Understanding Motorcycle Insurance

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The laws pertaining to Florida motorcycle insurance have been a source of confusion for many motorcycle owners in the state of Florida. Many motorcycle owners falsely assume that their automobile insurance extends to cover them when they are on their motorcycle, or that if they are hit by a motorist, that motorist's insurance will cover the damages. This simply is not true.

The fact of the matter is, the PIP insurance coverage that you carry on your primary vehicle does not apply to your motorcycle. If you are hit by another motorist and that driver carries only the state minimum insurance, then chances are great that their coverage will be insufficient to cover the damages, either. In short, driving a motorcycle without Florida motorcycle insurance is a major gamble.

PIP Coverage

Most Florida motorists are familiar with PIP coverage. This is the state of Florida's minimal requirement for vehicle insurance. Because Florida is a no-fault state, this PIP coverage will pay out 80% of a drivers medical expenses, plus 60% of lost wages from work missed due to injury, regardless of who was at fault in the accident. If you own a car in addition to your motorcycle, then you at least have this minimal insurance.

However, your PIP coverage does not extend to cover you while you are on your bike. This means that if you injure someone while on your bike, you are unprotected and responsible for the expenses. This can turn even the slightest accident into a financially crippling ordeal.

Property Damage Liability

Beyond the potentially major expenses of medical treatment if you are injured while on your bike, if you damage someone's property in an accident in which you are at fault, then you could be facing even higher costs. Property damage liability coverage protects you if you cause an accident out of carelessness or neglect. Any Florida motorcycle rider should have this type of coverage.

Uninsured Motorist Coverage

Simply making sure that you are covered in the event that you cause an accident while one your motorcycle isn't necessarily enough. Sadly, there are a number of motorists out there who have little regard for the law and do not carry the mandatory bodily injury liability coverage. Unfortunately, if you are hit by one of this reckless and irresponsible drivers then you are left to shoulder the financial burden for medical expenses and replacing your damaged property.

Even if the other motorist is insured, there is no guarantee that their coverage will be sufficient to cover all of your expenses. The minimum coverage requirement in Florida is only $10,000 and medical expenses for serious injuries can easily reach ten times that amount. Carrying additional coverage for yourself is the best way to make sure that you can pay your medical bills if you get injured while on your bike.

Every year, thousands of motorcyclists are injured in Florida. If you ride a motorcycle in Florida and aren't protected with adequate insurance then you are taking a huge risk with your safety and your finances. Having Florida motorcycle insurance may not be mandatory in Florida, but not carrying it is just as foolish as hoping on your bike without proper safety gear. It's just not worth the risk.

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What You Can Expect From An Insurance Settlement

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What Kinds of Compensation Can You Receive?

If you have been injured in an accident, you have rights. You have the right to recover money damages. However, what you are entitled to varies from state to state. I will address Nevada law since that is where I practice. However, I will also comment on issues that you need to identify within your own state. You are entitled to recover from the person who hurt you for all of your losses. You are entitled to be made "whole." This general rule has been altered in states where there is "no-fault" insuance or where there are recovery caps on damages. Otherwise, here are some of the kinds damages you are entitled to:

o Repair or replacement of your damaged property, including the car and other personal property

o Loss of past and future wages and earning capacity

o Payment of medical bills relating to your treatment from injuries sustained in the accident, including anticipated future medical expenses

o Compensation for your pain and suffering, mental and physical--past, present and future.

It is very important you know the value of these things and your potential for recovery before settling with the insurance company.

How Much Are My Damages Worth?
There are different ways of valuing your case. Your case is worth (1) what you are willing to be paid, (2) what the insurance company is willing to pay, or (3) what an arbitrator, judge or jury says it is worth. Attorneys and insurance companies keep track of these figures, and there are even books and databases that contain this information.

There are several ways of convincing an insurance company, judge or jury what your case is worth. The main thing is to provide documentation of all of the losses you have sustained. You have to document ALL of your losses in order to prove your case to the insurance company. After all, they are not in the business of handing out money. You have to prove your case.

Often, you will think your case is worth more than what the insurance company is willing to pay. Hiring an attorney with legal expertise will help you put a fair value on your case. Without professional help, you can research the value of your case in a library or on the Internet. These methods will not be as valuable as hiring your own professional.

How Do I Recover Money?
Typically, in order for you to recover money from the insurance company, you must suffer injury or sustain damages that caused by the negligence of a person or business that is a client of that insurance company.

When Will I be Paid?
Most of the time, you will not be paid the money until long after the accident, after you have finished treating for your injuries, your prognosis is known, and after the insurance company has had a lot of time to evaluate your all of the available evidence: the police report, witness statements, recorded statements of you and the other driver, the medical records and bills, and wage loss information. Usually it will take 6 to 9 months before you see a recovery.

You do not have to accept the first offer the insurance company makes you. You have the right to make counter-offers if you do not feel their offer is fair. Many people seek professional advice from an experienced attorney regarding this decision.

Once you agree on a figure, you sign documents releasing the adverse driver, their family and insurance company from any future obligation to pay.

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To File Or Not to File - Filing an Insurance Claim

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No one looks forward to the day they find themselves in a car accident. Regardless of the severity of the accident, you are likely to be shaken by the situation and unable to think clearly through the situation. With this in mind, it is important to do your research ahead of time so you know what to do in the event you are involved in a car accident.

The process seems like it would be obvious. Move your car out of traffic if possible, call the police, check on everyone to be sure there are no injuries, answer the law enforcements questions, exchange insurance information and be on your way. After the accident you call your insurance company and get your car repaired. Pretty straight forward, right? Actually, not so much.

