Although I’m a Risk Management Specialist, this subject will not be about the pros and cons of motorcycle ownership. There is an insurance coverage that is unknown to most, if not all, motorcycle riders I encounter – the coverage is Stacked Uninsured Motorist on their auto policy.
What does your auto policy coverage have to do with your motorcycle one might ask? Uninsured Motorist coverage compensates you if an at-fault driver injuries you and is under-insured or doesn’t have insurance at all.
This is a serious concern in Florida because drivers in the sunshine state are not required to carry bodily injury (liability) coverage. This means there is a high probability that the driver next to you in traffic is legally under-insured. Scary, right? Now, put yourself on your motorcycle in the middle of traffic and we can see some serious risks that need to be addressed sooner than later.
If you own a motorcycle in Florida, and you have Stacked Uninsured Motorist coverage on your autos, you are covered in the event of an at-fault driver injuring you on your motorcycle. The key is to make certain your auto policy first of all has Uninsured Motorists coverage, and secondly, that the coverage is stacked. Stacked means that your coverage is multiplied by the number of cars insured on your policy.
For example, let’s say you have Stacked Uninsured Motorist coverage on three vehicles in your household, and the limit is $100,000. If another driver hits you and is found to be negligent, your coverage kicks in not for $100,000, but $300,000. This is plenty of extra coverage for you in the event of being injured by someone because of the stacking multiplier in the uninsured motorist coverage. It is important to know that motorcycles owned by the insured are covered as well, even if they are not included on the auto policy for the stacking uninsured motorist coverage.
My previous blog posts explain the high amount of under-insured and non-insured drivers there are in the state of Florida. Add the risks involved for motorcycle drivers and you can see how imperative it is to make sure you have insurance in the event an at-fault driver causes you harm.
Here is a link to the Florida Statute regarding uninsured and underinsured vehicle coverage: http://www.leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&URL=0600-0699/0627/Sections/0627.727.html
Be smart. Be safe. Be protected.
Nick Noreika, Risk Management Specialist
25191 US Hwy 19 N
Clearwater, FL 33763