The laws related to motorcycle insurance has been a cause of confusion for many motorcycle owners. Many motorcycle owners mistakenly assume that their automobile insurance will cover them when they are on their motorcycle or may think that if they happen to be hit by a motorist, then that motorist’s insurance will be enough to cover the damages. This is not correct.
The truth of the matter is that the state mandate to carry PIP insurance for your automobile does not apply to your motorbike. You are required to carry insurance on your bike but the standard is different from vehicle insurance requirements.
Personal Injury Protection Coverage (PIP)
Florida drivers are familiar with the PIP coverage for automobile insurance (or at least, should be). This is the minimum state requirement for vehicle insurance in the State of Florida. Personal Injury Protection coverage will probably pay about 80% of a motorist’s medical expenses, plus 60% of lost wages from jobs that were missed due to damage, regardless of who was at fault in the accident.
Most insurance carriers have PIP insurance for motorcycles. The state minimum requirement for Florida motorcyclists is $10,000 for single person bodily insurance coverage or $20,000 for two or more people. In 2014, statistics revealed that per vehicle mile traveled, motorist were 5 times as likely to be injured in an accident than car passengers. So skimping on bodily insurance coverage can put you at risk for financial loss.
Property Damage Liability
Aside from the major expenditures for medical treatment if injured while on your motorcycle, if you were to damage another person’s property in an accident then you could be facing higher out of pocket costs if you do not carry property damage liability insurance. You could also be facing additional fines or penalties from the state for not carrying the minimum coverage of $10,000 per crash for property damage liability that is required of Florida motorcyclists. Property damage liability coverage рrоtесtѕ уоu if уоu саuѕе an accident as the result of саrеlеѕѕnеѕѕ оr neglect.
Uninsured Motorist Coverage
Just making sure that you are protected if you are in an accident while on your motorcycle is not enough. Sadly, there are several drivers out there who have little respect for the law and do not take the mandatory, minimum personal injury protection coverage. Unfortunately, if you are hit by one of these reckless and irresponsible drivers, then you will be left to take care of the financial burden of the medical expenses and replacing your damaged property. Having uninsured motorist coverage, although not a requirement, will protect you against such drivers.
Even if the other motorist is insured, there is absolutely no guarantee that their coverage levels will be enough to cover all of your bills. Carrying additional coverage by yourself is the best way to make sure that you can pay your medical expenses if you get injured on your bike.
Every year, a large number of motorcyclists are injured in accidents. If you ride a motorcycle and are not protected with adequate insurance, then you are taking a huge risk with your safety as well as your finances.