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Going Beyond Your Automobile Policy

Going Beyond Your Automobile PolicyProtecting your vehicle with a New York Auto Insurance Policy is a top priority. However, what if you find yourself in a situation where your auto coverage is not enough? What happens if the limit fails to fully cover the other driver’s needs?

The purpose of your umbrella policy is to protect your assets from an unforeseen event. In the event of a lawsuit, your umbrella coverage will pay for the damages you’re responsible for up to the policy limit. For example, if you’re at fault in a car accident, your automobile insurance will cover the other driver up to the limit you selected.

According to an article in Nerdwallet, you might need umbrella liability insurance if you own property or have a lot of money in the bank. The best way to decide if you need umbrella insurance is by determining your net worth.

If your net worth exceeds the amount of liability insurance you can purchase for your home or  vehicle, then consider the umbrella policy. For example, most insurers won’t sell you umbrella policy unless you have $250,000 worth of liability coverage on your car and $300,000 on your home.

At AJ Benet, we make sure that your Umbrella Liability insurance includes more than the simple general liability, auto liability, and product liability. Our policies extend in cases where you underlying limits are exhausted. This provides protection from personal injury, liquor law, contractual and vehicle. Umbrella insurance policies also provide coverage for risks that might not be included in your primary commercial liability insurance policies. For more information, call us today at 888.639.4560.

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