What Is Umbrella Car Insurance Coverage?

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Two drivers at the scene of a car accident.Whether through your homeowner’s or car insurance policy, liability insurance will protect you against a lawsuit if you are liable for someone else’s expenses relating to an accident. However, your coverage will only extend as far as the coverage limits designated in your homeowners or auto insurance policy. Therefore, if you have assets you wish to protect in the event you are involved in a lawsuit, you will want to ensure that you have higher levels of insurance protection, which is where umbrella insurance policies may come in. Umbrella insurance coverage is designed to protect you from significant financial damage if you are financially responsible for a catastrophic event. Umbrella insurance can be considered a type of asset protection strategy to ensure that your home, auto, and family’s financial security is protected.

Have you been involved in an accident, or are you facing a lawsuit? Contact Ali Awad, ‘The CEO Lawyer’ and his team of experienced personal injury attorneys at the CEO Lawyer Personal Injury Law Firm by calling  (833) 254-2923 or contacting us online to receive your free and confidential case evaluation. Attorney Ali Awad, ‘the CEO Lawyer,’ established the CEO Lawyer Personal Injury Law Firm and quickly turned it into one of the fastest-growing law firms in the country. If we take your case, you won’t pay anything until we win.

Umbrella Car Insurance

Umbrella car insurance will provide additional coverage, or excess liability insurance, above and beyond your auto liability coverage. This coverage is designed to provide you peace of mind if you ever become involved in an expensive situation in which damages you are liable for exceed your base policies so that your assets remain protected. An umbrella policy can provide two types of coverage: defense costs and liability. Umbrella policies will cover what your primary home and auto insurance excludes or will provide additional coverage beyond the coverage limits of your other forms of insurance. Umbrella insurance will cover you in various situations for bodily injury, property damage, or personal injury in which you are found negligent or at-fault for someone else’s damages.

What Does Umbrella Insurance Cover?

Umbrella insurance may cover an extensive range of costs you may become liable for in the event of an accident. Additionally, umbrella insurance may cover other legal expenses not covered under liability insurance. Umbrella insurance may cover expenses such as:

  •   Medical expenses
  •   Malicious prosecution
  •   Wrongful entry or eviction
  •   Pain and suffering damages
  •   Property damage
  •   Legal defense costs
  •   False arrest, imprisonment, or detention
  •   Defense in other lawsuits such as libel, defamation, or slander cases

Typically, your liability insurance will cover damages up to your policy coverage amount, while umbrella insurance will cover expenses above and beyond your standard policy limits. It is best to contact your insurer to understand the specifics of your policy coverage.

What Umbrella Insurance Won’t Cover

Umbrella insurance will not cover any injuries or damage to your property you may sustain. Medical expenses and property damage would need to be covered by other forms of insurance, such as health insurance, MedPay, homeowner’s insurance, and other insurances. Other losses that will typically not be covered by umbrella insurance include:

  •   Criminal charges and fines
  •   Damage to personal belongings
  •   Oral or written contracts
  •   Intentional acts
  •   Damage from terrorism, war, or radiation
  •   Communicable disease

How Does Umbrella Insurance Work?

Umbrella insurance will come in when base liability limits have been utilized. For example, if you are liable for a car collision involving multiple people who have sustained injuries. If their injuries amount to $200,000 above your liability auto insurance policy limits, umbrella insurance coverage may cover the remaining $200,000. Without umbrella insurance coverage, your assets such as your savings and property may be at risk.

Do You Need Umbrella Insurance?

Affluent households or those with considerable assets, in particular, should consider purchasing umbrella insurance to protect their assets. In addition, affluent families may be targeted by individuals looking to file a lawsuit. Particularly, you may want to consider purchasing umbrella insurance if any of the following circumstances apply to you, as this considerably increases your chance of being sued:

  •   You are a public figure or have a high public profile.
  •   You host large parties at your home or one of your properties.
  •   You manage a family trust.
  •   You have horses, dogs, or other livestock.
  •   You have a pond, swimming pool, or trampoline.
  •   You serve on a charitable board.
  •   You employ household staff, such as nannies, tutors, cooks, or housekeepers.

How Much Umbrella Coverage Do I Need?

