Information provided by PersonalUmbrella.com
Many drivers carry only state minimums for personal auto liability insurance with the best intentions, thinking that it’s plenty. But when an accident happens, they soon find out how costly this choice really can be. Adding a personal umbrella policy with excess UM/UIM? Critical, not optional.
A real world story
Ian, 36, a responsible bank teller, carried state minimums and when he accidentally struck Jackie, an aircraft mechanic on her bike, she suffered serious injuries that cost $650,000 to treat.
These medical bills quickly exhausted the coverage offered by Ian’s policy, so she was forced to sue him, incurring legal fees paid out of her own pocket. Because Ian didn’t have significant assets, he declared bankruptcy. Burdened by debt, unable to work and without compensation for lost wages, she too was forced to declare bankruptcy.
If Jackie had a personal umbrella with $1 MM excess UM/UIM, it would have kicked in after the underinsured motorist on her auto was exhausted to take care of lost wages and medical bills.
How excess UM/UIM insurance works
It protects you and your passengers when you’re not at fault for an accident and the other driver doesn’t have any (or enough) insurance to pay for essential medical care, lost wages, pain and suffering or
emotional distress.
In Kansas and Missouri:
If you would like information or quotes, Please contact us at TCG Insurance Solutions at 913-390-3220 or email Paul@tcgsolutions.us
Names and identifying details in claims examples have been changed to protect the privacy of individuals. This information is for educational purposes only and does not constitute legal advice or guarantee or imply a similar outcome. Underwriting criteria varies by state. California Insurance License 0D08438
Author: Paul Carrigan
Licensed agent in Kansas, Missouri and Ohio.
