#United States #Georgia #Mercury Insurance #Umbrella Insurance

Understanding the Rise in Bodily Injury Costs

In recent years, residents of Georgia have faced a concerning trend – a notable increase in bodily injury claims. This rise, well-documented by Mercury Insurance, has been particularly pronounced since the onset of the pandemic. Events such as multi-vehicle accidents, dog bites, and injuries to delivery personnel on private property have contributed to this trend. According to reports, the average payout associated with liability claims has surged by 35%, underscoring the pressing need for enhanced insurance coverage.

Mercury Insurance has responded proactively by introducing a new personal umbrella insurance policy tailored specifically for Georgians. This innovative product aims to provide an extra safety net for homeowners and drivers amidst escalating bodily injury claims that frequently surpass standard liability limits. Interestingly, this policy can be acquired for less than a dollar a day, making it an affordable option for many.

The Importance of Umbrella Insurance

As noted by financial experts at Forbes Magazine, an umbrella insurance policy can significantly augment a person's insurance portfolio. It offers broader liability coverage that transcends the limits set by conventional auto and homeowners insurance. In today's litigious environment, this type of insurance is invaluable for those looking to protect their financial assets in the face of potential lawsuits. Mercury’s new umbrella insurance addresses these needs head-on, offering peace of mind to policyholders and ensuring greater financial security.

A Cautionary Tale

Consider the case of a policyholder who clung to minimal coverage limits from his college days, unaware of how his financial landscape had evolved. After becoming a doctor, he was involved in an accident where he struck a moped rider, causing serious injuries. His auto insurance coverage was limited to $25,000, which turned out to be grossly inadequate. Ultimately, he bore the brunt of the costs personally since his insurance would not cover the full extent of the damages, leading to years of payments deducted from his salary until the legal resolution was completed. Such narratives serve as a stern reminder of the importance of regularly reviewing one's insurance policies, especially as personal wealth grows.

Enhanced Features of Mercury’s Umbrella Product

Mercury's newly updated umbrella insurance comes equipped with several key features designed to cater to the diverse needs of its policyholders:

• - Multi-Policy Discounts: Policyholders who bundle their auto, homeowners, and umbrella policies stand to enjoy significant savings.
• - Accident-Free Discounts: An enticing 5% discount is available for drivers who maintain a clean record over the past three years.
• - Uninsured Motorist Protection: A safeguard of up to $1 million is offered in cases where accidents are caused by uninsured drivers, a crucial feature in an era where uninsured driving is on the rise.
• - Increased Liability Options: Policyholders can elevate their liability coverage limits from $1 million to $2 million based on their individual needs.

Nick Colby, VP and Chief Sales Officer at Mercury Insurance, emphasizes the tailored nature of these umbrella policies. He notes, “These offerings not only provide essential protection for homes and valuables but also offer substantial peace of mind against unforeseen legal claims.”

About Mercury Insurance

Founded in 1962 and headquartered in Los Angeles, Mercury Insurance (listed on NYSE as MCY) is a multifaceted insurance provider. They offer personal auto, homeowners, and renters insurance through a vast network of independent agents across Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia. Mercury is committed to delivering outstanding value and service, boasting an “A” rating from A.M. Best and various accolades from industry resources, reinforcing its reputation as a top choice for insurance coverage. For more information, interested individuals are encouraged to visit Mercury Insurance's official website.