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February 20, 2024
Garlesky Insurance Agency

Don’t Get Caught in the Rain

Why You Need a Personal Umbrella Insurance Policy with Uninsured/Underinsured Motorist Coverage

Imagine this: you’re driving down the road, following all the rules, when suddenly, a reckless driver slams into you. You’re injured, your car is totaled, and the medical bills start piling up. But there’s a twist: the other driver doesn’t have any insurance, or worse, their coverage is woefully inadequate.

This scenario, unfortunately, happens more often than we’d like. And that’s where a personal umbrella insurance policy (PUP) comes in, offering an extra layer of protection when your standard auto and homeowners insurance limits fall short.

Think of it as an umbrella: it shields you from the financial fallout of unexpected events, like:

  • Accidents with uninsured or underinsured motorists: This is where the uninsured/underinsured motorist (UM/UIM) coverage shines. It kicks in when the at-fault driver lacks insurance or their coverage isn’t enough to cover your medical bills, lost wages, and property damage.
  • Dog bites: Your furry friend might be adorable, but an unfortunate incident can lead to hefty liability claims.
  • Lawsuits: From slip-and-falls on your property to accidental defamation online, PUP can help defend you and cover legal fees and potential judgments.

Why is PUP so important?

  • Peace of mind: Knowing you have extra protection provides immense peace of mind, especially in today’s litigious society.
  • Financial security: PUP can prevent a single accident or lawsuit from wiping out your savings and assets.
  • Relatively affordable: The cost of PUP is typically minimal compared to the potential financial devastation it can prevent.

Uninsured/Underinsured Motorist Coverage: A Must-Have

In the U.S., millions of drivers are uninsured or underinsured, making UM/UIM coverage crucial. It’s not just about protecting yourself from irresponsible drivers; it’s about ensuring you have the resources to recover from a life-altering accident, even if the other party doesn’t.

Here’s why you should consider UM/UIM coverage:

  • Uninsured drivers are on the rise: Statistics show an increasing number of uninsured drivers on the road.
  • Underinsured coverage is often inadequate: Even drivers with insurance might not have enough to cover your damages.
  • It’s relatively inexpensive: Adding UM/UIM to your PUP is typically a small price to pay for significant protection.

Remember: Don’t wait for a rainy day to get your umbrella. Talk to your insurance agent today about a personal umbrella policy with uninsured/underinsured motorist coverage. It’s a small investment that could save you from a financial downpour in the future.

Bonus Tip: Consider your assets and liabilities when choosing your PUP coverage limit. A higher limit offers more protection but might cost slightly more.

Disclaimer: This blog post is for informational purposes only and should not be considered professional financial advice. Please consult with a qualified insurance agent to discuss your specific needs and coverage options.

Categories: Blog

Tags: Personal Umbrella Insurance, PUL, PUP

Securities offered through Lincoln Douglas Investments, LLC., Member FINRA/SIPC.

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