The total cost of a car accident involving many vehicles may reach hundreds of thousands or millions of dollars. But what if you’re the driver that caused the accident and your auto insurance cover limit can’t cover the multimillion-dollar property damage and bodily injury liability that you’ve got to pay? You either have to make an out-of-pocket payment or seek additional coverage through an umbrella insurance policy.
Umbrella insurance policies provide additional coverage, which may be vital in covering for what your insurance coverage will pay. If you’re in Delran, NJ, you can get an umbrella insurance policy from Sandra Saunders Agency LLC. But what is umbrella insurance coverage, and how is it important to you and your vehicle?
What’s Does an Umbrella Insurance Policy Cover?
You can secure your vehicle and yourself from the losses that result from road accidents by getting an auto liability policy or comprehensive coverage, also known as collision coverage. If you get into an accident, these policies will pay for injuries and property damage. But the payments will not exceed a set limit. The rest of the claimed amount that is above the set limit should get covered by out-of-pocket payments or an umbrella plan if you’ve taken one. The umbrella insurance policy covers property damage and injuries resulting from an auto accident.
How Does This Cover Apply to Your Car?
It would help if you considered getting umbrella insurance to protect your savings and assets. Once your set limits or caps on the auto liability or the comprehensive coverages are exhausted, you may have to use your savings to pay the additional amount you’re liable to pay. If your savings aren’t sufficient, then your assets may get auctioned.
If you’re into carpooling, ride-sharing, or you’re a driver with lots of assets and significant amounts of savings, it’s prudent to get an umbrella insurance cover to get protected. All Delran, NJ, drivers can get an umbrella insurance coverage policy from the Sandra Saunders Agency LLC.