Holes in insurance laws and coverage sometimes leave us high and dry in times of need. Last week, I discussed some of those gaps that can ruin our day. As the famous late radio broadcaster, Paul Harvey, would have said, "Now, the rest of the story."
Ways exist to eliminate those insurance holes. For instance, motorcycle riders usually don't get personal injury protection or medical payments coverage on their policies. But sometimes they do, so shopping for the right policy can be incredibly important for these riders' financial health. If you are a biker and can't find a company that will sell these coverages, call me, and I'll tell you which to contact. This is especially important now since so many vehicles are on the road in the summer.
Another hole in coverage exists too often. Many drivers don't bother to buy bodily injury liability insurance coverage to take care of your medical bills, lost wages, and pain and suffering if they negligently hurt you on the road. One night in an emergency room can cost over ten thousand dollars, so take advantage of the cure for this kind of gap in coverage.
Make a note of two letters. They are UM. Look at the declarations page of your own auto insurance policy to see if you have that kind of coverage, or call your agent to ask. UM stands for uninsured and underinsured motorist coverage. If you don't have it, get it now. It will step in and pay for those things I just mentioned if the other guy didn't care enough to buy coverage to compensate you or if he didn't buy enough coverage for that.
I didn't talk last week about a specific coverage called gap coverage, so here is today's bonus. When you finance a car or truck and drive away, you risk its being totally destroyed 2 blocks from the car lot. If so, you'll be upside down with the finance company, because the auto insurance is going to pay you for only its fair market value, that is, street value, not for the financed amount. You can cure that problem by adding gap coverage to your policy. Safe travels.