The fact is that the minimum automobile liability coverage required under New York State law is grossly inadequate. It’s a mere $25,000 for one person, $50,000 per occurrence, and $10,000 for property damage.
This means, if you are hit by an auto that is only covered by the minimum insurance limits, then the maximum you will be paid as compensation for your pain and suffering is $25,000 – no matter how severe your injury is. So, if the impact crushes your leg and needs to be amputated, you will only be paid $25,000 by the other motorist’s insurance carrier. A $25,000 payment is hardly sufficient compensation for the loss of enjoyment of life under these circumstances.
While it is possible to obtain a money judgment against the negligent motorist, and the judgment can be for millions of dollars, you probably won’t collect a nickel on that judgment over the amount of insurance coverage paid from the insurance company for the negligent motorist. Why? Because the negligent motorist may have no assets, and if they do have some level of assets, they’ll likely file for bankruptcy to protect their assets. So, you’re screwed!
Don’t let yourself be screwed. You can buy additional coverage for your motorcycle that pays for your pain & suffering if the negligent motorist doesn’t have enough insurance to compensate you for your pain & suffering.
This coverage is known as UM / UIM or SUM coverage. In New York State, all insurance companies are required to sell you SUM coverage of at least $25,000 for one person, $50,000 per occurrence.
If you own a motorcycle, then you need to have this coverage on the policy that your motorcycle is insured under. If you have $250,000 of SUM coverage on your car or truck, but only $25,000 on your motorcycle, then you might not be able to use the $250,000 if you are injured while riding your motorcycle.
You never know when an accident will occur. Don’t be caught underinsured. Be prepared!
You can get an instant online quote to see how much this additional coverage will cost. You should grab your existing insurance policy right now and check your coverages. If you don’t have at least $250,000 SUM coverage, you should increase your coverage immediately.
You need to have this coverage in place before the accident. You cannot purchase it after the accident.
You shouldn’t delay.