Pinnacle Insurance Group Blog
Your Worst Nightmare and How We Can Help
Here’s the nightmare: Your car skids. You crash into a Mercedes with a highly paid business executive at the wheel. He’s hurt so badly he cannot return to work. A jury awards him millions of dollars and you have to pay it. Unfortunately, you don’t exactly have five million dollars lying around, so the court takes your home, whatever money you had saved, and even a portion of your salary for the next few decades.
For some people, this is not a nightmare that could come true. These people have an extra insurance policy, known as umbrella coverage, which takes care of their liability for the lawsuits and medical bills of the auto accident victim — or of the teenage guest who dives into the shallow end of the swimming pool or the deliveryman who trips on the front steps.
Many people with major assets either do not buy the extra coverage or do not buy enough. Some do not know about umbrella coverage, which also pays for lawyers and other legal expenses. Others have heard of it but do not understand it. Still others decide that they do not want to pay for it, even though the cost is usually a fraction of the price of a typical package of home and auto insurance.
Because many people don’t entirely understand how umbrella coverage works, let’s break it down a little. Let’s just say you have an Indiana auto insurance policy that covers $250,000 in damage. Sounds like a lot, right? In all reality, that will do you absolutely no good when you hit the businessman’s Rolls Royce and get sued for about three million dollars. You’ll be left in major debt, and the court will go after your home and salary. A few things that are covered by an umbrella policy are:
- Damage to another vehicle in excess of your limit
- Legal fees for if you are to be sued
- Any liability issues you have if someone is hurt on your property
- Any liability issues you have if you hurt someone in an accident
At Pinnacle Insurance Group, we offer umbrella coverage to anyone that is looking to protect themselves from a major loss at an affordable rate. We have agents standing by to answer any questions that you have about umbrella coverage, and we are willing to offer you a quote right now, so contact us immediately!