Underinsured Motorist Coverage for Motorcyclists

Video Transcript:

Cindy Speakers: What is underinsured motorist coverage?  That our topic for today’s episode of Main Street Law.  I’m Cindy speaker and my guest is Indiana motorcycle injury lawyer, Randy Sevenish of Sevenish Law in Indianapolis, Indiana. Randy, thank you for being with me today.

Randy Sevenish: Thank you for having me.

Cindy Speakers: Well, Randy, as I understand it, knowing insurance coverage inside and out is an important part of a personal injury practice.  Now, I know and we’ve all heard of underinsured motorist coverage, but let me ask you this.  What is underinsured motors coverage and is it important for motorcyclist to carry?

Randy Sevenish: Yes, Cindy.  Underinsured coverage or what we call UIM coverage for short, that’s U-I-M, is likewise, one of the most overlooked and ignored types of coverage that bikers can have.  And aside from what’s called liability coverage, there is just no other more important coverage than UIM coverage aside from UM or uninsured motorists coverage.  So to answer your question, UIM coverage is exactly that the name suggest.  It protects you and those people dear to you if the underinsured wrong doer is at fault and here she has insurance, but just not enough insurance to fully compensate you.

Cindy Speakers: Okay.  Now, is this something that all bikers would have?  Is it mandated by the law?

Randy Sevenish: Well, sadly no to both questions and although insurance agents in my state are actually required to offer both UM and UIM coverages to bikers, the biker can actually choose not to have it by waiving it.  And it really amazes me just how many bikers out there choose to waive this very important type of coverage, which frankly, Cindy, can be the difference between protecting themselves and those they love and financial ruin.  So as with UM coverage which is normally sold together with UIM coverage, I have noticed that continuing and troubling trend of people choosing not to opt-in to this form of coverage.

And then when they’re seriously injured by an underinsured driver, they at that point realize the huge error that they made, and by then frankly, it’s just too little too late.  So it’ just best to have plenty of UIM coverage to start with, to settle up with the underinsured driver’s insurance company first then second to then begin to end up negotiating with your own insurance company up to the UIM limits.  But absolutely, do not ride with out this coverage.  If they do, in my opinion, it’s frankly irresponsible and it places way to much needless risk upon the biker himself or herself as well as their families.

Cindy Speakers: Great.  Well, Randy, how much underinsured motorist coverage do you recommend a motorcyclist have?

Randy Sevenish: Well, again, under most policies, UIM coverage is sold together with UM coverage, and how much coverage they should have will again depend largely upon the risk that they are willing to take.  Keep in mind that UIM coverage provides compensation to the bikers themselves, to the family members and to their passengers when injured by a person with insurance, but just not ample insurance.  So with the UM coverage, for example, it only make sense to purchase at least as much UIM coverage as they have in liability coverage.  So if you choose to have $50,000 in liability, then you should have at least $50,000.00 in UIM at minimum.

But most bikers choose to be dramatically under compensated, so what I would like to recommend is a general rule of thumb of having at least $250,000.00 per person and $500,000.00 per accident.  And they should also keep in mind just as with UM coverage, should they suffer a significant injury only this time at the hands of underinsured driver, that they need to know that their own insurance company will not pay them anymore than the UIM limits they have agreed to buy as listed on their declaration pages regardless of their injury no matter how bad.  And even then, their own insurance will more times than not, not want to pay out the UIM limits.  So in the end, the wise biker will carry plenty of UIM coverage before the crash happens and then get ready to fight their own insurance company.

Cindy Speakers: Well, it doesn’t seem like you should to fight your own insurance company.

Randy Sevenish: Well, that doesn’t make it right but that’s the way it is everytime.

Cindy Speakers: Yeah, yeah.  Randy, what other best advice do you have for bikers and motorcyclist when choosing their insurance coverage.

Randy Sevenish: My best advice is to buy as much UM and UIM coverage your budget and comfort level shall allow.  Because I must say bad accidents just happen to good people.  So, don’t be one of the tragic stories shared by people like me about the good people like you.  So, by having ample UM and UIM coverages will just frankly ease the burden of a significant injury.

Cindy Speakers: Well, Randy, if someone needs more information, how they can reach you?

Randy Sevenish: They can call me directly at 1-800-278-9200 or online at www.sevenishlaw.com.

Cindy Speakers: Randy, thanks so much for your time today.

Randy Sevenish: My pleasure, Cindy.

Cindy Speakers: Until next time.  This is Cindy speaker for Main Street Law.

Underinsured Motorist Coverage

Video Transcript:

Cindy: What is underinsured motorist coverage? That’s our topic for this episode of Main Street Law. I’m Cindy Speaker and my guest today is South Carolina personal injury attorney George Sink of George Sink Injury Lawyers. George, welcome and thanks for joining me today.

George: Well, thank you very much, Cindy. It’s a pleasure to be here.

Cindy: George what is underinsured motorist coverage, could you explain that to us?

George: I sure can. What happens is if you’re involved in a collision, you have the ability to get additional money if you’re hurt badly to put on top of the money that you’re otherwise entitled to, so if the other person hits you, they have coverage, but it’s not enough. You can get more through your insurance company and it is cheap. I’d get a lot of it. I’ve got a million dollars. It’s so cheap that it’s not a big investment and it really helps you.

Cindy: Now, does everybody have under insured motorist coverage? Is that mandated by the state?

George: No, it is not. It is something that you can get for yourself if you’re so inclined and I always recommend that because the people that need it will tell you all of my clients who have ever needed it says it’s the best thing they’ve ever done.

Cindy: George, what do you recommend that our listeners do in regards to obtaining this important coverage?

George: I would talk to your agent immediately and just say I heard this program and the lawyer was empathic about getting this because it protects you and your family.

Cindy: Before they do that, if they have questions, can they contact your office to help guide them and if so, how?

George: Well, they can call us at 1-800-849-SINK or they can get us on our website which is www.sinklaw.com.

Cindy: Very good. Until next time, this is Cindy Speaker for State Law TV.