Umbrella Policies
Your teenager just received his license and is heading to school. Unexpectedly he hits a patch of ice and finds himself in oncoming traffic. The result of this accident reminds you of why you decided to purchase umbrella insurance the month before. The cost to fix your son’s car along with the damage done to the other individuals involved is going to exceed your insurance policy coverage by another $100,000.00.
Accidents are expensive. We know this whether it is a finder binder or a serious injury related accident. Fixing cars and people is not cheap. That is why it is important to take care of yourself. To some, umbrella policies are over doing it. Insurance is already planning for the unexpected, so why spend more to cover that when you might never use the benefits of your regular insurance anyways? Well, why buy house insurance if you aren’t sure your house will ever catch on fire, or why purchase a coverage plan for your phone if you aren’t certain that you will drop it into a puddle of water?
Nothing in life is expected or predictable, which is half of the fun, but also half of the stress. It’s true; you may never use your insurance or your umbrella policy. But, chances are, at some point in your life, you will. Don’t get us wrong; it is great if you never have to use your coverage plan! That would definitely be something worth celebrating. But do you want to risk that everything you have worked hard for could be gone in literally one second? That isn’t a risk that most people are willing to take.
Okay, so we have mentioned umbrella insurance, but what exactly is it? Umbrella insurance is made to cover any monetary responsibilities from an accident that exceed that amount your insurance policy will cover. Let’s go back to our original example about the teenager. If your teenager were to get into an accident similar to this one (hopefully something like this never happens) and the damages cost $400,000.00 in vehicle repair and medical bills, but your insurance policy only covers you up to $300,000.00 then your umbrella policy would kick-in.
$100,000.00 has the ability to make or completely break a household. For only a little bit more a month, you could have the peace of mind knowing that your family is covered no matter what happens. Planning for the unexpected tends to make life a little less stressful because you know you can handle whatever comes your way. If you are interested in an umbrella policy, or have not insured your vehicle visit QualityAutoInsurance.com to receive a free quote.
