Alright guys today I want to get on my soapbox a little bit and explain why I think it is so vitally important that you guys get as much UM Insurance as possible, and kind of how it works and what’s the best UM insurance out there; and this goes beyond just motorcycle wreck cases. It will also apply to your other vehicles that you have beyond your motorcycle. So good information to use just generally in your life, and the way I want to do to start off with a real-life example.
This started out the week or so ago from one of our members who had posted about his accident about in 2012 and how it was an uninsured driver that ended up hitting him; and I think putting him in the hospital and he had a really bad injuries. I have one from several years ago. A client of mine reached out and their brother here, close to my office actually, was coming off of 400 and was waiting at a light to go across it to go left on to the other side of the road and had the green light, he starts to go and hear out of nowhere comes an uninsured driver, didn’t even have a license, and struck and killed him instantly.
So the family reached out to me for the wrongful death side of the case and unfortunately, with the other driver being uninsured he was a day laborer – so no assets to his name, no insurance. All they could rely on was the UM Insurance that their brother had on the motorcycle. It was his only vehicle, his only transportation. So all they had for the loss of this individual which included the loss of his life, included his pain and suffering there before he deceased, including the damage to his vehicle, lost wages.
You know, this family no longer has the assistance from him and his job going forward, so a massively large case in court and not enough insurance. $50,000 is all he had in UM. That barely covers the emergency services and things. If you end up going to the hospital you’re in the hospital for several days, it won’t even cover your hospital bill – $50,000.
So that’s kind of the point, is you’ve got to realize that UM insurance is there to protect yourself. Don’t cheap out on it. A lot of people do. They figure oh all I care about is protecting my assets in case I cause an accident. Well especially with motorcycle riders, you’re subjected to large injuries being out of work for many, many weeks, months, god forbid years.
You have got to make sure you protect yourself. You don’t know if an uninsured or what’s worse even, is an insured driver that may only have the minimum coverage, which is only twenty-five thousand in Georgia; so the person could still have insurance and it still not be enough. That’s where UM comes into play.
So two things to look out for – One is there’s two different types of UM insurance. The best is add-on insurance, okay? The other is difference in coverage. Now difference in coverage is going to be cheaper than an add-on. You want to always option to the add-on UM insurance, even if it means you’ve got to have a lower limit, it still helps protect you.
So what I always recommend is no less than a hundred thousand dollars of add-on UM. You’ve got to be able to afford it. You’d be surprised if you looked at it how much it’s costing you every six months versus you know, going to Starbucks, doing this or that. You can certainly come up with the several hundred dollars every six months to cover that UM insurance.
Add-on, huge. What’s the difference? Well, add-on insurance does what it says. It adds on right on top of whatever insurance the at-fault party has. So real important in those situations where the at-fault party only has a small amount of coverage – won’t cover everything that your case entails. Then your insurance comes on, and it adds right on top of whatever the limits are of the other driver.
Now the difference in coverage one is also just what it says, and this is why I don’t like it as much. It only covers up to the difference between at-fault insurance minus your insurance. So let’s say you’ve got a scenario where 25 thousand of liability limits of the at-fault and you’ve got 25 thousand of UM difference in coverage. It means 25 minus 25 is zero. You have no UM coverage in that scenario. So you only cover yourself if the party – at fault party – is uninsured in that scenario.
Another example – 25 at fault, 50 difference in coverage. Well, what happens there is 25 from at fault and then 25 from your UM. So you can see why even if you’ve got to go with difference in coverage, you want that to be at least a hundred thousand if not much, much more. Better to just do the add-on, add-on of twenty-five`, fifty, hundred, two hundred thousand or more. Those are the kind of levels I’d like to see you guys at is well over a hundred thousand dollars.
It’s not something to mess with. You’ve got to protect yourself and your family more than anything else. If they are out your wages, if you’re racking up medical bills, you may not have health insurance coverage or may not cover all of your bills. You’ve got to protect yourself out there. You never know who’s going to hit you.
So anyways, that’s it from me on my soapbox today. It’s a little bit of legal stuff for you. A little bit outside the just safety stuff but this is the kind of thing I want to try to help provide here in this group.
So again thanks for watching this video. If you have any questions or comments about what I’ve said here you want to add to it, comment below in the group, in the video. Shoot me an email. Call me, I’d be happy to speak with you one way or the other. Thanks again.