How Much Motorcycle Coverage Do I Need?

When it comes to your motorcycle, you have a minimum amount of coverage you need to hit to be legal on the road in Niles, IL. But the question of how much coverage you need goes beyond that of your legal requirements. Bob Korvas Agency Inc. wants you to know more about the types of coverage you can buy, so you’re likely to make the right decision. 

Core Coverage Options 

If you own your motorcycle, it may be tempting to get liability coverage only, which is usually the least expensive policy you can get. With liability, your motorcycle isn’t covered in the case you cause an accident. Your policy will pay out for damage or injuries if you are at fault for other people, but it cuts off the coverage there.

If you buy collision insurance, your motorcycle will be covered in the event of an accident though. If you buy comprehensive, you’re covered for everything already mentioned plus compensation if your bike is stolen. Comprehensive will also cover damages if you hit an animal as well. 

 What Do You Need?

For some people, they may be willing to take their chances with liability only, especially if the motorcycle is older. However, if you value your motorcycle, you may want to have more extensive coverage. You should also consider what will happen in case you’re hit by an underinsured or uninsured driver. If someone else causes the damage to your vehicle but can’t pay for it with their insurance coverage, you’re still responsible for the damages (both for bodily injury and property damage). 

Bob Korvas Agency Inc. wants the people of Niles, IL to have all the coverage they need for their motorcycles. If you want to learn more about your coverage options, call today!

Will umbrella insurance help if I am in a bad car accident?

It’s important for drivers in Niles, IL to carry auto insurance. It doesn’t just help you comply with the law; it protects you from financial liability if you are ever found at fault for an accident. When you don’t have insurance, you have to pay out of your own pocket for any damages that occur.

Those damages can reach astronomical amounts. If you only purchased minimum coverage when you got your auto insurance at Bob Korvas Agency Inc., you are only covered for up to $15,000 in property damage and up to $40,000 for bodily injury per accident. Those sound like large numbers until you realize most new cars cost well over $15,000, and even a short hospital stay can cost well over $40,000 just for one person.

Once your insurance policy has paid out its maximum amounts, you will be responsible for the balance. That could result in financial hardship or even bankruptcy as you try to work out a payment plan for all of the damages and injuries that resulted from the accident.

How Does an Umbrella Policy Help?

If you had an umbrella policy, it would kick in as soon as your regular policy maxed out. After the limits are reached, the umbrella policy takes over and pays for the rest of the settlement or judgment. 

Normally umbrella policies start out at a million dollars worth of coverage, so you are unlikely to get to your limits with an umbrella policy. Because they are in effect a backup policy, umbrella policies are also surprisingly affordable.

If you are in Niles, IL and want to discuss how an umbrella policy could give you the extra protection you need, please feel free to call Bob Korvas Agency Inc. today and discuss your options.