Insurance Coverage Types

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Umbrella Insurance Policies

The term “Umbrella insurance” refers to policies of insurance that some people get that is “over and above” all other insurance they might have. Typically, such insurance is offered by the same companies that provide automobile insurance for those who are willing to have larger coverages on their vehicles ; umbrella insurance usually is sold in increments of $1 million or $2 million and is very inexpensive. An example may be helpful: A family has a policy on its cars that covers up to $300,000 liability coverage. Their teenage son causes a wreck in which a claimant gets a judgment for $1.5 million. The family was carrying a $2 million umbrella policy which pays off the difference of $1.2 million. The family does not lose its home.

An interesting point her is that the injured person might not have known about the family’s umbrella policy if he hadn’t employed an automobile accident attorney.


  Uninsured Motorist Coverage

“Should I buy some Uninsured Motorist coverage?” Well, let’s ask it another way: “If you are injured by an uninsured or under-insured driver, and you have huge damages, wouldn’t it be nice to have some coverage for those damages?

It is best to have a personal relationship to your insurance agent. He or she can tell you what sorts of coverages are available to you under their various policies and how much additional premiums will be charged to cover the added possibilities. You may be pleasantly surprised at how little extra will be added.

If you don’t really know your agent or you have acquired your insurance in an impersonal, “over-the-counter” sort of way, don’t be surprised if you find it inadequate in your hour of need.

In conclusion it pays to investigate your coverage and know your policy components as well as your agent.  Along the same lines, it is valuable to have an experienced car accident attorney if you have been injured in an accident so that you can fully understand insurance policies and coverage available to cover your damages and injuries.