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Bodily Injury Costs Increase in Texas, According to Mercury Insurance By Investing.com

Bodily Injury Costs Increase in Texas, According to Mercury Insurance By Investing.com

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Mercury’s new umbrella insurance better protects Texans’ personal wealth against bodily injury claims

LOS ANGELES, April 3, 2024 /PRNewswire/ — Multi-vehicle crashes, dog bites or a delivery person being injured on your property are some of the unexpected events that are putting Texans’ personal financial health at risk. In fact, bodily injury  payouts continue to climb year over year since the pandemic started, with the average amount for a liability claim increasing by 35%, according to Mercury Insurance  (NYSE: MCY).  

The recent trend of rising liability injury claims for home and auto owners that exceed traditional policy limits has moved Mercury to unveil an all-new personal umbrella insurance policy for Texans that offers extra protection with bolstered coverages beginning at less than $1.00 a day.

Per Forbes Magazine, an umbrella insurance policy can be an excellent addition to your insurance portfolio if you need liability coverage that goes beyond what your base car insurance or home insurance policies provide. Umbrella insurance is a good way to cover your net worth if you were to get hit with a lawsuit.

The state of Texas is the second launch of this expanded insurance product for Mercury Insurance,  after California. You can learn more about this unique coverage at Mercury Umbrella Insurance.

“Unexpected accidents are becoming more costly for Texans, which puts them at risk of having to pay out of pocket,” said Brandt Minnich, vice president and chief sales development officer at Mercury Insurance. “Mercury has redesigned its umbrella insurance to give Texans an extra layer of protection beyond a traditional auto or home policy. It’s an affordable safety net that protects you from these expensive accidents and litigious lawyers looking for a big payday.”  

A cautionary tale for all is that of a Mercury policyholder who had kept the same limits and coverages since college, even though his personal wealth had increased significantly. The policyholder, who later became a doctor, never thought about umbrella coverage until he hit a moped with his automobile, severely injuring the rider. The rider subsequently engaged a lawyer and the Mercury insured ended up having to pay out of pocket for damages that were well beyond his auto policy limit of $25,000.  

“He had payments deducted from his salary for a number of years until the settlement was paid off,” Minnich said.  

Key features of Mercury’s significantly updated umbrella product…

Click Here to Read the Full Original Article at All News…

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