Mercury's new umbrella insurance better
protects Californians' personal
wealth
against bodily injury
claims
LOS
ANGELES, Sept. 14, 2023 /PRNewswire/ --
Multi-vehicle crashes, dog bites or a delivery person being injured
on your property are some of the unexpected events that are putting
Californians' 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 66%, 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
Californians that offers extra protection with bolstered coverages
beginning at less than $1.00 a
day.
"Unexpected accidents are becoming more costly for Californians,
which puts them at risk of having to pay out of pocket," said
Jeff Schroeder, vice president and
chief product officer at Mercury Insurance. "During the last two
years we've seen the number of million-dollar umbrella payouts
increase by 50%. So, Mercury has redesigned its umbrella insurance
to give Californians 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
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 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 all paid off," Schroeder said.
Key features of Mercury's significantly updated umbrella product
include:
- Multi-policy Discounts: Mercury policyholders can save
big with multi-policy discounts across their auto, homeowners and
umbrella policies.
- 3-year Accident and Violation Free Discount: A 5%
discount is given to all drivers on the Mercury policy with no
losses or accidents during the last three years.
- Uninsured Motorist Coverage: Uninsured motorist coverage
up to $1 million in the event of an
accident caused by a driver who does not have insurance.
- Increased Liability: Policyholders can increase their
liability coverage from $1 million to
$5 million, depending upon
policyholders' coverage needs.
"Mercury's policy is the 'Goldilocks' of coverages because it
offers a very specific amount of extra protection that fits
customers' needs, which is really important for anyone who wants to
safeguard their future against unexpected expenses and legal
liabilities," Schroeder said.
Mercury offers Personal Auto, Mechanical Protection,
Ride-Hailing, Condo, Homeowners, Home Cyber Protection, Home
Systems Protection, Identity Management Services, Landlord,
Renters, Service Line Protection, Business Auto and Personal
Umbrella insurance in California.
About Mercury Insurance
Mercury Insurance (NYSE: MCY) is a multiple-line insurance
carrier offering personal auto, homeowners, and renters insurance
directly to consumers and through a network of independent agents
in Arizona, California, Illinois, Georgia, Nevada, New
Jersey, New York,
Oklahoma, Texas and Virginia, as well as auto insurance in
Florida. Mercury also writes
business owners, business auto, landlord, commercial multi-peril
and mechanical protection insurance in various states.
Since 1962, Mercury has provided customers with tremendous value
for their insurance dollar by pairing ultracompetitive rates with
excellent customer service. Mercury has earned "A" ratings from
A.M. Best and Fitch, as well as "Best Auto Insurance Company"
designations from Forbes and Insure.com. For more information visit
www.MercuryInsurance.com or follow the company on Twitter or
Facebook.
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SOURCE Mercury Insurance