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Say you’re in a nasty car accident, which, unfortunately, was your fault. Now what? The only relief you’ve got is your insurance coverage.
The bad news: The person you injured is a MD, and the car accident broke their leg—badly. Doctors say they’ll be out of work for at least 60 days. This person has to go through surgery, followed by weeks of recovery and physical therapy. You’ve now totaled their Porsche and put them out of a few months of work.
The damages to his car and the medical expenses far exceed your liability coverages, and Doc is hiring an attorney to ensure the due bills are paid. You need to ensure they don’t go after your assets in court.
This is when Umbrella, or excess liability, coverage comes in.
In the case of an accident exceeding your automobile coverages, you need umbrella coverage to protect you from any financial hiccup. This coverage also protects you from being sued by the third party.
Umbrella includes additional coverages that are excluded from your insurance policies, such as being sued for slander. It covers legal defense beyond your limits. It covers the other party’s injuries or funeral costs, and property damage.
Limits usually start at 1M dollars, with very low payments.
To cover the incidences that exceed your limits and to protect your assets, look into adding Umbrella Coverage to your policy.