Is umbrella liability needed over my auto liability limit?
by Guest » Thu Jan 21, 2010 11:47 am
I have the state mandated liability limits with my auto insurance. Do I also need an umbrella liability insurance? Is it really beneficial?
Total Comments: 4
Posted: Thu Jan 21, 2010 12:47 pm Post Subject:
I have the state mandated liability limits
If you ONLY have your state min. you don't have enough...or are you saying you have the highest limits you can buy?
In order to get an umbrella you'd have to carrier the absolute highest limits sold in your state. The umbrella would come into play if you had a claim that exceeded those limits.
It's a personal choice really, if you have a lot of assets that could be brought into suit it might be a good idea for you..
Posted: Fri Jan 22, 2010 08:03 am Post Subject: Umbrella liability
You can go for the umbrella insurance if your asset value is more than your liability policy limit. It provides a comprehensive coverage and also makes legal defense payments on behalf of the insurer.
Posted: Fri Jan 22, 2010 10:06 am Post Subject:
Hi..
If you ONLY have your state min. you don't have enough...or are you saying you have the highest limits you can buy?
NO..I have the state min. only.
It's a personal choice really, if you have a lot of assets that could be brought into suit it might be a good idea for you..
I have two cars registered with the same carrier.
It provides a comprehensive coverage and also makes legal defense payments on behalf of the insurer.
There are some assets which seem more precious to me than their market values, especially when I have cars one of which once belonged to my deceased niece!
But am not too sure of these legal defense payments. Does umbrella insurance cover my expenses in case I need to file a lawsuit?
Posted: Fri Jan 22, 2010 12:00 pm Post Subject:
I don't think you can even get an umbrella without first having the highest limits you can get..on your auto (and homeowner) policy.
Posted: Thu Jan 21, 2010 12:47 pm Post Subject:
I have the state mandated liability limits
If you ONLY have your state min. you don't have enough...or are you saying you have the highest limits you can buy?In order to get an umbrella you'd have to carrier the absolute highest limits sold in your state. The umbrella would come into play if you had a claim that exceeded those limits.
It's a personal choice really, if you have a lot of assets that could be brought into suit it might be a good idea for you..
Posted: Fri Jan 22, 2010 08:03 am Post Subject: Umbrella liability
You can go for the umbrella insurance if your asset value is more than your liability policy limit. It provides a comprehensive coverage and also makes legal defense payments on behalf of the insurer.
Posted: Fri Jan 22, 2010 10:06 am Post Subject:
Hi..
If you ONLY have your state min. you don't have enough...or are you saying you have the highest limits you can buy?
NO..I have the state min. only.
It's a personal choice really, if you have a lot of assets that could be brought into suit it might be a good idea for you..
I have two cars registered with the same carrier.
It provides a comprehensive coverage and also makes legal defense payments on behalf of the insurer.
There are some assets which seem more precious to me than their market values, especially when I have cars one of which once belonged to my deceased niece!
But am not too sure of these legal defense payments. Does umbrella insurance cover my expenses in case I need to file a lawsuit?
Posted: Fri Jan 22, 2010 12:00 pm Post Subject:
I don't think you can even get an umbrella without first having the highest limits you can get..on your auto (and homeowner) policy.
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