Umbrella Insurance Lake Havasu City, ArizonaAn Umbrella Policy is known as an Excess or over and above insurance policy covering bodily injury unto others when used in excess of a current policy. That Current policy usually must meet a certain limit such as $500,000.
In other words your bodily injury policy limits should be around 500,000 for your home auto boat rv atv rental homes etc so that you can get an umbrella policy for the over and above limits you shoose such as 2,3,4, or 5 million. Let's say you have a homeowners policy, and an auto policy. You can have more too, but sticking with the basics here for example. When you have a home and auto policy if you have pretty much a clean slate you can apply to get an umbrella policy that extends coverage into the millions. After all how often do you hear of an attorney suing for thousands?
Some of the requirements to get an Umbrella Policy may be, A Excellent Credit score, no accidents or insurance claims, and no major tickets or viloations.
What is the usual costs of an umbrella policy?
Depending on the person and the insurance carrier and what all is being covered a house a car can start for around 400 for 1 million for a year. vs 3 houses 5 cars a boat etc can be 800 or more for 1 million. obviously this is not a quote.
If You happen to have an Insurance carrier that has only policy limts up to say 40-50 thousand you are with what is known as a non-standard Insurance Carrier.
Most Better Insurance Carriers have limits of around 500,000. When you want or need additional coverage above 500,000, you can sometimes get an umbrella Policy with limits up to 1, 2, 3, 4, 5 million or more. The one personal umbrella policy can be an extension of some or many of your personal policies. Homeowners, Auto, Boat, Rv, Motorcycle, Personal Watercraft and Rental Home Second Home or Vacation Home. There are usually required minimums on the underlying policies of around 500,000. That limit I am discussing here is for bodily injury unto others.
We have all seen the attorney commercials on TV.
Those attorneys are doing their job to best represent their client to collect a claim on behalf of a client when they suffer a loss.
Lets say you or a family member is driving your car and goes over the double yellow while answering the phone or texting and collides with another car with several people in it.
Now lets say those people are injured in a bad way.
The Helicopter lands and takes victums to the hospital. The life flight alone will cost anywhere from $40,000 to $99,000 may be the cost just for each person on the lifeflight. Now tac on Intensive care for around a week or so. Shall we guess another $240,000 - $750,000 per person? We haven't even got to pain and suffering and adding in attorneys fees investigators costs the whole nine yards.
Most people drive around with somewhere between state minimum and what is known as 100/300/100 and haven't a clue what it means.
As long as I am here, the first 100 usually represents bodily injury unto other outside your vehicle for up to 100,000 for one person Max. If two or three or more people are injured the second number 300 means 100,000 per person max up to 300,000 max policy limit to be paid out for bodily injury. The third number in this case 100 represent property damage such as another car or a light pole or building or in rare cases your car catches fire burns down a hillside and then a few homes, it only covers up to 100,000 max.
I know what some people are thinking.
Don't the people have health coverage or homeowners insurance? They may and guess what? Those insurance companies will be coming after you as you were the cause. So pretty much either way it is on you, when you are at fault. Good Insurance can sure help cover those accidental losses.
While we are on the whole at fault scenario here is an eye opener your insurance agent never told you.
Did you notice where I said outside of your car above?
If you are at fault in an accident and you happen to be driving people around in your car,...
Picture carpool friends at luunch, Your kids friends going to school, etc you the driver is at fault, the only coverage in that vehicle is Medical payments per person.
Now you can easily see why the need for $2 to $5 Million Umbrella Coverage is a necessity.
You should also see that minimal state coverage is a joke at this point in life.
When an accident is about to happen there isn't time to call your insurance agent, ask to raise your policy to 500,000 coverage and then try to get an over and above aka an umbrella policy for a few million. Besides, an Umbrella policy doesn't cost all that much.
Monday: 9:00 - 5:00
Tuesday: 9:00 - 5:00
Wednesday: 9:00 - 5:00
Thursday: 9:00 - 5:00
Friday: 9:00 - 5:00
Saturday: 9:30 - 12:00
Havasu Insurance2160 McCulloch Blvd N. Suite 101
Lake Havasu City, AZ 86403
Lake Havasu City, Arizona - Insurance
Auto - Home - Boat - PWC - RV - Motorcycle
Umbrella - Bonds - Life
Errors and Omissions - Professional Liability - Business Insurance - Workers Comp - General Liability - Commercial Vehicle