Almost anyone who takes a close look at their expenses will find a few places where they can tighten their belts. After months or even years of accident-free driving, cutting back on vehicle insurance might start to look like a good way to save a few bucks. When it comes to motorcycle coverage, that isn’t the best choice. It is important for all drivers to have comprehensive coverage. Since the stakes are higher for motorcycle operators involved in a motorcycle accident, investing in adequate coverage is a top priority.
Motorcycle Insurance is Required by Law in Minnesota
In Minnesota, all motorcycle riders must have insurance on their bikes. The state requires riders to have a minimum of $30,000 to cover the death or injury of one person and coverage of $60,000 for two or more people. Motorcycle operators must also have minimum coverage of $10,000 for property damage liability. Driving without the required coverage is a misdemeanor. It can lead to substantial fines. If it becomes a repeated offense, an uninsured motorcyclist can face jail time.
Medical Expenses Can Add up Fast
Motorcycle accident expenses can quickly exceed the minimum required coverage. The cost of non-fatal injuries typically range from $2,500 to $1.4 million. You don’t want to take your chances hoping an accident will fall on the lower range. Medical debt is a contributing factor to 60% of bankruptcies in the United States.
The medical costs themselves aren’t the only financial burden. You will need to take time away from work to heal. Pain and limited mobility may also prevent you from taking care of your household and other responsibilities. Tasks like lawn maintenance and housekeeping might have to be outsourced. This isn’t cheap. While there isn’t as much money coming in, you’ll feel less stressed with adequate insurance coverage.
Your Family Deserve Coverage in the Event of a Fatality
The last thought anyone wants to imagine is leaving behind grieving family members. However, it’s a possibility that all drivers have to consider. That goes more than doubly for motorcycle owners. Motorcycle riders are 28 times more likely to die in an automobile accident than passengers of standard cars.
In the wake of a fatal accident, loved ones don’t just lose a valued personal relationship. Dependents can also lose financial support. Without enough coverage, your family could be suddenly thrown into financial turmoil. However, if you keep the right policies active, your loved ones can maintain their standard of living even if the worst happens.
You May Not Be Able to Work after Your Motorcycle Accident
If you are the survivor of a serious motorcycle accident, it is possible that your injuries will lead to long-term disability. For instance, up to nine percent of motorcyclists treated in hospitals sustain traumatic brain injuries. If you work a physical job, conditions like broken bones and spinal cord injuries are especially limiting. Some injuries may leave a motorcycle permanently unable to work. When considering how much coverage to have, take your income into consideration. Think about how much you and your household will need while you’re not receiving wages.
You May Be on the Hook if You Cause the Accident
Even the most cautious motorcyclists make mistakes that can cause an accident. When deciding how much coverage to maintain, think about the consequence you could face if you are at fault for an accident. Look for a policy that is likely to cover the other party’s medical expenses and property damage.
You Need Enough Property Damage Coverage to Pay off Your Bike
Over 100 million people across the country have vehicle loans. Unfortunately, those vehicle payments remain even when an automobile is totaled. If a motorcycle accident leaves you without a mode of transportation, you might be forced to take a new loan while still paying the old one off. This additional expense is crippling. For many, it is impossible to be approved for a second loan. Having enough property damage coverage in place can spare you these dilemmas. You’ll be in a better financial position to replace your vehicle.
Accidents with Uninsured Vehicles Can Be Costly
You can sue an uninsured driver for damages after a motorcycle accident. However, drivers who do not pay for the minimum insurance are not likely to have the resources to pay you. It is wise to have a back up plan. Unlike Minnesota car drivers, bikers are not required to have no-fault coverage for their motorcycles. However, having no-fault coverage is one way to manage some expenses when an uninsured driver causes an accident. Personal injury protection will help you to recover money for your medical bills, lost wages, as well as replacement services.
Get Legal Help from Sand Law LLC for Your Motorcycle Accident Injury
If you’ve been injured in a Minnesota motorcycle accident, speak to the legal experts at Sand Law today. Our personal injury attorneys have extensive experience with motorcycle accident cases. We will use our wealth of knowledge to make sure you receive maximum compensation for your claim. For a free consultation, contact us online, using out Chat, or by phone at 651-291-7263.