Mercury's New Umbrella Insurance Better
Protects Illinoisans' Personal Wealth Against Bodily
Injury Claims
LOS
ANGELES, Sept. 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
Illinoisans' personal financial health at risk. In fact, bodily
injury payouts have continued to climb year over year since the
start of the pandemic, 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
Illinoisans 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 Illinois is the
fourth launch of this expanded insurance product for Mercury
Insurance, following California, Texas and Oklahoma. You can learn more about this unique
coverage at Mercury Umbrella Insurance.
"Unexpected accidents are becoming more costly for Illinoisans,
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 Illinoisans 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
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.
"We consider Mercury's umbrella policy the 'Goldilocks' of
coverage 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," Minnich stated.
Mercury offers personal auto, mechanical protection,
ride-hailing, condo, homeowners, home cyber protection, home
systems protection, identity management services, renters, service
line protection, business auto and personal umbrella insurance in
Illinois.
Headquartered in Los Angeles,
Mercury Insurance provides auto, homeowners and business insurance
through more than 4,700 employees and a network of more than 8,000
independent agents in 11 states.
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, Georgia, Illinois, 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 ultra-competitive 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 General Corporation