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Who Needs an Umbrella?

By: Lisa Parry Becker December 22, 2011

We all do. ¬†In the event of a fatal crash, a personal or commercial umbrella policy will help assist you with much needed asset protection. Keep in mind, an insurance companies’ duty to defend stops when you have exhausted your underlying liability limits. ¬†Umbrella liability policies are available in one, two, three, four, five million limits and more.

According to a recent survey conducted by AAA, the average payout in a fatal automobile accident doubled between 2005 to 2009 from $3.24 million to $6 million.

Cost of deadly vehicle crashes has risen greatly, AAA data show

Fatal car crashes cost an average of $6 million per accident in 2009 when considering 11 factors, including property damage, legal costs and lost quality of life, according to a report from AAA. The previous such study, in 2005, showed the average cost of a fatal accident was $3.24 million. The new study involved financial data for 99 urban areas and found the total cost of those cities’ fatal crashes to be $299.5 billion, compared with the $97.7 billion cost of traffic congestion. Injury-only accidents cost an average of $126,000 each in 2009, compared with $68,170 in 2005, the data show.

Read: Vehicle Crashes Cost Millions

Call us at 215-579-7310 to discuss this important coverage.

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Readers’ Comments (1)

  • By Rayvince
    April 12, 2012 at 1:43 pm

    i was rushing on hwy 1 many many years ago and this idiot was on the fast lane. for 2 kms he rfusees to pull to the right and then slows right down under the speed limit and then speeds up again. as we continue this stupid game, he decides to up the ante and he slams the brakes and inevitably i rear end him. well, he got some money from the govt insurance company but he permanently lost the vision in his right eye .he is now BLIND. be careful about shit like this money aint everything.

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