☰ ˟
Contact Us Today / 412.531.3111
Logo
  • Home
  • Get A Quote
    • Annuities
    • AutomobileImage of right arrow
      • Auto Insurance Quote
      • Auto GAP Insurance Quote
      • Mexico Travel Insurance Quote
      • Auto Quote Form (short)
    • Aviation
    • Bonds
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Builders Risk
      • Liquor Liability Quote Form
      • Workers Compensation Quote
    • Dental
    • Earthquake
    • Farm
    • Flood
    • HealthImage of right arrow
      • Health Insurance Quote
      • Disability Insurance Quote
      • Long Term Care Insurance Quote
    • HomeownersImage of right arrow
      • Homeowners Insurance Quote
      • Manufactured Home Quote
      • Homeowner Flood Quote Form
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Limousine
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Trucking
    • Watercraft & Boat
    • Windstorm
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Request Declaration and Coverages Page for Auto Policy
      • Send Declaration and Coverages Information to Lien Holder
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
    • Business & CommercialImage of right arrow
      • Request ID Card for Commercial Auto Policy
      • Request Declaration and Coverages Page for Commercial Auto Policy
      • Add Vehicle to Existing Commercial Auto Policy
      • Remove Vehicle from Existing Commercial Auto Policy
      • Add Driver to Existing Commercial Auto Policy
      • Remove Driver from Existing Commercial Auto Policy
      • Request General Liability Certificate of Insurance
    • Dental
    • Earthquake
    • Flood
    • HomeownersImage of right arrow
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • MotorcycleImage of right arrow
      • Request ID Card for Motorcycle Policy
      • Request Declaration and Coverages Page for Motorcycle Policy
      • Add Motorcycle to Existing Policy
      • Remove Motorcycle from Existing Policy
      • Add Driver to Existing Motorcycle Policy
      • Remove Driver from Existing Motorcycle Policy
    • Other
    • Recreational VehicleImage of right arrow
      • Request ID Card for Recreational Vehicle Policy
      • Request Declaration and Coverages Page for Recreational Vehicle Policy
      • Add Recreational Vehicle to Existing Policy
      • Remove Recreational Vehicle from Existing Policy
      • Add Driver to Existing Recreational Vehicle Policy
      • Remove Driver from Existing Recreational Vehicle Policy
    • Renters
    • Watercraft & BoatImage of right arrow
      • Request ID Card for Watercraft Policy
      • Request Declaration and Coverages Page for Watercraft Policy
      • Add Watercraft to Existing Policy
      • Remove Watercraft from Existing Policy
      • Change Primary Operator on Existing Watercraft Policy
    • Windstorm
  • Blog
  • Make a Payment
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Free Reports
    • Insurance Glossary
  • About Us
    • About James L Smith Insurance Agency
    • Location Map
    • Employee Directory
    • Partners
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter

What type of coverage do you need?
Home > Blog > Should I Have An Umbrella Policy?
WEDNESDAY, JANUARY 30, 2019

Should I Have An Umbrella Policy?

Should I have an Umbrella policy?

The typical personal auto insurance has limits of $100,000 per person and $300,000 per accident. Most personal auto insurers offer maximum limits on their policies of $250,000 per person and $500,000 per accident.

A serious auto accident can have damages which far exceed the limits of your personal auto policy. According to the National Safety Council, the average car accident victim has the following economic costs

 Death  $1,500,000
 Nonfatal disabling injury  $80,700
 Incapacitating injury  $74,900
 Non-incapacitating evident injury  $24,000
 Possible injury  $13,600
 Property damage crash (including minor injuries)       $9,300

These estimated costs for motor vehicle accidents and injuries include wage and productivity losses, medical expenses, administrative expenses, motor vehicle damage, and employers’ uninsured costs.

Typically, a lawsuit can be three times the amount of the economic costs. So a nonfatal disabling injury could on average be $250,000. A death could result in a claim of $5,000,000 or more. If you don't carry $250,000 of liability coverage, you need to increase to that level. However, that level of coverage will only protect you for the average accident.

Some of us are just one lawsuit away from having our entire savings wiped out. To protect yourself and your assets, you are going to need an umbrella policy.

An umbrella policy is an extra layer of insurance that can pay for medical, court, or other expenses you are found liable for in the event that your underlying home and/or car insurance policies are exhausted. Coverage levels start at $1 million and can run up to $10 million and beyond. An umbrella policy can extend the limit of more than just your personal auto coverage. Typically, it will extend the limit of your homeowner, boat, motorcycle, RV or any other policy you have.

In many cases, policyholders can add umbrella coverage on to their current policy using the same insurance provider. Before signing up, policyholders need to speak to their agent to be sure that they qualify for coverage.

Families with assets, including homes, retirement savings, brokerage accounts, and cars, will need to protect them with an umbrella policy because most policies only cover a portion of these assets.

If you have any questions about umbrella coverage, give us a call and we can find the level of protection that is right for you!

Dan Smith is a licensed independent insurance agent located in Pittsburgh, Pennsylvania. He owns James L Smith Insurance and has been serving the insurance needs of customers in Pittsburgh, Pennsylvania for over 30 years. He is a graduate of the College of Insurance. You can get in touch with him by calling 412-531-3111 x112 or by emailing him at dan.smith@jlsins.net.  Find out more about Dan by visiting his website at www.insurancepittsburgh.co

 

Posted 6:00 AM

Tags: umbrella insurance, auto insurance, claims
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2020
  • 2019

  • auto insurance(3)
  • safety(3)
  • car insurance(2)
  • uber(1)
  • lightning(1)
  • pittsburgh auto insurance(1)
  • teen driver(1)
  • underground service lines(1)
  • pittsburgh(1)
  • tnc(1)
  • ride sharing(1)
  • liability risks of trampoline owners(1)
  • pittsburgh auto claims(1)
  • umbrella insurance(1)
  • homeowner(1)
  • homeowners(1)
  • full tort(1)
  • swimmers(1)
  • personal property(1)
  • claims(1)
  • limited tort(1)
  • pittsburgh car insurance(1)
  • lyft(1)
  • limits(1)
  • utility lines(1)
  • student discount(1)
  • teen driving tips(1)
  • swimming pool(1)
  • auto insurance pittsburgh(1)

View Mobile Version

Our Customer Feedback

Read More

Our latest blogs

  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
James L. Smith Insurance
304 Cochran Road
Pittsburgh, PA 15228
James L. Smith Insurance Agency is a professional organization dedicated; to PROVIDE the best possible personal service to our Clients to keep them as long-term satisfied customers. To MAINTAIN a professional and efficient work environment which helps each person to achieve his or her personal goals. To DEAL with the public fairly and honestly and to be a respected member of the community.
We're here for you
Home Page/ About Us/ Contact Us/ Our Blog/ Latest News/ Refer A Friend
Quick Help Links
Quote Forms/ Service Forms/ File a Claim/ Make a Payment/ Insurance Glossary/ FAQs
Icon Icon
Icon Icon Icon
Social Icon Social Icon Social Icon
© Copyright. All rights reserved. Powered by Insurance Website Builder