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Category: Umbrella Insurance

Gap and Umbrella Policies – Do You Need Them?

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As a car owner, you are responsible for purchasing auto insurance. Without it, you might not be able to afford auto repairs or the costs of injuries you or the other driver may sustain in an accident. If you live near Elmira, NY, and have questions about auto insurance, our Stewart Agency, Inc. team can help you explore options that may be right for you.

Gap and Umbrella Policies

In New York State, you are required to have coverage for property damage and bodily injury. You might also choose to add coverage for collision (the cost of damage to your car) or liability (in the event of being sued by the other driver.) If your accident causes sufficient damage to declare your vehicle a total loss, the amount of money your insurance pays may not be enough to pay the amount you still owe your lender. Some auto lenders will encourage car buyers to purchase a gap policy, which will pay the difference between the amount paid by insurance and the amount you still owe.

Clients with additional personal resources (such as a home or boat) in addition to their car may consider buying an umbrella policy. Umbrella policies provide additional liability coverage if a judgment against you exceeds your policy limits. Umbrella policies typically have a higher limit of liability insurance – sometimes up to $1 million.

Contact Us Today

Our team has years of experience and wants to give you peace of mind regarding your insurance needs. Clients in the Elmira, NY, area can feel confident when visiting us for their insurance needs. Contact us for an appointment or a quote today, and let’s makensureu have the coverage you need.

Get More Liability Coverage With Umbrella Insurance

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If you have a home and a vehicle, you probably already have home and auto insurance to protect them. When you have these policies, it can be helpful to get more insurance coverage for them by getting an umbrella policy. Umbrella insurance is a great way to add more protection for a low price. When you want more protection from your insurance, contact us at Stewart Agency Inc. in Elmira, NY about an umbrella policy. 

Liability Coverage

One of the most important types of insurance coverage that you have is your liability coverage. This is the coverage that pays for someone else’s medical bills and other expenses when there has been an accident. Generally, this is needed when the accident is considered your fault or your responsibility. You’re responsible for what your car does as well as for any accidents that happen on your property. With umbrella insurance, you get more liability coverage for both your home and auto policies. This is like an extra blanket or umbrella to protect you in case of serious accidents. 

Paying Overages

Your home and auto insurance each have a specific amount of coverage for liability. This, however, may not be enough. When someone has an expensive accident, your home or auto insurance may not have enough liability coverage to pay for it all. That’s why you need umbrella insurance. If there is an overage after your home or auto policy pays out all it can, you’ll have your umbrella policy come in and pay the remainder. These policies have very high maximum payouts so that you’re well-protected. 

Get Your Umbrella Insurance Policy

If you need more liability coverage, an umbrella policy is the cost-effective way to get it. To get started, call us at Stewart Agency Inc. in Elmira, NY, and learn more.