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Things are kind of quiet here so might be a good time to ask an insurance question I have. With the appropriate coverage when you are in an accident the insurance pays for damaged cars and medical coverage for any injuries. But what about if the other party sues you? My regular insurance with a major company insures my modern cars and my house. They also provide, for a charge, “umbrella coverage”. So if I get sued as a result of an accident they will cover me up to $2 million dollars. As you may know, there are lots of attorneys out there that look for clients that want to sue high net worth people. I called Hagerty and the woman I spoke with said that Hagerty doesn't offer that. My regular insurance agent said I am only covered by my umbrella policy if they are the provider of the underlying car insurance. Hagerty offers better rates and better coverage but I don't want to go without protection from a law suit. What do other people do about that? Any ideas? Thanks.
Good question. Happy to help with this one. Umbrella coverage is a separate policy offered by some insurance companies to cover losses over the maximum limits of a particular policy. The company offering the policy can set underwriting restrictions like you outlined (where all your policies need to be with their company), but some do have the flexibility built in to allow outside policies to conform if they have certain liability limits (often $250,00 per person/500,000 per accident.)
Currently, Hagerty and its underwriters are not filed to offer umbrella policy coverage. I would recommend discussing with your agent regarding the possibility of matching the coverage limits of the Hagerty policy to that of your standard auto policy to see if their underwriter can place it under the umbrella coverage.
Going for a little drive in a cherished conveyance is a great antidote for our enforced cabin fever. Wafting along some two-lanes in the mountains of western Virginia in our 1987 XJ-6 Van den Plas yesterday only serves to remind us that Bill Lyons' swan song sedan is still one of the world's great automobiles!