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 10 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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