nvestysly
Full time employment: Posting here.
- Joined
- Feb 19, 2007
- Messages
- 608
I have to admit that I haven't read all the posts in this thread. Consequently, I apologize if I'm repeating a post made by another person.
Our insurance agent suggested we consider an umbrella policy that would be larger than the assets somebody would try to garner if they feel we are liable for their injuries. In our state, the required liability coverage on vehicle policies is much less than an ambulance chaser would find appealing. Consequently, said ambulance chaser, would go after personal assets such as brokerage accounts, house, other personal possessions.
In our case it's more affordable to add an umbrella policy that covers all liabilities than to increase the liability coverage on our vehicles, even though the vehicles are the likely reason that a liability would occur.
Confused? So was I. It boils down to have as much coverage as you think is needed so a potential lawsuit only goes after your insurance company (your umbrella coverage), not your personal assets.
Is this a good strategy? Who knows? I hope I never find myself in a position to know if I've made the right decision.
Our insurance agent suggested we consider an umbrella policy that would be larger than the assets somebody would try to garner if they feel we are liable for their injuries. In our state, the required liability coverage on vehicle policies is much less than an ambulance chaser would find appealing. Consequently, said ambulance chaser, would go after personal assets such as brokerage accounts, house, other personal possessions.
In our case it's more affordable to add an umbrella policy that covers all liabilities than to increase the liability coverage on our vehicles, even though the vehicles are the likely reason that a liability would occur.
Confused? So was I. It boils down to have as much coverage as you think is needed so a potential lawsuit only goes after your insurance company (your umbrella coverage), not your personal assets.
Is this a good strategy? Who knows? I hope I never find myself in a position to know if I've made the right decision.