Does anyone out there know anyone that actually NEEDED to cash in on their umbrella policy? What were the circumstances of the incident?
I'm wondering if our family should carry it because we have a teenager getting a driver's learner's permit...
Please, only serious, informative replies.
2006-08-29 12:11:03 · 8 answers · asked by your ever-lovin' ponyhead 2 in Business & Finance ➔ Insurance
I would give it serious consideration.
Umbrella liability coverage is coverage that kicks in over your underlying liability protection on your homeowners policy and your auto insurance policy. Also, the umbrella policy usually fills any gaps in coverage provided by those policies. That means it would drop down to provide coverage above your deductible.
Why would you want umbrella liability coverage? Exposures to loss include:
1) Ownership, possession or use of property - If someone is injured on your property.
2) Ownership possession or use of an automobile - If someone is injured as a result of you or your family driving a vehicle.
3) Involvement in sports.
4) Action of pets.
Personal liability results from any acts or omissions that results in suits against an individual and/or residents of an insured's household for actual or imagined bodily injury and/or property damage to a third party.
Yes, it is a good idea to have an umbrella liability policy if you have a teenage driver in the family. The policies are very affordable and provide additional coverage in case a terrible accident involving anyone in your family causes a law suit for liability damages that exceed your current liability protection provided by your auto policy or homeowners policy.
Kids have auto accidents. Kids also may have parties when you aren't home and then the people who came to the party drive home and may get in an accident and file suit against your homeowners policy.
I would recommend it for the protection of your family's financial future at affordable rates - Yes.
2006-08-29 12:31:04 · answer #1 · answered by Anonymous · 3⤊ 0⤋
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RE :Why should the average family carry umbrella insurance?
Does anyone out there know anyone that actually NEEDED to cash in on their umbrella policy? What were the circumstances of the incident?
I'm wondering if our family should carry it because we have a teenager getting a driver's learner's permit...
Please, only serious, informative replies.
Follow 10 answers
2016-11-26 16:23:36 · answer #2 · answered by ? 6 · 0⤊ 0⤋
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RE Why should the average family carry umbrella insurance?
Does anyone out there know anyone that actually NEEDED to cash in on their umbrella policy? What were the circumstances of the incident?
I'm wondering if our family should carry it because we have a teenager getting a driver's learner's permit...
Please, only serious, informative replies.
2014-09-01 21:30:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Umbrella policies are one of the most profitable products an insurance company has. Statistically speaking, there are very few incidents when the personal lines umbrella takes over, due to low liability limits on underlying insurance coverage. That being said, you do have a young driver and accidents do happen. Most attorneys will stop at the policy limits, unless they know you have many assets for the picking. Do you really want to be vulnerable to attorneys? Keep it and sleep better at night. If you don't, increase your liability limits to at least one million on homeowners and auto. This question reminds me of going to the casino. Take the dice and roll....
2006-08-29 12:26:50 · answer #4 · answered by 345Grasshopper 5 · 3⤊ 0⤋
It's to protect your assets if a liability claim happens. You have a teenage driver, that is reason enough to keep your umbrella policy.
2006-08-29 12:17:06 · answer #5 · answered by Anonymous · 1⤊ 0⤋
I've seen it twice - both were serious auto accidents caused by kids in the household. One was a permanant disability of a young dad of three.
2006-08-29 15:43:36 · answer #6 · answered by Anonymous 7 · 0⤊ 0⤋
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2014-12-26 21:53:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
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2016-03-22 07:29:56 · answer #8 · answered by Benjamin 3 · 0⤊ 0⤋
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2014-05-21 15:41:23 · answer #9 · answered by Anonymous · 2⤊ 0⤋