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I have been in a motorcycle accident and the at fault party does not have insurance. What are my options?
Unless the at-fault party possesses significant personal assets, you, unfortunately, may not be able to recover any damages from that individual at all. You simply cannot get blood from a stone.
This is why possessing your own under-insured/uninsured motorcycle insurance coverage is vital.
We recommended that you possess at least $100,000 in uninsured/under-insured motorist coverage so you know that if you’re in a motorcycle accident and the at-fault individual has little or no insurance, you at least have $100,000 at your disposal with your own motorcycle insurance carrier.
You may also strongly consider having an Umbrella Insurance Policy. These types of larger policies, for not a lot of cost in premium, could provide a significant amount of financial protection.
Also, it is very important to make sure the uninsured/underinsured coverage you obtain is applicable to your use of a motorcycle. A number of insurance companies who provide higher limits when an automobile is being used, restrict those limits when you are riding a motorcycle. Check the policy and make sure your agent understands your needs.
You may still recover compensation for your motorcycle accident personal injuries if you had uninsured motorist coverage or if you were covered by your own insurance policy or a family member’s insurance policy (that you reside with) had uninsured motorist coverage at the time of the motorcycle accident.
Many insurance policies include language that covers family members or roommates that reside with policyholders. If in any doubt, ask the insurance company for a copy of the policy and check the language. Remember, though, that there are only two (2) years on an uninsured motorist claim to demand arbitration in writing via certified mail or file suit against the uninsured motorist. If you do not do this, and two (2) years passed, you may be restricted from pursuing a motorcycle accident injury claim.