June 12, 2021 | Posted by Rubenstein Law
If you’re financing your motorcycle purchase, your lender will probably require that you have full insurance coverage. They do this to protect themselves.
Your bike is worth a lot less when it is wrecked, and it gives lenders a loan that won’t be repaid. Buying as much insurance as you can afford makes sense whether your motorcycle is financed or not.
If you finance your bike, insurance is often one of the strings attached.
State Requirements
Florida mandates $10,000 of medical coverage for bikers, but you could register your bike without showing proof of insurance. If you are older than 21-years-old and have at least $10,000 of insurance, state law doesn’t require helmet use; however, eye protection is mandatory.
Whether you have insurance or not, you should wear a helmet. Studies show that helmets sharply cut death rates – by more than 35% – in motorcycle accidents and will drastically reduce – over 65% – the risk of suffering brain injuries and their severity.
Why Should I Get Full Insurance Coverage?
The risk is too significant to ride without insurance. It’s estimated that about 13% of drivers in the country don’t have insurance.
Percent of Underinsured Motorists in Florida
That rate more than doubles in Florida to more than 26%, according to a 2019 report by the Insurance Research Council. Another 20% to 25% of drivers are underinsured and probably only have enough to cover minor accidents.
If you’re involved in a Florida motorcycle accident, there’s about a 50% chance the driver striking you will either cover the total amount or only a fraction of it. That means it’ll be up to you to pay for your medical bills, which will be more challenging if you are out of work.
Uninsured Motorist Coverage
Your insurance, especially underinsured/uninsured motorist coverage, is critical. Uninsured motorist coverage protects you if the at-fault driver is underinsured or uninsured entirely. In this case, your claim would be made against your policy.
How Do I Get Insurance?
Thanks to the internet, buying insurance has never been more convenient. You can go online, fill out an application, and pay with your credit card. There are plenty of insurance agents in Florida near you that would be eager to help.
If you have other forms of insurance, you may save money by buying them all from the same carrier. Money Magazine recently published its ranking of the best motorcycle insurance companies.
Questions About Florida Motorcycle Insurance?
Rubenstein Law wants you to be fully informed of your rights and options regarding the purchase of insurance, a company’s obligations if you make a claim, and how insurance should cover your losses after a motorcycle accident.
We will fight for you to receive full and fair compensation. Remote and virtual appointments are available. There are no costs or fees until you receive compensation.
If you have any insurance questions or need legal help after an accident in Florida, contact Rubenstein Law by using our online chat or calling 800-FL-LEGAL. We’re available 24 hours a day, seven days a week.
