Over the years, it's become apparent that our underlying automobile liability coverages, in many cases, is just not enough to protect the assets you've worked so hard to accumulate in your lifetime. I can't tell you how many times I've heard people tell me, " I've never been in an accident and don't plan on being in one" or, " I can't afford any more coverage". People have the misconception that whatever their underlying coverage may be, is the most a claimant can receive. Not True! It is true that its the most your insurance company will pay a claimant but that doesn't mean that your free from paying the excess that has been awarded to the claimant. As an example, if you have $300,000 of liability coverage and you're involved in a serious accident, for which you are responsible and the suit you are involved in determines that you're liable for $1,000,000 in damages, how does this all get paid? Well, your carrier will pay the $300,000 limit on your policy and then they are finished with the claim. You on the other hand, have to pay the additional $700,000. How are you going to do that? Do you have that much cash in the bank? Will you sell assets to pay this? It's a serious question. Just because you don't have enough coverage to pay your penalty, doesn't mean you don't have to pay it. You most certainly will, one way or the other.
I strongly urge you to review your personal situation with us, so that we can guide you on how a Personal Umbrella can inexpensively protect you from a law suit. If I told you that on average, depending on your own personal situation and assets, that the annual premium for a $1 million dollar umbrella was approximately $250, would you say that's an investment worth protecting your assets? Think about it.
Charlie Deale