Standard insurance, like a policy for a motorcycle, has a maximum liability coverage limit. If your net worth exceeds this limit, you should consider purchasing an umbrella policy, also commonly known as excess liability coverage. This type of coverage helps protect your assets in the event you are found liable for an accident with catastrophic financial consequences. Motorbike accidents are common, so carrying umbrella insurance from Texas Classic Insurance may be a good idea if you want to safeguard your funds and possessions.
What Is the Purpose of an Umbrella Policy?
Motorcycle accidents in Granbury, TX often go hand in hand with mounting medical bills and legal fees. In some instances, a standard motorcycle policy won’t cover all of these expenses. If you have an umbrella policy, it can pick up where your coverage ends. In fact, the only time you should use an umbrella policy is after your standard insurance’s liability limits have been exhausted.
What Type of Umbrella Policy Should You Buy?
The type of umbrella policy to buy depends on your unique needs. For starters, you need to make sure the umbrella policy kicks in once your standard policy exceeds its limits. For most umbrella policies, this means a minimum of $250,000 in standard motorcycle coverage must be reached. If your standard policy has a limit of only $150,000, then you’ll have $100,000 worth of out-of-pocket expenses to cover before the umbrella coverage kicks in.
Also, you must keep in mind that all umbrella insurance policies work to protect you and your assets. However, only some of these policies apply in certain situations. Consider a situation in which a hit-and-run driver causes you harm while you are riding your motorcycle and you are unable to obtain the at-fault party’s insurance information. In this situation, your standard motorcycle insurance will provide coverage up to its limits. However, umbrella coverage will only kick in if your standard policy includes uninsured and underinsured motorist coverage.
Invest in Excess Liability Coverage Now!
Getting in touch with an independent agent at Texas Classic Insurance is the easiest way to compare coverage, choices, and costs for umbrella insurance in Granbury, TX. One of our agents can shop around for the best prices and help you create a policy that is tailor-made to your specific requirements and budget.
Usually, people buy different policies to protect themselves, loved ones, and valuables from various risks. An umbrella insurance policy from Texas Classic Insurance is extra liability insurance that protects you when faced with significant claims. It takes over when the underlying conventional insurance policy has been exhausted. Are you interested in umbrella insurance in Granbury, TX? Read on to learn more.
Here are the benefits you will derive:
Protects your assets
If you are legally responsible for a liability claim, your underlying coverage will protect you up to the extent of your coverage limit. For the costs exceeding your conventional policy, you will fork out the difference from your pocket, putting your assets on the line.
Umbrella insurance protects your assets when faced with significant liability claims. This means you can have peace of mind knowing that no one will come to claim the assets you have worked so hard to acquire.
Offers broad coverage
Umbrella insurance protects you against liability claims not covered by other conventional liability policies. For instance, umbrella insurance covers personal liability, such as libel and slander, usually not included in your home or auto liability coverage.
Has no geographical limitation
The liability coverage in your auto or home insurance only works within the American borders. However, this isn’t a limitation of umbrella insurance — as long as your coverage is active, it protects you anywhere in the world.
Because umbrella insurance gives you broad and high coverage, you might think it costs an arm and a leg. The reality is that umbrella insurance is super-affordable because it takes over from where the underlying policy leaves off. If you don’t believe umbrella insurance is affordable, please call or email us for a quote.
Give Us A Call
Would you like to purchase umbrella insurance in Granbury TX? Please get in touch with Texas Classic Insurance for a no-obligation quote.
Life is full of uncertainties, and you never know what can happen that leaves you liable for paying medical expenses for another person. Most insurance policies provide liability insurance; however, these policies have caps on how much they payout. Purchasing an umbrella insurance policy as an add-on to your existing insurance coverage can help pay for the expenses basic insurance policies do not provide.
Those in Granbury, TX should take a moment to speak to their insurance agent or call a specialist at Texas Classic Insurance to learn more about umbrella insurance options.
Your decision to purchase umbrella insurance should be based on your financial situation. For example, if you are in an accident where you are found liable for the other driver’s injuries, and the court deems you must pay $500,000 in damages. However, your primary auto insurance policy only covers $300,000, leaving you with $200,000 to pay for out of pocket. Would you be able to pay for that? Unfortunately, most people cannot pay that without causing financial hardship. In this situation, an umbrella insurance policy will pay the $200,000 and any legal fees not covered by your primary insurance policy.
If you have a significant amount of personal assets which may be at risk if you are sued, you may want to consider purchasing an umbrella insurance policy. This policy will pay out money for damages instead of the courts seizing your assets.
If you are found liable to pay for damage and injuries, and you cannot pay, the court may order to have a portion of your paycheck garnished until the amount is paid.
Some people are at a higher risk of being sued, including business owners. If there is a high chance of being sued, you may want to protect yourself with an umbrella insurance policy.
The experts at Texas Classic Insurance are ready to help you understand the benefits of an umbrella insurance policy. Residents of Granbury, TX should call today to speak with an agent.