Congratulations on your new driver in the family! You may be feeling a mix of emotions right now, but one thing is for sure- you want to do everything you can to keep them safe on the road.
Adding an umbrella insurance policy with a teenage driver is an excellent idea and here’s why:
What is an Umbrella Policy?
First, let’s start with the basics. An umbrella insurance policy is an "add-on" to your auto insurance that provides extra liability coverage. This is important because it can help protect your assets in an accident where you are found to be at fault.
Why You Need It With a Teenage Driver
Now that we know what an umbrella policy is let’s discuss why you need it with a teenage driver. As we all know, teenagers are much more likely to be involved in an accident than adults. This is because of various factors, including inexperience, immaturity, and peer pressure.
An umbrella policy can help protect you financially if your teenage driver is involved in an accident. It may help pay for damages that exceed your auto insurance policy’s limits, up to the limit of your umbrella policy. This can be a lifesaver if you have a lot of assets to protect.
Your Giles & Iten Insurance agent can help you determine the right coverage when adding an inexperienced driver.
Other Benefits of an Umbrella Policy
Besides the extra liability coverage an umbrella policy provides, it can also help cover some other costs associated with an accident, such as legal and court costs.
Adding an umbrella insurance policy with a teenage driver is an excellent idea. It can give you peace of mind by knowing that you and your assets in Surprise, AZ are protected in the event of an accident. Call the Giles & Iten Insurance team today to learn more about this essential coverage.
Umbrella insurance provides extra coverage to supplement your basic policies. It’s often called catastrophic insurance. If you have a claim that exceeds your standard policy limits, umbrella insurance will cover the difference. At Giles & Iten Insurance in Surprise, AZ, we offer umbrella insurance in addition to standard policies.
What is Umbrella Insurance?
Umbrella insurance is a type of personal liability insurance. It’s usually sold in increments of $1 million dollars up to $5-10 million. The policy typically covers everyone in your household.
Examples of Umbrella Insurance Claims
One example of an umbrella claim is a car accident involving several other vehicles. You are found liable, and the costs of the accident exceed your auto policy coverage limits. The umbrella policy would pay what your auto policy doesn’t cover.
Another example is your child getting into a fight at school and injuring the other child. Her parents sue you for medical expenses and potentially pain and suffering. This wouldn’t be covered under your standard auto or home policy, but it would be covered under an umbrella policy.
Umbrella Insurance Isn’t Only for the Wealthy
Umbrella insurance may seem unnecessary if you don’t have $1 million in assets. However, if you are sued, you could lose more than your current possessions. Your assets could be seized and your future wages could be garnished. Umbrella insurance can help prevent a financial catastrophe that would be difficult to recover from.
Umbrella Insurance Requirements
Umbrella policies require you to have homeowner’s and auto insurance policies. The coverage limits required will vary based on the insurer. You must meet the minimum requirements for coverage limits for your home and auto policies to purchase umbrella insurance because umbrella insurance only pays when you reach the coverage limits on your primary policy.
Umbrella Insurance at Giles & Iten Insurance
In today’s world, it makes sense to have an umbrella policy. Liability claims can easily exceed coverage limits, leaving you to pay the difference out of pocket. If you are looking for umbrella insurance in Surprise, AZ, contact Giles & Iten Insurance today.
The last thing you want to have happened in the aftermath of an accident, natural disaster, or injury is finding out that that damage is “not covered” under your existing insurance plan. In other words, for residents of Surprise, AZ, getting a surprise when it comes to your insurance coverage is a revelation that you could probably do without. The reality is, however, some items that you might want to insure would be better covered under an umbrella policy, and the knowledgeable, licensed agents at Giles & Iten Insurance are available to find reliable insurance coverage for your unique situation.
Umbrella Insurance for Arizona
As the name might suggest, umbrella coverage is designed to provide overarching insurance protection to protect you and your property against the unexpected raindrops that life can sometimes throw our way. Any accident leaves a trail of damage in its wake, and not all life insurance policies are written or equipped to cover the entire damage amount or include accidental mishaps, including things like landlord liability, bodily injury, or extensive property damage for instance.
Lacking an umbrella policy to cover these unexpected liabilities can place your family in financial peril in the blink of an eye. Sitting down and speaking with a licensed agent from Giles & Iten Insurance, serving the Surprise, AZ community, is the beginning of a better understanding of the protection you have and the areas where you are still vulnerable.
An umbrella insurance policy might just be what you need to ensure that all of your assets are fully protected.
Contact Our Team at Giles & Iten Insurance
For Surprise, AZ residents looking for an honest appraisal and recommendation regarding their current insurance needs, our agents at Giles & Iten Insurance are standing by with the information you need to decide whether or not an umbrella insurance plan will provide you the protection you need to protect against financial calamity should the worst occur.
The insurance agents of Giles & Iten Insurance serve business owners throughout the Surprise, AZ area. Umbrella insurance is a type of policy that is often misunderstood. The truth of the matter is that it can be a financially sound investment if you truly want to protect your business.
Covers Unpaid Liability Claims
Umbrella policies are designed to cover unpaid liability claims when an award given to an injured party is higher than the company’s liability policy amount. For example, if an award is for $1,2 million but the liability policy only covers $1 million. your umbrella policy will cover the overage.
Provides Added Security
An umbrella insurance policy is designed to provide additional security to protect the investment you have in your business. A liability insurance policy acts as a safety net, but an umbrella policy extends that layer of protection much farther, reducing your risk of a financial loss if an accident does occur.
Easily Bundled with Other Types of Insurance
Because of the way umbrella insurance is written, it can easily be bundled with other types of commercial liability insurance. Bundling your policies allows you to reduce the number of payments you make each month and may also make you eligible for a possible discount.
Business owners in Surprise, AZ who are interested in learning more about umbrella insurance for their business can call the agents of Giles & Iten Insurance to get the details. They can review your existing policy and work with you to determine whether or not you would benefit from having an umbrella policy in place. Call and book your appointment today!