#United States #Arizona #Mercury Insurance #Umbrella Coverage #Bodily Injury

Rising Bodily Injury Claims in Arizona

Mercury Insurance has announced a significant increase in bodily injury costs for Arizonans, reflecting trends that have emerged since the onset of the pandemic. Many residents are now facing unexpected financial liabilities from multi-vehicle accidents, dog bites, and even injuries sustained by delivery personnel on their properties. According to Mercury Insurance, the average liability claim payout has escalated by an astounding 35% as compared to pre-pandemic figures.

To counteract these growing risks, Mercury Insurance has launched a comprehensive personal umbrella insurance policy. This product is designed to provide additional coverage that extends beyond the limits of standard auto and homeowners insurance, ensuring that clients are better protected against unforeseen circumstances. With coverage options starting at less than $1.00 a day, the new policy aims to offer an accessible safety net for Arizonans worried about the financial impacts of liability claims.

The Importance of Umbrella Insurance

Umbrella insurance is increasingly recognized as a crucial addition to an individual’s insurance portfolio. According to Forbes Magazine, it allows policyholders to obtain extra liability coverage that surpasses the benefits provided by their standard insurance policies. In today's aggressive litigation environment, having an umbrella insurance policy serves as an essential line of defense for anyone concerned about potential lawsuits that could jeopardize their personal assets.

Arizona marks the fifth state where Mercury Insurance has implemented this enhanced umbrella insurance product, following successful launches in California, Texas, Oklahoma, and Illinois. This extended coverage reflects the growing need in the market for robust financial protection against rising legal costs and liability settlements. Customers can easily find out more details regarding this unique coverage through the Mercury Umbrella Insurance webpage.

Real-Life Implications of Inadequate Coverage

Brandt Minnich, the vice president and chief sales development officer at Mercury Insurance, highlighted the pressing financial risks that policyholders face. He shared a cautionary anecdote about a Mercury client who had not updated his insurance limits despite a significant increase in his personal wealth since college. After a severe incident involving a moped, the insured was confronted with a costly lawsuit, ultimately leading to substantial out-of-pocket expenses that exceeded his auto policy's limit of $25,000. The need for adequate coverage became painfully clear when he had to commit years of payments towards settlement restitution from his wages.

Key Features of the New Umbrella Product

The newly revamped umbrella policy from Mercury comes packed with valuable features:

• - Multi-Policy Discounts: Customers can benefit from significant savings when they bundle their auto, home, and umbrella insurance policies together.
• - Accident-Free Discounts: A 5% discount is given to policyholders with no accidents or losses over the past three years.
• - Uninsured Motorist Coverage: Enhanced coverage options up to $1 million in the event of an accident caused by an uninsured driver.
• - Increased Liability Options: Policyholders have the flexibility to elevate their liability coverage limits from $1 million to $2 million, depending on their needs.

Brandt Minnich described Mercury's umbrella policy as the 'Goldilocks' of insurance coverage, stating that it offers just the right amount of additional protection tailored to the needs of clients. This affordable option serves as a crucial safety net against unexpected expenses that may arise from accidents or legal claims.

About Mercury Insurance

Founded in 1962 and headquartered in Los Angeles, Mercury Insurance is a multiple-line insurance provider. It offers various insurance products—including personal auto, homeowners, renters, and various business insurances—directly to consumers and through independent agents across several states. The company prides itself on delivering exceptional value and customer service, reflected in its