Mercury Insurance Expands Umbrella Coverage for Illinois Residents
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Mercury Insurance Expands Umbrella Coverage for Illinois Residents
Mercury's New Umbrella Insurance Better Protects Illinoisans' Personal Wealth Against Bodily Injury Claims
Bodily injury claims are becoming increasingly common and costly, posing a significant threat to the financial health of residents. Various incidents, from multi-vehicle crashes to dog bites and injuries occurring on personal property, are causing financial stress for individuals. The average liability claim amount has surged by 35% since the pandemic began, which highlights the urgent need for enhanced protection.
In light of these rising costs, Mercury Insurance has launched its personal umbrella insurance policy in Illinois. This new offering provides an extra layer of coverage that extends beyond traditional policy limits, ensuring that residents are better protected against unexpected claims. Policies can be obtained starting at less than $1.00 a day, making it an affordable option for added security.
The Importance of Umbrella Insurance
According to industry insights, an umbrella insurance policy serves as a vital addition to any insurance portfolio. It provides necessary liability coverage that exceeds standard car or homeowners insurance policies, making it crucial for individuals looking to safeguard their net worth against potential lawsuits.
Mercury's Innovative Policy Features
Mercury's umbrella insurance policy has been designed with the specific needs of Illinoisans in mind. This move marks the fourth state implementation following successful launches in California, Texas, and Oklahoma. The policy aims to respond to the increasing frequency and financial impact of claims for bodily injuries.
Key Features of the Updated Umbrella Policy
- Multi-policy Discounts: Enjoy significant savings by bundling auto, home, and umbrella policies under Mercury Insurance.
- Accident-Free Discounts: A 5% discount for drivers who have maintained a clean record without accidents or losses for three consecutive years.
- Uninsured Motorist Coverage: Coverage options extend up to $1 million for accidents involving uninsured drivers.
- Increased Liability Limits: Liability coverage can be adjusted from $1 million to $5 million based on individual needs.
Brandt Minnich, the vice president of sales development at Mercury Insurance, emphasized that the newly redesigned umbrella policy is essential for residents in Illinois encountering unexpected financial hardships from accidents. The policy acts as a safety net, preventing out-of-pocket expenses that can arise from costly incidents.
A Cautionary Tale
A notable example illustrating the necessity of umbrella coverage involves a policyholder who neglected to update his coverage despite a considerable increase in personal wealth over the years. After a serious accident that injured a moped rider, he faced significant out-of-pocket payments due to inadequate auto policy limits. His experience serves as a crucial reminder of the potential risks associated with insufficient coverage.
About Mercury Insurance
Founded in 1962, Mercury Insurance has built a reputation as a trusted insurance provider, delivering personal auto, homeowners, and renter's insurance, among other products. The company operates across multiple states, including Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia. Mercury Insurance has earned commendations for its competitive rates and outstanding customer service, as evidenced by the “A” ratings received from A.M. Best and Fitch.
As a leader in the insurance industry, Mercury is committed to providing peace of mind to its clients through robust coverage options tailored to meet their evolving needs. With over 4,700 employees and an extensive network of independent agents, Mercury Insurance remains positioned as a significant player in the insurance market.
Frequently Asked Questions
What is Mercury Insurance's umbrella policy?
Mercury Insurance's umbrella policy offers additional liability coverage that extends beyond standard auto and homeowners insurance policies, providing extra protection against significant financial claims.
How much does the umbrella insurance cost?
Mercury's umbrella insurance can start at less than $1.00 a day, making it an affordable option for added protection.
What states have Mercury launched its umbrella coverage?
Mercury Insurance has launched its umbrella coverage in California, Texas, Oklahoma, and now in Illinois.
What are the benefits of having an umbrella policy?
An umbrella policy provides enhanced liability coverage, helps protect personal assets, and offers peace of mind in case of unexpected claims or lawsuits.
What additional types of insurance does Mercury offer?
In addition to umbrella insurance, Mercury provides auto, homeowners, renters, mechanical protection, ride-hailing, and business vehicle insurance.
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