4 months ago ·
by Matthew ·
An umbrella policy is an excess liability policy. Here’s just one example of how a personal umbrella policy works. If you’re at fault in an accident that injures another driver, your auto insurance may cover the other driver up to the limit you selected. Lets assume that limit is $250,000.
Now the question is: what happens if that limit is not enough to cover the other driver’s medical bills?
You may be responsible for the damages exceeding the $250,000. If sued, your personal assets could be at stake.
We hear so many people underestimate just how expensive an auto accident can be. Medical costs alone can easily exceed $100,000.00
With an umbrella policy you are creating another layer of protection for liability suits.
Its important to understand that an umbrella policy will kick in only after the underlying policy limits have been used.
We live in a very litigious society and even if a jury does not rule against you, its likely you’ll have to pay for a lawyer to defend yourself.
With an adequate umbrella policy, the money at risk can be your insurance company’s, not yours. Sometimes this means corporate lawyers will take on the case, and your defense costs can be covered as part of the umbrella policy. (note: not all policies are created equal. This article is an educational guideline and should not be viewed as a document that outlines what will or will not be covered under your umbrella policy. We are not claims adjusters, we are advisers that help you mitigate risk. Please contact your independent insurance broker for more information on what product best suits you)
The nice thing about umbrella policies is that the premiums are very affordable. We’ve written two million dollar policies for under $700 per year, one million dollar policies for less than $300
Another great thing about umbrella policies is that they are easy to set up. They can be added to your existing policies, often times with only one phone call. Inspire Insurance Services will take care of the rest. There’s typically no long applications or credit checks involved.
Like other insurance policies, an umbrella policy enables you to share the risk with others in an effort to protect you and your family. One catastrophic event can greatly alter, if not ruin people’s lives. With an umbrella policy you can sleep better at night knowing that if a tragedy should occur, you have an additional line of defense.
Client or not, we’re here to answer questions. 916-750-2489
4 months ago ·
by Matthew ·
Okay we admit the photo is a little dramatic. They look so unhappy!
In all seriousness though, increased auto rates is a stress inducer! Hopefully this article will help you get a better understanding what to do after a car accident.
In a previous blog post we examined how a car accident can affect shopping for insurance. In this blog post we will talk about the affect that a car accident has on your existing insurance coverage.
In some states, insurance carriers offer first accident forgiveness coverage. This of course comes with an increase in premium. But in the state of California, this offering is actually illegal because it’s too difficult for insurance because of the difficulty in clearing it with the state insurance department.
Here in California, when you get into an at fault accident, there’s several things that could happen.
The insurance carrier can raise your premiums at the next renewal. They can apply this increase to a single vehicle, or straight across the entire policy.
You may be forced to increase your deductible.
The insurance carrier may offer you a new policy with their non standard market. This of course requires a cancellation of the existing policy, applying for a new policy, re-writing the policy, and finally, putting down a new down payment.
Cancellation of your policy.
Many people become frustrated when insurance carriers punish a long standing customer at first sight of an accident. But, its important to note that carriers have the right to change the terms of the policy regardless of your tenure as a customer.
Remember the 3 or 5 year lookback period we talked about in our last blog post? If you are involved in a new accident, the carrier will now re-evaluate you as a driver. This time they will look at all previous information, and add this new accident into the mix.
The insurance carrier then makes a decision as to how they want to proceed with the policy.
A quick note here: don’t take these actions against you personally. Evaluation of policy terms is something the insurance carrier must do, and they’ve hired some of the brightest minds in the world to analyze the data.
Regardless of what action is taken by the carrier, you do have options. You are not required to continue giving them your hard earned dollars. There are many other carriers out there that would love the opportunity to compete for your business.
That’s where we come in. With access to over 30 carriers, we are in a great position to find you the best deal for your hard earned dollars. We take all of the work out of your hands, because you have other things to worry about.
Give us a call at 916-750-2489. We’re happy to help, and the process is smooth
4 months ago ·
by Matthew ·
At Inspire Insurance Services we have this topic come up frequently. A married client comes to us interested in discussing their options for life insurance, and later points out that they do not intend for their stay at home wife or husband to carry the insurance because they don’t earn money at a job.
Many people have a hard time conceptualizing why its not just the breadwinner who needs the coverage.
While stay-at-home parents don’t earn money, they save the family piles of cash. Part of the reason for this they take on many different roles in their children’s lives. The job is a 365 day a year commitment.
Attending soccer games, cooking, cleaning, chauffeuring, tutoring… these are just some of the roles stay-at-home parents play for their rapidly changing children.
Its important to remember that if the unthinkable were to happen to a stay-at-home-parent, the surviving partner would immediately need to scramble to find someone to take over the duties that were once handled by their partner.
In addition, many stay-at-home-parents enter the workforce once the children get a little older. A simple and affordable term life insurance policy would help soften the blow in a big way when tragedy strikes.
Life insurance also provides immense peace of mind for those mourning the loss. Losing a parent or partner is considered to be one of the most emotionally challenging things we experience as humans.
Its imperative that plans are put in place that protect the surviving partner and children’s way of life.
At Inspire Insurance Services we have a variety of options to offer clients. Regardless of how small your budget is, there ARE products out there that will make your passing much easier on those left behind.
Nobody likes planning for their own death. But a lack of planning creates a great deal of unnecessary pain. Pick up the phone and call us, we’re happy to talk about what options you have. 916-750-2489