When choosing coverage amounts, you should keep a few things in mind:

  1.   Value of your assets: You will want to cover your net worth (or what you stand to lose in a lawsuit).
  2.   Projected future income: In a large lawsuit, future income could be at risk. Consider your future earning potential.
  3.   Reputation: Legal proceedings can be damaging to an individual’s reputation. Ensuring that you and your assets are protected can help put your mind at ease should you become targeted in a lawsuit.

How Much Does Umbrella Insurance Cost?

On average, $1,000,000 of umbrella insurance coverage will cost $383 annually. Quotes will be individualized depending on your needs. Your insurer will base your rate on factors such as:

  •   Credit history
  •   Net worth
  •   Location
  •   Driving Record
  •   Risk

Personal Injury Attorney

Have you been involved in a car accident or are you facing a lawsuit? If so, do not wait to contact the experienced liability personal injury attorneys at the CEO Lawyer Personal Injury Law Firm. Call us today at (833) 254-2923 or contact us online to receive your free and confidential case evaluation.

You already understand the importance of quality insurance coverage, but if you are involved in a liability claim, without umbrella insurance to cover any gaps, you may be liable and left with your assets exposed. A personal umbrella insurance policy can help put you at ease. When you need help facing a lawsuit, contact Ali Awad, ‘The CEO Lawyer’ and his team of experienced attorneys today to see what we can do to assist you to obtain the most favorable outcome.

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Frequently Asked Questions

After a personal injury, you're bound to have legal questions. The CEO Lawyer Ali Awad can provide you with answers to these questions, just as he's given answers to his millions of curious social media followers. Take a look at some of the most common personal injury law questions for general information, and then reach out to one of our seasoned attorneys for specific guidance on your case!

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Help Negotiating with Insurance Carriers

To quickly resolve matters following an accident, insurance companies will offer you less than you deserve in compensation for your injuries. Many victims feel pressured to accept these offers as the bills begin to pile up, but that is rarely a good idea. The insurance company is looking to protect its bottom line; and will offer injured victims less than they deserve. An experienced personal injury attorney understands how to negotiate with the insurance company and can look out for your best interests by getting you the compensation you deserve after an injury. If you or a loved one has been injured in an accident, it is important to avoid negotiating or providing recorded statements to the insurance company without first seeking help from a qualified personal injury attorney.

Do You Have a Personal Injury Case?

The best way to determine if you have a personal injury case is to speak with a knowledgeable attorney. Our legal professionals have the expertise to evaluate your case and determine a strong legal strategy so that you can obtain the greatest amount of compensation possible under the law. We will enlist investigators, assistants, and other specialists to collect accident reports, speak with witnesses to your accident, and put together a plan. While you focus on your physical recovery, we will remain committed to fighting for the compensation that you deserve.

Georgia's Personal Injury & Accident Firm

Accident victims have a limited time to file a personal injury lawsuit. This time period is referred to as the statute of limitations, and in Atlanta, it lasts only two years. This means that if you or a loved one has been injured in an accident, you have only two years to pursue a personal injury suit. If you wait too long to reach out to an experienced attorney, you might be forever barred from seeking the compensation you deserve.

What to Expect From Your Initial Consultation With a Personal Injury Attorney?

During your initial consultation with CEO Lawyer team, we will go over the important details of your personal injury accident, which include the nature and extent of your injuries, how your injuries have impacted your ability to earn a paycheck, the cost of your medical treatment, and whether further medical treatment will be required. We will answer any questions you might have, as well, in regards to our experience, our track record of success, and what to expect from the legal process. Many personal injury victims wonder if they will be able to afford the legal fees required to pursue a lawsuit. CEO Lawyer injury and accident attorneys will not ask for any type of upfront fee unless we are successful in obtaining compensation for you. That means that if you have been harmed in a motor vehicle accident, slip and fall accident, defective product accident, or any other type of personal injury accident, you can absolutely afford to contact our law office today for assistance. In fact, you cannot afford to wait. Reach out today. We understand that some accident victims might have already obtained the assistance of an attorney but may be dissatisfied with the services provided. We are standing by and prepared to help you change legal representation, regardless of where you are in the process.

Speak to an Experienced Personal Injury Attorney Today

If you or a loved one has been injured in any type of personal injury accident, you should not hesitate to speak with the experienced attorneys at CEO Lawyer personal injury law firm. Call, email, or fill out our online contact form today so that we can begin helping you pursue the compensation you deserve.