Could this happen to you?

We originally blogged this real life story back in March of 2011, but we feWhy do you need an umbrella policy?  Could this happen to you?el it bears repeating.  It comes to us from Elliot Whittier Principal, Wayne Guyer:

Do you know this person – married woman, age 65, good health, good driving record, living in the suburbs in a home worth about $500,000…..?  This person is you, your mother, sister, or aunt.  Life was good for this client of ours until one day last summer when she had a terrible car accident in which the driver of the other car was killed.  This wasn’t a movie, or the news, but her real life.  We don’t know the end of the story yet, as the legal process takes a long time.  The woman has endured a lot dealing with it all, and there is no insurance for that.  

However, the very real fear of losing all she owns in a court judgment would make a difficult time far worse.  Anyone that owns a vehicle in MA is required to buy car insurance.  Most people view it as one of life’s least appreciated expenses, and many cut corners and buy low liability limits.  We strongly recommend higher auto limits, and umbrella coverage.  One glimmer of good news is that this woman followed our advice and owned an umbrella policy.  If she was like many people, she’d have $100,000 of auto liability insurance to defend and pay this claim.  How far do you think that would go in a situation like this?  Most likely, the insurance carrier would have written her a check for $100,000 and wished her well.  And when the $100,000 was gone, her assets (cash, investments, house) would be next in line. 

 Her umbrella cost her $190 a year, and she now has $1,250,000 in front of her assets.  What about you?

I would like a quote for an umbrella policy

 

Elliot Whittier Insurance Services, LLC is a local Trusted Choice® agency that represents multiple insurance companies, so it offers you a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs. You can visit Elliot Whittier online at www.ElliotWhittier.com, email info@elliotwhittier.com, or call 617-846-5000 and ask for Christine O'Keefe.

What to do Next?

Have us review your insurance policies and check that your limits are sufficient. Ask what the cost is to bump it up under higher limit scenarios.

Call today 617-846-5000 or click here 24/7/365 and we will get back to you same day or the next business day