Give Yourself An Umbrella Of Insurance Protection
· by Matt Fox · posted March 10, 2008
· filed under Auto, Personal Insurance, Personal Umbrella, Teenage Drivers category.
A friend of mine is an insurance agent for one of those ‘on the corner’ insurance companies. He faxed me a copy of a letter that was being sent to his client from the claims department. It was a letter I showed everyone in our office to emphasize the importance of the protection we offer at our firm. Here is what the ‘meat’ of the letter said:
I am writing to inform you that our investigation has revealed that those claims being presented have a potential value which may exceed your policy limits of $250,000 per claim under your auto policy. XYZ Insurance Company (name changed) is not obligated to pay any amounts which exceed your policy limits. You may wish to consult legal counsel, at your own expense to advise you on this issue. (Bold added for emphasis)
I assure you that we will continue to make every effort to protect your interest in this matter, and to attempt to settle this claim within your policy limits. In this regard please be advised that we recently received a phone call from the hospital treating Jane Smith (name changed), who was rear ended by your son. They have indicated that her medical bills exceed $700,000.
If this was sent to you, how would you manage to find legal help? How would you find the way to pay the amount above the $250,000 that their policy will cover? What assets do you have to lose now?
While this auto policy already has good limits, an umbrella policy would easily and inexpensively add additional coverage above the base auto policy. It also extends above your home, boat, motorcycle and other policies you may carry. A $1 million umbrella policy starts at around $15 per month. We highly recommend it if you:
- Have young drivers in family
- Own swimming pool
- Own recreational vehicle or ATV
- Own boat or other watercraft
- Own more than one home
- Own a dog
- Want to protect your assets & wages
You can easily get a quote on an umbrella policy from our website at www.AutoHomeLifeBusiness.com/umbrella.html.
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