Is it advisable to have an “umbrella” policy with our car insurance?
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Is it advisable to have an “umbrella” policy with our car insurance?
We have 2 cars, excellent driving records, and are in our 70‘s. We are considering it.
Asked on March 23, 2011 under Insurance Law, Florida
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
No one can truly advise you either way to have an umbrella policy with your car insurance other than your insurance provider who knows your particular needs, your economic base, your current income, your other assets and whether or not others in your household or otherwise drive these vehicles. Umbrella policies act like wrap around policies to help cover you in greater amounts than individual policies and usually umbrella policies also include other insurance components, like business coverage for investment properties and home insurance. Have you considered reviewing this with your attorney if you have an estate plan to see if there is any provision that would be of benefit to you if you have trusts? Check out other providers, as well, and compare rates. Talk to your state's Department of Insurance about the pros and cons of umbrella insurance in your state. While that agency cannot provide you direct legal or financial advice, they may brochures and other literature which could help you in your decision.
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