchase Comprehensive or Collision motorcycle insurance coverage, at least $3,000 of Accessory coverage for your custom parts and equipment is included in most states. Up to $30,000 of additional Accessory coverage can be purchased to cover custom parts that exceed the included value.

Roadside Assistance - If your motorcycle breaks down, Roadside Assistance will pay to tow it to the nearest qualified repair facility. Roadside Assistance also covers the necessary labor costs at the place of breakdown when your motorcycle or off-road vehicle is disabled.

Please Get Enough Coverage – You should at least buy liability coverage in the amount of $100,000 per person and $300,000 per accident. The same is true of uninsured/underinsured motorist coverage. Do not buy the minimum limits in Ohio of $12,500 per person/$25,000 per accident/$7500 property damage. This will not protect your assets if you really hurt some one.

Also if you get this amount for underinsured/uninsured motorist you will at most have $12,500 of protection if an uninsured driver causes your injury. Even higher amounts of liability and uninsured/underinsured such as $250,000-$500,000 would be better. A single limits policy is a policy that pays the same amount per person as it does per accident. It depends on the insurance company if you can by this. I'd recommend single limits of $500,000.

By Cincinnati Motorcycle Accident Attorney Anthony Castelli to get help or answers to your questions you can call me at 1-800-447-6549