What Motorcycle Insurance Do I Need in Colorado?
By: Scott O’Sullivan, Founder, Rider Justice
If you haven’t figured it out by now, I’m on a mission to protect motorcyclists in Colorado. I want to promote motorcycle awareness, pass laws against distracted driving and create an even legal playing field for bikers.
Bikers: There is no magical pot of money to cover your losses after an accident, even if you were the victim. You have to protect yourself.
As part of these efforts, I also want to see more motorcyclists get the insurance coverage they need. (No, I’m not affiliated with any insurance company… I’d never, ever, ever partner with an insurance company.)
My passion about this issue comes from the fact that too many bikers get in accidents and think “the other guy” will pay for their losses and medical bills. That is simply not the truth. Many of Colorado’s car drivers only carry the bare minimum insurance required by Colorado law, which is $25,000. For many bikers, that won’t even cover the cost to replace their bike. And sadly, most motorcycle accidents result in hundreds of thousands of dollars in medical bills.
I’ve seen bikers lose their homes because they couldn’t pay their hospital bills.
Bikers, Read My Lips: There is no magical pot of money to cover your losses after an accident, even if you were the victim. You have to protect yourself.
Therefore, I want you to use the following checklist and call your insurance agent to make sure you are covered properly. (If you want me to review your insurance, I’m 100% happy to help. Just call or email me.
Underinsured Motorist Coverage (UIM):
At a minimum, you should have $250,000 in Underinsured Motorist (UIM) coverage. UIM covers lost wages, future medical expenses, any damage arising from the accident (with the exception of property damage), and all economic and noneconomic loss, which includes pain and suffering.
Medical Payment Coverage, also called MedPay, is a premium that your insurance company must offer you. In fact, in order to forfeit the coverage, you must sign a waiver. The value of the coverage can range from $5,000 to $25,000. Your MedPay coverage can be used to pay for first responders, such as ambulance companies. It also covers emergency room bills or any other medical bills related to your injury as a result of your car accident, whether or not you were at fault. MedPay can cover co-pays, deductibles, doctor visits and therapeutic treatments such as chiropractors, massage therapy and physical therapy. Don’t waive this coverage! Make sure you get it.
If you own your home, you need to add an uninsured/underinsured motorists’ umbrella policy for $1 million.
Liability insurance covers damages to another person resulting from an accident that you cause. If you cause an accident, liability coverage will help you pay for damage to another person's property or for costs associated with their injuries.
Collision insurance protects your motorcycle when it is involved in a crash with another vehicle or a stationary object. Most motorcycle crashes and accidents fall under this kind of insurance policy. But remember: this coverage will not pay for any medical bills you incur.
Comprehensive coverage generally falls under "acts of God or nature", that are typically out of your control when riding - a spooked deer, a heavy hailstorm, a bike theft, etc.
If you don’t know how to read your insurance card (they’re confusing!), or if you have any questions about this article, contact me today.