Kentucky Motorcyclists Should purchase Underinsured Motorist Coverage.
I am not positive why people, who can afford significant coverages on their automobile, fail to purchase similar coverages on their motorcycle. I suppose the main reason is to save money. The problem with this thought is that many of the coverages they are not buying are cheap. One such coverage is underinsured motorist coverage. This coverage is one of the most needed and used in auto accident claims because at-fault drivers tend to have minimum limits of liability coverage. Underinsured motorist insurance allows you to buy protection against being injured by drivers who do not have enough insurance to satisfy your claim.
Below is the Kentucky underinsured motorist statute:
304.39-320 Underinsured motorist coverage -- Effect of settlement of claims.
(1) As used in this section, "underinsured motorist" means a party with motor vehicle liability insurance coverage in an amount less than a judgment recovered against that party for damages on account of injury due to a motor vehicle accident.
(2) Every insurer shall make available upon request to its insureds underinsured motorist coverage, whereby subject to the terms and conditions of such coverage not inconsistent with this section the insurance company agrees to pay its own insured for such uncompensated damages as he may recover on account of injury due to a motor vehicle accident because the judgment recovered against the owner of the other vehicle exceeds the liability policy limits thereon, to the extent of the underinsurance policy limits on the vehicle of the party recovering.
(3) If an injured person or, in the case of death, the personal representative agrees to settle a claim with a liability insurer and its insured, and the settlement would not fully satisfy the claim for personal injuries or wrongful death so as to create an underinsured motorist claim, then written notice of the proposed settlement must be submitted by certified or registered mail to all underinsured motorist insurers that provide coverage. The underinsured motorist insurer then has a period of thirty (30) days to consent to the settlement or retention of subrogation rights. An injured person, or in the case of death, the personal representative, may agree to settle a claim with a liability insurer and its insured for less than the underinsured motorist's full liability policy limits. If an underinsured motorist insurer consents to settlement or fails to respond as required by subsection (4) of this section to the settlement request within the thirty (30) day period, the injured party may proceed to execute a full release in favor of the underinsured motorist's liability insurer and its insured and finalize the proposed settlement without prejudice to any underinsured motorist claim.
(4) If an underinsured motorist insurer chooses to preserve its subrogation rights by refusing to consent to settle, the underinsured motorist insurer must, within thirty (30) days after receipt of the notice of the proposed settlement, pay to the injured party the amount of the written offer from the underinsured motorist's liability insurer. Thereafter, upon final resolution of the underinsured motorist claim, the underinsured motorist insurer is entitled to seek subrogation against the liability insurer to the extent of its limits of liability insurance, and the underinsured motorist for the amounts paid to the injured party.
(5) The underinsured motorist insurer is entitled to a credit against total damages in the amount of the limits of the underinsured motorist's liability policies in all cases to which this section applies, even if the settlement with the underinsured motorist under subsection (3) of this section or the payment by the underinsured motorist insurer under subsection (4) of this section is for less than the underinsured motorist's full liability policy limits. The term "total damages" as used in this section means the full amount of damages determined to have been sustained by the injured party, regardless of the amount of underinsured motorist coverage. Nothing in this section, including any payment or credit under this subsection, reduces or affects the total amount of underinsured motorist coverage available to the injured party.
This statute explains the complicated procedure a person must go through to make an underinsured motorist claim. It requires a certified letter to the underinsured motorist insurance company and their consent before settling for the at-fault party’s liability insurance limits. It is important that this procedure is handled correctly or the personal injury victim can lose the right to make the underinsured claim.
CONTACT KENTUCKY MOTORCYCLE ACCIDENT LAWYER
If you are involved in a motorcycle accident, you will require the services of an experienced Kentucky motorcycle accident attorney to investigate the cause of the accident and maximize all benefits available to the victims and their families. Matthew Troutman, a Kentucky motorcycle accident lawyer, of the Troutman Law Office has been handling motorcycle accident claims and auto accident claims, almost exclusively, since 1986 and has the experience and talent to obtain the best result for the victim in the above accident.
If you need legal assistance due to a motorcycle accident, contact Louisville motorcycle accident attorney Matthew Troutman directly at 502-648-9507 or 859-696-0001 and he will meet with you in the hospital, your home or wherever is convenient for you. He will give you direct access through his cell phone and guide you through the difficult process necessary to obtain the best result possible for you in your motorcycle accident claim. To learn more about Kentucky motorcycle accident attorney Matthew Troutman and the Troutman Law Office, click here.