SpyderLady
New member
I belong to a group called Road Guardians and their most recent newsletter contained the following information on Insurance. I found it very interesting and have shared parts of the information.
[h=4]Has an insurance adjuster just informed you that you are 10 or 15 percent at fault just because you were involved in the accident? Don’t get ripped off. There is no such law. This is a common tactic employed by insurance companies to convince you to accept less than fair value for your case. It is common for insurance companies to point the finger at the victim of an accident for causing or contributing to the accident. Using such terms as “Comparative Negligence”, or “Contributory Negligence”, the insurance company will attempt to pay as little as possible in settling your case.[/h]Insurance companies make this argument because under comparative negligence, your medical bills, lost wages and pain and suffering are reduced by the percentage you are found at fault for the accident. If you are found more than 50% at fault for an accident, you cannot recover anything. Let’s say you’re found to be 15% at fault in a claim worth $10,000. It will be reduced by $1,500 and you receive $8,500. Therefore, it benefits the insurance companies to make the “at-fault for just being there” argument because over hundreds of claims, they can save millions of dollars.
Claiming you are at fault merely for being involved in an accident is one of only a number of excuses insurance companies use to reduce the value of your claim. Although you believe your case is cut and dry because the other driver ran a stop sign, blew through a red light, or quickly made a left turn in front of you, an insurance company will likely argue you could have done more to avoid the accident. They may very well argue that because you did not avoid the accident you bear some responsibility. The point being, insurance companies will resort to as many excuses as possible to claim you bear some fault, because by doing so, they can pay much less money to injured persons.
Protect yourself by not saying or admitting to anything at the scene of an accident. Do not sign any releases or make any statements until you speak to an attorney. Do not accept any payment or compensation on the spot from the other driver. Exchange insurance information and call a lawyer.
Be aware that there are a few nuances to motorcycle insurance policies that make it different than normal car insurance. First, if you customize your bike, it could increase its value. Your underlying property damage limit may not be enough if you have added many custom items. Keep receipts for any accessories or modifications you make to your bike. Take photos and provide these to your agent. It could mean a slight increase in your premium but at least you will know these accessories are covered.
Another way of protecting yourself is to buy umbrella insurance if you own your home. This is usually sold in million dollar amounts and is relatively inexpensive “liability” insurance. It protects you if someone is hurt on your property. Some insurance companies will offer endorsements for your vehicles so you can bring them under your umbrella for additional protection. Not all companies offer this endorsement, but what you want is the UM and UIM endorsements. To do this, the insurance company will require you to carry a certain minimum limit on your vehicle, for instance $250,000. Then, for a minimal extra premium, you can add the million dollar endorsement for uninsured and under-insured to your umbrella to protect you if the at-fault driver is under-insured or has no insurance. In today’s world, $1 million dollars is not that much money in the case of serious or multiple person injuries. Buy this coverage if you can afford it and change insurance companies if they don’t offer it.
Hoping this may help some of you.
[h=4]Has an insurance adjuster just informed you that you are 10 or 15 percent at fault just because you were involved in the accident? Don’t get ripped off. There is no such law. This is a common tactic employed by insurance companies to convince you to accept less than fair value for your case. It is common for insurance companies to point the finger at the victim of an accident for causing or contributing to the accident. Using such terms as “Comparative Negligence”, or “Contributory Negligence”, the insurance company will attempt to pay as little as possible in settling your case.[/h]Insurance companies make this argument because under comparative negligence, your medical bills, lost wages and pain and suffering are reduced by the percentage you are found at fault for the accident. If you are found more than 50% at fault for an accident, you cannot recover anything. Let’s say you’re found to be 15% at fault in a claim worth $10,000. It will be reduced by $1,500 and you receive $8,500. Therefore, it benefits the insurance companies to make the “at-fault for just being there” argument because over hundreds of claims, they can save millions of dollars.
Claiming you are at fault merely for being involved in an accident is one of only a number of excuses insurance companies use to reduce the value of your claim. Although you believe your case is cut and dry because the other driver ran a stop sign, blew through a red light, or quickly made a left turn in front of you, an insurance company will likely argue you could have done more to avoid the accident. They may very well argue that because you did not avoid the accident you bear some responsibility. The point being, insurance companies will resort to as many excuses as possible to claim you bear some fault, because by doing so, they can pay much less money to injured persons.
Protect yourself by not saying or admitting to anything at the scene of an accident. Do not sign any releases or make any statements until you speak to an attorney. Do not accept any payment or compensation on the spot from the other driver. Exchange insurance information and call a lawyer.
Be aware that there are a few nuances to motorcycle insurance policies that make it different than normal car insurance. First, if you customize your bike, it could increase its value. Your underlying property damage limit may not be enough if you have added many custom items. Keep receipts for any accessories or modifications you make to your bike. Take photos and provide these to your agent. It could mean a slight increase in your premium but at least you will know these accessories are covered.
Another way of protecting yourself is to buy umbrella insurance if you own your home. This is usually sold in million dollar amounts and is relatively inexpensive “liability” insurance. It protects you if someone is hurt on your property. Some insurance companies will offer endorsements for your vehicles so you can bring them under your umbrella for additional protection. Not all companies offer this endorsement, but what you want is the UM and UIM endorsements. To do this, the insurance company will require you to carry a certain minimum limit on your vehicle, for instance $250,000. Then, for a minimal extra premium, you can add the million dollar endorsement for uninsured and under-insured to your umbrella to protect you if the at-fault driver is under-insured or has no insurance. In today’s world, $1 million dollars is not that much money in the case of serious or multiple person injuries. Buy this coverage if you can afford it and change insurance companies if they don’t offer it.
Hoping this may help some of you.
