Motorcycle Insurance Coverage in Chattanooga
When a person decides to own a motorcycle, they need to take it upon themselves to make sure that they the right insurance policy that could cover their needs in the event of an accident. An experienced attorney could take the time to inform you of the things to consider when purchasing motorcycle insurance coverage in Chattanooga. Doing so could ensure that you are covered in the event of a serious accident.
What are Umbrella Coverages?
Umbrella coverage is a separate coverage or policy that goes over and above basic coverages. An umbrella policy would have a liability limit that would be added on to the regular liability limit. As a result, the most insurance coverage that most insurance companies sell for liability policies in Tennessee is $250,000 or $300,000, depending on the company. An umbrella policy would give policy holders another amount of coverage on top of that, oftentimes falling within the million-dollar range.
This type of coverage usually tracks liability coverages. If this is how much liability coverage they have and they buy uninsured motorist coverage, then it would usually be the same as their liability coverage. Consequently, an umbrella policy can also provide that same amount of uninsured and underinsured coverage, just like it covers their own liability.
Does a Motorcyclist Need this Type of Coverage?
If a motorcyclist can afford umbrella coverage, they should get it because it is relatively inexpensive, but the likelihood of having a claim in a motorcycle wreck, an underinsured motorist claim or uninsured motorist claim that exceeds $300,000 is significantly higher than needing that in a regular automobile policy.
As a result, the benefit of having umbrella coverage would much more likely be invoked for a person riding on a motorcycle than it would for a person riding in an automobile.
What Should Motorcyclists Look for in an Insurance Plan?
A motorcyclist should look for a company with a reputable reputation, with a reputation for paying fair claims, and for making the claims process easy and efficient. Low rate insurance companies, insurance companies that advertise minimum coverage, often are less likely to pay claims and also make the claims process burdensome for the injured person. And so, they want an insurance company who cares about their customers when the customer needs coverage.
They should also look for different types of coverages. They should make sure that they have the liability amounts that are appropriate according to the law, but also according to their assets and how much they could lose. Motorcyclists should also need to look for uninsured and underinsured coverage commensurate with the risk of being in a wreck and suffering severe injuries.
What is the General Rule for Minimum Responsibility Coverage for a Motorcyclist?
Minimum responsibility coverage is just what the law requires a person to have. In Chattanooga, as in all of Tennessee, the only insurance that the driver is required to have is liability insurance with minimum limits of $25,000 per person $50,000 per collision or per wreck.
However, this would not pay for property damage. If they were in a wreck and their vehicle was damaged or their motorcycle was damaged, liability would only pay for the amount of the other person’s damage that they caused. If the motorcyclist is at fault for the wreck, and it damages somebody else’s property or body, then their liability coverage would pay for that property damage and that bodily injury to their policy limits. And that’s all they’re required to have.
Schedule a Consultation to Learn More
If you are still confused about the type of insurance you should purchase for your motorcycle, be sure to get in touch with a knowledgeable attorney today. A lawyer could review the various things to consider regarding motorcycle insurance coverage in Chattanooga with you and even help you decide which policy is the best fit for your circumstances.
