Motorcycles have become very popular in the US over the past few years. According to the Motorcycle Industry Council, 10.4 million American homes now own a motorcycle. According to their research, young people buy motorcycles because they are more affordable than cars while riders over 40 years old buy them as a luxury purchase.
The cost of buying a motorcycle insurance policy in Providence, RI depends on the type of motorcycle you have and state laws.
4 Coverages Every Motorcycle Owner in Providence, RI Should Have
Before you purchase a policy, check to see if it has:
Liability Insurance
This kind of insurance protects you from financial liability if you are found at fault in accident that caused damage to another person’s property or they were injured. The coverage will pay for damages, lost wages and medical bills. It’s important to note that your policy has a limit and it will only pay up to that limit.
If the amount you are being asked to pay exceeds your policy limit, you will have to pay the difference from your pocket. You should purchase as much liability insurance as possible because if you are involved in a motorcycle accident, it will be less expensive.
Underinsured/Uninsured Coverage
This type of coverage protects you and your passenger in case you get into an accident with an underinsured uninsured motorist or rider.
Collision Coverage
If you want to purchase a new motorcycle, you need to have collision coverage. It’s a mandatory requirement if you plan to take out a plan to buy a motorcycle. It also insures your motorcycle in case you get into an accident. You should also have comprehensive insurance to make sure your bike is protected in case of vandalism, fire and theft.
Medical Payments Coverage
This coverage is optional and it caters for medical bills incurred by you and your passenger. This option is typically suitable for people who have a high deductible health plan or do not have medical expenses.
How Much Would Your Motorcycle Accident Claim be Worth?
Now that you already have the appropriate coverage for your motorcycle, you are probably wondering how much your claim would be worth should you get into an accident. Let’s look at the common factors that will affect the value of your claim.
Liability and Damages
Liability means the person who caused the accident. If you are able to establish liability the value of your case will be much higher than if you are not able to. Remember that the burden of proof will be on you if you know that the accident was not your fault. If you are not able to prove that the other person was responsible for the accident, then they won’t be obligated to pay you anything.
Damages refer to the injuries you suffered and other losses that you incurred as a result of the accident.
Example:
If you were rear ended while waiting for the red light to change but you were not hurt and your bike is still intact, then you wouldn’t have a case. A rear end accident is a clear cut case and the person who rear ended you is clearly on the wrong. If you do decide to pursue your case you might be compensated but the amount would be very minimal.
On the other hand, if you suffered serious damages but the other party involved was not negligent, the settlement value might not be significant. If you are found to be negligent, you won’t be compensated at all.
Settlement Value vs Trial Value
Typically, the settlement value is usually lower than the trial value. However, it’s not always a guarantee that you might win your case at trial so most people prefer to settle their cases to avoid the risk of trial. However, you shouldn’t dismiss going to trial if you think the insurer is not willing to compensate you for what you deserve.
Consult a Motorcycle Accident Lawyer in Providence
If you have been a victim of a motorcycle accident in Providence, RI, a motorcycle accident lawyer can help your case. They will help you calculate the damages you incurred, your lost earnings and your future lost earning capacity.
We offer free consultation and only charge lawyer fee when we win a case. Contact us today at 401-751-0101 to schedule your free consultation.
