An Amica umbrella policy covers claims beyond the financial limits of an existing auto or home insurance policy. An umbrella policy from Amica costs about $100-$400 per year, and it can add $1 million, $2 million, or $5 million in additional liability coverage.
What Amica Umbrella Policies Cover
Personal injury liability settlements
Liability from a car accident beyond your auto policy limits
Liability from a car accident in a different country
Defense against charges of libel, slander and defamation of character
Amica’s umbrella policies are a good choice for customers with a high net worth who want extra coverage for property damage, injuries, and possible lawsuits that could result from various types of accidents. Umbrella policies may also cover claims that might not be covered by standard liability policies, like slander, libel, and psychological harm.
You can get a quote for Amica umbrella insurance by calling (800) 242-6422. To be eligible, you will also need an auto policy from Amica.
Yes. Amica is a good insurance company, boasting an A+ BBB rating, an A+ A.M. Best rating, and an average of 3.5/5 among user ratings on WalletHub. Its NAIC rating is 1.41, however, which means Amica has received more complaints than the average car insurance provider.
Amica Mutual Insurance Company, as it’s officially known, is based in Lincoln, Rhode Island, and it has been in operation since 1907. It currently offers a variety of insurance policies for cars, boats and homes, as well as coverage for pets, special events and small businesses. You can save by bundling Amica Insurance policies, too.… read full answer
Why Amica Insurance Is a Good Company:
Has been in business since 1907
A+ rating with the Better Business Bureau
A+ rating with A.M. Best
Averages 3.5/5 among user ratings on WalletHub
You can get a free Amica Insurance quote online or by contacting an agent at 1-800-242-6422.
Umbrella insurance covers home and auto liability claims that exceed the limits of the policyholder’s liability insurance or involve situations that aren’t usually addressed by a standard liability policy. These include claims for libel and slander, personal psychological harm, and malicious prosecution. Umbrella insurance does not cover claims that are excluded outright from liability insurance, such as intentional damage. … read full answer
What Umbrella Insurance Covers
Liability in excess of auto/home insurance policy limits
Libel and slander
Psychological harm and mental anguish
Legal defense costs related to liability claims
Liabilities when traveling overseas
Umbrella insurance is typically recommended for individuals who have a high net-worth that can’t be covered by a standard liability policy. To learn more, check out WalletHub’s guide to umbrella insurance.
You need enough liability insurance to cover the full value of your assets. Your bodily injury liability coverage should be as much as your net worth, while your property damage liability insurance can be slightly lower since property damage claims are usually less expensive. Purchasing enough liability insurance to cover the value of your assets protects you from financial ruin if you cause a serious car accident.… read full answer
When to Carry Only the Minimum Liability Coverage
Although almost every state requires drivers to carry liability insurance, the minimum coverage is not always enough to cover the cost of an accident. It’s always best to carry as much liability coverage as you can afford, especially if you have a high net worth.
If you don’t have many assets or think the risk is worth it, you might be comfortable with carrying only the minimum coverage. But no matter what, make sure you’re carrying enough insurance to comply with state law and avoid paying fines for driving uninsured.
Liability Limits on Auto Insurance
Liability limits on auto insurance are the maximum amount that your insurance company will pay for injuries and property damage in accidents that you cause. Liability limits are typically written as three numbers divided by slashes.
For example, Arizona’s liability coverage requirements are 50/30/10. That means drivers need to carry $50,000 in bodily injury liability coverage per person, $30,000 in bodily injury liability coverage per accident, and $10,000 in property damage liability coverage overall.
Why You Need More Liability Insurance Than the State Minimum
Your insurance company will never pay for anything beyond the limits of your policy. Using the Arizona example, if you cause an accident that leads to $70,000 in medical bills for the other driver, you will have to pay for $40,000 if you are only carrying the minimum insurance required. And if you can’t afford to pay the full amount, the other driver can sue, and you can have your assets seized or wages garnished to cover the remainder.
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