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When you are considering an umbrella insurance policy for your car, it is important to understand the limits and options that may be available. Your auto insurance and the vehicle that you own may play a role in the coverage that you need.
Limits on Your Auto Policy
Umbrella coverage may be useful, but the amount that you need can depend on your current auto insurance. For example, if you have taken your policy to the maximum limit that your insurer will allow, then you may not need a large umbrella policy. On the other hand, if you have limited coverage and worry that you may be sued if an accident occurs, then you may want to consider an umbrella policy that covers the amount that you may expect to pay in a lawsuit.
Expected Payments
You can get an umbrella policy for a variety of different amounts. For example, if you have an expensive car, then you may need a large policy to address potential legal issues if an accident occurs. An expensive car increases the risk that other drivers will assume that you can pay a larger amount. In that case, you may need more than $500,000 to $1,000,000 in protection because of potential lawsuits.
The situations that you can expect may vary, so the amount that you need depends on your assets and liabilities. The greater number of assets that you own, the more protection you need on your insurance policy.
Auto insurance is not always enough to address liability, especially if you have significant assets or own an expensive vehicle. Umbrella policies are designed to address those situations and the limits may vary based on your situation. Contact us to talk to an agent for more details.