Umbrella car insurance
Protect your assets with umbrella car insurance
Umbrella car insurance gives you extra liability coverage. This type of insurance provides enhanced protections more than a standard auto liability insurance policy. The main purpose of a personal umbrella insurance policy is to safeguard your car in the event of a major claim and any resulting lawsuits. If you already have liability insurance for your car, you might wonder if an umbrella insurance policy is necessary. If you want to preserve your car in the event of a big-ticket lawsuit, you should certainly consider umbrella auto insurance.
What umbrella insurance covers
Still confused about exactly what an umbrella policy will do for you? No problem. Let’s look at the details a bit closer. While each policy is different, here are a few examples of coverages provided under an umbrella policy:
- Property damage liability This covers the costs of losses or damages to another person’s property. This provision would come into play if you are at fault in a car accident that results in damage to another person’s car or other property.
- Bodily injury If you cause an auto accident that results in serious injuries, this covers the expenses of medical bills or liability claims.
- You might be thinking that your current liability coverage already applies to these situations. However, umbrella insurance covers you far above the limits of standard policies.
Umbrella car insurance in action
To help you understand how this policy would help you, here’s a possible situation. Let’s say you cause a car accident that injures another motorist. If your general liability policy covers bodily injuries up to $200,000, you might think you’re in the clear. However, if the injuries are severe, you could end up being legally responsible for medical bills beyond the $200,000 your general policy covers. Plus, if the driver sues you, some of your personal assets could be at risk.
Imagine if the person you injured were a doctor and the accident keeps him or her from working for three months. Suddenly, this person might sue you for an extra $600,000 to cover lost income. Your current policy might pay for $200,000, but how would you come up with the extra $400,000? That’s a situation where an umbrella policy would be useful. It could provide you with additional coverage so you don’t need to try and pay the remaining amount yourself. Otherwise, you might be at risk of losing your home or other personal property to come up with the funds.
Consider what’s at stake
If you have significant assets and you cause someone property damage or bodily injury, you should be prepared for a full-blown lawsuit from the other party. Most people will go after you if they know you have wealth and property. To protect your money and belongings, you need to think about what could be at risk if you lose a major lawsuit. Here are the top things you should consider:
- Net worth
- Total assets
- Future income
- Collateral damage
Would you risk losing everything you own if you ended up in a situation like the one mentioned above? What about if a lawsuit ended up costing millions of dollars more than your general liability coverage?
Determine how much umbrella insurance you should buy
Depending on the worth of your assets and how much you want to protect them, you will want a different level of umbrella insurance than someone else. Umbrella car insurance policies are generally available in increments of $1 million. Not sure whether you need a $1 million or $5 million policy? Compare quotes with our easy online form and inquire with agents from different insurance companies.
Protection for your home too
Many umbrella insurance policies include protections for homeowners as well. For example, if your neighbor’s child gets injured while playing in your yard or a guest gets falls inside your home and gets injured, your umbrella coverage might apply depending on your exact policy. Certain umbrella policies even include protections for your boat too. Some insurance carriers offer “personal umbrella insurance,” which provides protections related to your motor vehicles, home, and any rental properties.
What it doesn’t cover
There are limits to umbrella policies, just as with any other insurance. Here are some things that are generally not covered by umbrella insurance plans:
- Damage to your personal property.
- Damage to your commercial property.
- Business losses.
- Criminal actions.
- Contractual agreements.
Why compare umbrella car insurance quotes?
As previously stated, umbrella insurance policies are available in varying amounts at different prices. Nationwide, regional, and specialty insurance companies offer a wide variety of umbrella coverages. With so many options to choose from, it only makes sense to make a side-by-side comparison. With our quote comparison form, you can see what each carrier offers at different costs. Just choose your desired deductibles and coverage limitations when making comparisons.
Not only that, but you might come across some savings on your basic insurance policies too. While you’re shopping for umbrella insurance, you might find a deal on other car insurance policies. Never assume that the insurance company you’re currently with always has the best deal or to automatically go with one that has a lot of commercials on television. It is true that nationally-recognized companies might have the best deal, but you’ll never truly know unless you compare them with all your other options. What if you find a local company with a better rate? That’s why bolt insurance gives you the opportunity to efficiently see all your options.
Compare with ease
You don’t need to request a quote at each individual insurance company anymore. Gone are the days that you need to request a quote on each website, let alone call someone or visit an office every time. With our umbrella insurance quote comparison tool, you’ll get access to a multitude of quotes within a matter of seconds. You don’t have to wait hours or days to get answers from potential carriers. Consider your needs for umbrella insurance and get quotes fast. If you need any advice or assistance, don’t hesitate to contact our customer service team.