Tuesday, January 10, 2017

Are You Plotting Your Partner's Death?? (Getting Real Serious Now - Part III)

Anyone who's been in a semi-serious relationship for more than a few months has probably had this thought cross their mind.... But more than likely not from my point of view. 

Allow me to get a little personal here: Are you guys renting an apartment? Buying a house? Bought a car together? Is s/he helping to pay your cell phone bill? The more your finances are intertwined, the more things have a potential for unraveling. 

Then there's the physical side of it: Does your
partner help cook, clean, take care of the kids, shovel snow, mow the lawn, perform home maintenance, balance the finances, keep to the budget, and/or keep track of your calendar? And have you ever thought what would happen to you if the unthinkable ever happened to your spouse?? 
....if you think having this coverage means your insurance will pay you what you think your bike is worth, you'll need to think again.
In Part I we talked briefly on motorcycle insurance and how it differs from auto insurance. Then in Part II we covered how insurance companies want to save YOU money (in the short term). Now I'll talk about the different parts of a motorcycle insurance policy and things you should consider.

(I'll just remind everyone that I'm not an insurance agent or broker, nor am I an attorney of any type. I'm just someone who has seen a few things while working at FX Caprara Harley-Davidson.)

The Requirements:

  • Bodily Injury - protects the other guy when you hit them.
  • Property Damage Liability Coverage - protects the other guys vehicle when you hit them.
  • Collision Coverage - protects your bike (and the bank if you have a loan on it).... sort of. It's no-fault coverage that will cover the damage from almost any collision (but read the fine print on that). But if you think having this coverage means your insurance will pay you what you think your bike is worth, you'll need to think again.
So, the first three °requirements° for a rider to carry on his/her motorcycle insurance policy do absolutely nothing to protect the person actually riding!!

Are you starting to see where I'm coming from?? If your spouse suffers an accident while riding their motorcycle, who is going to protect them? And should that accident be fatal, who is going to protect you??

This is why I implore every Biker I meet, especially those that are new to the sport, to please review your insurance policy before it's too late!!!

Part IV will be on the road soon....