Sentences with phrase «underlying auto liability insurance coverage»
You'll still have to pay for your underlying auto liability insurance coverage, though, and you may face additional costs due to your traffic violation.
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If a judgment against you exceeds the liability limits of an underlying policy, such as auto or homeowners insurance, a personal umbrella policy may help provide an additional layer of coverage.
Personal umbrella coverage comes into play when your underlying liability limits (such as from a homeowners or auto insurance policy) have been reached.
Umbrella insurance is a liability only insurance policy which provides insurance in excess of your underlying insurance coverages (such as auto insurance, home insurance, boat insurance, etc).
If you're considering a personal liability umbrella, you should know that insurance companies typically require that you maintain a certain level of underlying coverage on your existing home and auto policies in order to qualify.
In fact, many insurance companies won't sell you an umbrella policy unless you already carry a certain amount of basic liability coverage - generally $ 300,000 of underlying coverage on your homeowners insurance policy and $ 250,000 of underlying coverage on your auto insurance policy.
Because the personal umbrella policy pays out after the underlying coverage is exhausted, most insurers will want you to have about $ 250,000 of liability insurance on your auto policy and $ 300,000 of liability insurance on your homeowners policy before they will sell you an umbrella policy.
If a judgment against you exceeds the liability limits of an underlying policy, such as auto or homeowners insurance, a personal umbrella policy may help provide an additional layer of coverage.
Umbrella insurance works in conjunction with your auto and / or homeowners insurance policy to provide additional liability coverage if you happen to exceed the limit of the underlying policy.
Personal umbrella coverage comes into play when your underlying liability limits (such as from a homeowners or auto insurance policy) have been reached.