Motorcycle Insurance Articles
When To Call Your Insurance Company After A Motorcycle Accident
2010-12-11
Motorcycle insurance rates can rise dramatically following a motorcycle accident, especially when the insurance company determines that the motorcycle driver is at fault. There are times when a motorcycle driver absolutely should report a motorcycle accident. There are other times when it is not necessary to report an accident to an insurer. The trick is to know when to call your insurance company after a motorcycle accident.
Single Vehicle Collision / No Collision Coverage
If you do not carry collision coverage on your motorcycle and it is involved in a single vehicle collision, then it is not to your advantage to report the accident to your insurance carrier. Basically, a single vehicle collision is one that involves only your motorcycle and would be considered the your fault. Without collision coverage, your insurance carrier will not help pay for the repairs to your motorcycle. The entire cost of repairs would be the motorcycle owner's responsibility. Also, there is a possibility that reporting an at fault accident could result in the loss of claims free or good driver discounts, or a rate surcharge due to the accident which could result in a premium increase.
Multiple Vehicle Collision
If your vehicle has been involved in a multiple vehicle collision, then it is a good idea to report the motorcycle accident to your insurance company. This is especially true if there were any injuries to people in either vehicle or if you are uncertain about who caused the accident. Your motorcycle insurance company will conduct an investigation into the accident once it has been reported. The sooner it is reported, the better equipped your insurance company will be to conduct a timely and thorough investigation.
You should also be aware that you have a contract with your insurance company which states that accidents should reported to them as soon as possible. It is stated in the insurance policy. If you do not report a motorcycle accident, then you are risking having the claim denied for non-compliance with the policy.
Out of Pocket Settlements
Of course, there are a significant number of minor accidents that do go unreported which are settled for cash between private parties. If you choose to pursue an out of pocket settlement and to not report the motorcycle accident to your insurance company, then be sure to obtain a receipt from the other party showing that their damages have been reimbursed "in full".
In order to keep motorcycle insurance rates low, some drivers choose not to report a motorcycle accident to their insurer. Be sure to fully research the potential consequences of doing so before making the decision not to call your insurance company.