Every time you are involved in an accident that is reported to your insurance company it is recorded in your records. Even the smallest of accidents can cause you to be considered a higher risk to insure, causing your policy premiums to skyrocket. Some of these claims can be avoided all together, so it's important to assess the situation before you call your insurance agent and report that fender bender.

The first thing to consider whether or not the police officer gave you a citation. If you were the fault of the accident, it is likely that your rate will jump regardless. So if there were damages to your car or the other person's car its in your best interest to go ahead and call your agent.

Generally speaking, anytime there are injuries or damage to another person's property you need to call your insurance company and alert them to the situation. Failing to do so could cause your policy to be cancelled and finding new insurance coverage could be a very challenging task.

When the accident only causes damage to your own car and there are no injuries to report, you should use caution before you pick up the phone and report the incident. If your teenage son, for example, forgets to put the car in park and bumps into the wall of your garage, you may not want to call at all. Look at your insurance policies deductibles and also take a look at your current financial situation. If the damage to your vehicle is less than the deductible, there is no point in reporting the damage. A $1,000 deductible means your paying full price for anything bill that is less than that amount, so calling in the damage will only cost your more in the long run. Even if your damages are a bit more than your deductible, if you have the funds to cover the repairs or you can live with the dings and dents, do so. What you will pay in increased premiums over the next five years will likely cost you more than the bill from your local mechanic.

Your insurance is there to protect you from serious financial loss in the event of an accident. It is best you look at is just that- coverage for the situations that are outside of your abilities to financially fix yourself.

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What Happens If I Don't Have Car Insurance?

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Car insurance is expensive; there is no doubt about that fact. But like taxes, it is one of those things that we just have to pay. It may seem like an easy option to just let your insurance slide, especially when facing financial difficulties as many Americans are today. But the reality is, that if you own a vehicle or drive, you must be insured.

The consequences for driving without insurance vary from state to state, and perhaps even county to county. You are required to show proof of insurance anytime you are stopped by a police officer. In the event you do not have insurance, you will at a minimum be cited and have to appear at court. The court fees are your responsibility, along with any fines. And they will force you to get the insurance you should have had in the first place, and that is if you are lucky. In some areas driving without insurance will not only cost you court fees, fines and the cost of insuring your vehicle but also vehicle impoundment fees, loss of license and jail time. And this is just thinking you simply get pulled over for a traffic stop.

The real damage is done if you are in an accident without having proper insurance. You could find yourself responsible for the damages to your own car, other cars involved in the accident, medical bills for yourself as well as other people involved in the accident... the list goes on and on. Medical bills alone for one person in a serious accident can run into the hundreds of thousands. In the blink of an eye, you can find yourself in the midst of a legal and financial nightmare, and simply put, losing everything you have worked for including your house.

Obtaining car insurance does not have to be extremely expensive, although if you have gone without coverage for more than thirty days you will likely pay a higher premium than someone who has maintained the minimum amount required by law. Look into your states requirements, and at the very least carry those amounts of insurance on your vehicle.

Unless you make car payments, you can generally get by with basic liability coverage. Depending on several factors including the type of car you drive, your driving record, your lifestyle (a spouse and children will pay off for you in this regard), and your age basic liability may cost you as little as $50 a month. Shop around and get quotes from a minimum of five companies, even more if you do not find a quote you are happy with.

If you absolutely cannot afford car insurance, look into other transportation methods while you get back on your feet financially. No matter how you look at it, driving without insurance is not a risk you should take.

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Changing Car Insurance Companies

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There are many different reasons you may be considering switching your car insurance policy, but there are also quite a number of things that you need to consider before you do make that switch from the old one to the new one.

First of all, you need to make very certain that your new policy is already active and working for you before you do make your switch. Having written confirmation of this coverage will enable you to make your switch with confidence. Using email or faxes, insurance companies can now deliver proof of insurance fairly quickly and without delays.

Once you do have that proof of insurance, you can request that your old company cancel your coverage. You have to be careful to make sure that you are providing the old insurance carrier with your new policy information. This is because insurance companies are required to notify the Department of Motor Vehicles if there is a gap or loss of coverage on your part. Giving them the new name and number they don't end up notifying the DMV- and this can save you a lot of grief later on.

Depending on the policy that is replaced you may still yet have some work to do before you can really be sure that everything is properly set into motion. If you changed carriers at the end of your car insurance term, it is usually not all that different from filing for a renewal. You will likely have to obtain a new invoice for your premium payment, new policy ID cards and make sure that your policy terms and conditions are correct. However, if you did change insurance mid policy, this may require a bit more legwork to do correctly. Firstly, make sure that you get a cancellation endorsement. Simply canceling your policy and letting the old insurer know is not sufficient- many people do this and then find that they have a bill for the next premium anyway, so make sure that you get this in writing.

Toss out your old insurance ID cards and replace them with the new proof of insurance. When the old insurance policy has not run its full term, the cards you have will show the current policy term. This can really be beneficial if there is an accident so you are sure to be using the correct cards should something happen.

Also, make sure that you understand what your old insurance carrier does about unearned premiums- sometimes, insurance companies charge for short rate cancellation factor and this will be a percentage of your unearned premium more often than not.

Switching car insurance policies is generally easier than it may look here. As long as you are certain to make sure that everything you have from proof of insurance with the new company, to proof of cancellation of the old is in writing, you should be fine. Making the transition generally doesn't involve any sort of lapse in coverage and usually goes smoothly for those who have decided that they prefer one company or carrier to another.

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