I'm coming up for renewal and I see that the cost for this coverage (30K/60K) is 25% of my policy total which also includes coll and comp. I already have my own health insurance, so do I really need this coverage? Insurance company said I can cancel it. But what am I overlooking? Thanks

 

The way I see it, if you park your bike that has a value of approx $20k for sake of argument, and some guy runs it over, but only has $15 k worth of insurance, that's all you can collect from his insurance. You would have to sue him for the balance. If he's broke, and files bankruptcy, you'll get squat and have to pay the lawyer win or loose. Some insurance companies won't pay for medical coverage if the claim is for a motor vehicle accident. That might be different where you live, but I'm sure if they can find a loophole to get out of paying a claim they will . With insurance it's better to have it and not need it, then to need it and not have it.,,

 

UM insurance will (in most instances) cover you for losses that the other guy (who caused the accident) does not have sufficient coverage. For instance ... OG runs a stop light, hits you, and you break your leg. Medical bills are $12,000. You can't work for two months, so lost wages are $10,000. You had a lot a pain, and are left with a limp - worth $20,000. (I'm just making up numbers.) So your entire loss is $42,000. OG had insurance for only the required minimum - let's say $15,000 for your state. You are left sucking wind for the remaining $27,000, unless you had at least $27,000 of UM coverage.

Now lets say, instead of a broken leg, you lost a leg in the accident. You're now talking big medical bills, big lost wages, and huge pain, disfigurement numbers. Again, if OG doesn't have the coverage, your'e out of luck unless your UM limits are high enough to cover things.

Personally, I'd be screwed if I was seriously hurt and the guy causing the wreck didn't have a whole lot of insurance --- so I have a LOT of UM coverage. Yup, it's likely the most expensive single item of coverage, but it's worth the peace of mind if you never need it, and worth the premiums if you do.

 

Thank you for the replies. I kept the UM on renewal. Coverage is 30/60K. I figure if it runs over and the OG doesn't have enough coverage, then my health insurance will cover the rest of the medical bills. I'm retired, so they wouldn't cover lost wages anyway.

 

You can NEVER have enough insurance,trust me,NEVER. If its not breaking you pay it.

 

One of my bro's was nearly killed when a 21 year old on the cell phone turn in front of him , he just bought a new 13' slim and called progressive to transfer the policy (had UM on the old bike ) ...(he never checked too see till after the wreak) they didn't transfer the UM on the new bike ... its been 8 months now and still cant work ...barely walking ,3 operation ,broke pelvis,right ankle bolted together, 4 lawyer's later and still selling everything he has ...no one will take he's case because "there's no money to be had " ....even RUSS BROWN ,!!! Nothing they can do or will do for him ....and the kid who run over him is going about his business as if nothing has happen ...
IF YOU DONT HAVE UNINSURED MOTORIST ...GET IT !!!

 

Friend live in Louisiana? I sent PM to you.

 

Talking from experience, it's worth it; lost my leg 6 years ago when I was hit broadside on my bike and did not have it. Found out after the fact that if I would of had it I would have collected 4-5 times more than the little that I did receive.
Red

 

In most states UM only covers injury, not your vehicle... It does depend on the state though. I'm an insurance agent in NV and the vehicle here is only covered under comprehensive/collision.

 

I got hit in January, old jerk drove off after he hit me. my UM covered the bike and my dr visits since it was a hit and run. Amazing how much Harley charges for paint.