You’ve got the American dream all figured out – a nice house, a couple of really nice cars parked in the garage and a teenage driver willing to wash and wax them in exchange for a Friday night cruise with his friends. To protect it all, you purchased NV homeowner insurance and Las Vegas auto insurance from a reputable company. You sat down with the agent and talked about auto insurance discounts and what limits of coverage are appropriate for your needs. You purchased a policy with $250,000 of bodily injury coverage each person, and $500,000 each accident. The agent assures you this is more coverage than most people buy and should be sufficient to protect your assets.
Now imagine this scenario: Your teenage driver borrows one of the vehicles and loads it up with 3 friends. They hit the streets and get a little rowdy behind the wheel. A serious accident occurs that is the result of your teenager’s negligent driving. 2 of his friends are killed and one is seriously injured. In addition, 2 people in another vehicle are substantially injured and require hospitalization. Attorneys are quickly involved and you are sued. Suddenly that limit of $250,000 per person seems entirely inadequate.
Does this scenario seem unlikely? Unfortunately, it is not and motor vehicle fatalities happen far too often in Las Vegas. The result of a serious motor vehicle accident is often litigation and damage awards can reach into the millions. The best way to protect yourself from a serious liability claim is a Personal Umbrella Policy, commonly called a PUP. An umbrella policy can be purchased with a limit of at least $1,000,000 and can go up to $10,000,000 or higher. A properly written umbrella policy will provide coverage excess of your personal auto insurance, home, any rental or vacation property and any recreational vehicles such as a boat, watercraft, motor home or motorcycle. The biggest surprise for most of our customer is just how affordable an umbrella policy can be. Rates start at around $125 per year for a basic policy.
At Safeguard Insurance, we have several excellent programs for Personal Umbrella insurance. We can even write a policy for you if you have auto and homeowners insurance with another provider. Contact us today to see and let us provide you with a Nevada Personal Umbrella Policy at a great price!