EVERYONE who owns property, has assets, or even FUTURE assets should investigate an Umbrella Liability Insurance policy IN ADDITION to thier auto/home coverage.
Several reasons:
1) The minimum coverages on most polices may not cover hospital bills, surgery, FUTURE surgery if needed, loss of future income,etc for the person who has the injury.
2) In MY town (also Pennsylvania) the local paper has a "police blotter" where they print all the arrests and court cases and how they are charged/convicted. it is AMAZING to me how many DUI's are out there, AND, how many are aslo ticketed for NO required insurance coverage.
THEY have nothing in most cases. But YOU may. or, what if YOU hit someone and they sue YOU? THere are a LOT of opportunistic people out there today,and a lot who perceive that in some way, people who DO "have" things got them in unfair ways.
3)A Personal Liability Insurance policy ( know as an "umbrella" policy), is NOT that costly. Shop around. I have 2 Million additional coverage for 230.00 a year.
Why? I have assets, a paid for home, a new SUV, a pension, future SS payment and healthy savings. SOME savings are exempt from SOME lawsuits (401K and IRA) but why take a chance for @4.00 a week?
Note.....You MAY have to adjust some of your auto coverage limits too, and that may increase your auto policy a bit.
EVERYONE knows about the cost of medical care today. 300,000 basic coverage can be consumed in no time flat....then who pays if the injured party sues for more or needs additional surgery or lost or future income? YOU WILL.
4) Another note: A liability policy is discoverable. That means IF you were to be sued, the party suing's lawyer WILL discover you have additional coverage. However MOST claims will be less than one's liability policy or up to it's
limits....because their lawyer uses a formula to detemine the settlement, and will advise to take it or maybe you will get less.
UNLESS......
God help you if you have a DUI that injures of kills someone. There is not enough insurance to cover for that. If some drunk hits me, which may be likely where I live seeing the second and even THIRD offenses listed, I will sue them out of existence, and would expect the same if I hit them while drunk
. The irony? If they only have money to buy beer, I won't get anything. But at least I'm covered thru my own policy.(Uninsured motorist) for my own injuries or damages.
Don't drink and drive. EVER. Don't text and drive. Don't tailgate. Don't put your foot thru the accelerator when the light turns green because you are counting on that guy in front of YOU to continue thru the light and not stop short. Watch when making left turns across traffic. Slow down and maintain your distance.
When you drive,.....THINK about what you can lose if YOU cause an accident..
Lawsuits are NOT a matter of being polite or someone's friend. That sentiment left the building 25 years ago. Don't be naive or say "I couldn't do that". Because that OTHER guy IS going to do that.
I do NOT work for an insurance company. I just realized one day how much exposure I'd have IF the worst happened, and spent an hour listening to my agent and learned a LOT.
Check into an Umbrella Policy on Tuesday when your insurance agent's office open. I recommend sitting down and talking to them about what you DON"T know. That's the time to do it....BEFORE you need it.
Blogs & Forums
