Get More Protection with an Umbrella Policy An umbrella policy provides additional coverage beyond what you might foresee having to pay in accident and injury expenses. Umbrella liability kicks in when you have used up your auto liability coverage. Umbrella policies begin at $1 million in coverage. Consider an example where you cause and accident and you owe $480,000 in damages, but your coverage is only $300,000. If you have an umbrella policy with a limit of $1,000,000, your policy would kick in once your liability coverage is exhausted. Instead of owing $180,000, you would use your umbrella coverage to pay that amount. This means no out-of-pocket costs to you, other than your policy’s deductible. With increased healthcare costs and legal fees associated with lawsuits, umbrella policies are becoming increasingly important. Many drivers choose only the minimum liability coverage required by the state, leaving them vulnerable to additional out-of-pockets expenses when an accident occurs. When you compare liability car insurance quotes, be sure to talk with your independent agent about how you can get the full protection needed to safeguard your financial wellbeing.
Posted on: Tue, 18 Mar 2014 13:18:29 +0000
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