A Personal Umbrella Policy in Tyrone PA, also known as PUP, is a bit like the worst-case scenario. In most auto insurance, the policy will pay up to a certain amount. The insurance company will protect up to $50,000 or $250,000 (both popular industry standards). If the case goes beyond that, the insured is responsible for that amount. It is rare for a strict vehicle accident to go above that, but the medical costs can be astounding. What if the individual injured cannot work for a six-month period or forever? There are objective and subjective costs associated with that, and the driver who injured them can be sued for astronomical amounts. An umbrella policy will protect their individual assets, and will cover expenses that exceed that initial amount.
The PUP insurance will cover attorney costs, lost wage costs, medical costs, and anything else in between. Universal personal umbrella policies can apply to anything that is directly correlated to the case. It is the ultimate option in financial protection when it comes to the precarious and always unknown future.
A Personal Umbrella Policy in Tyrone PA, may seem effective, and certainly has its uses, but the important question is, is it necessary? Fundamentally, no automobile insurance is necessary above basic liability (the federal minimum coverage needed). An umbrella policy can protect in a worst-case scenario. The answer of whether to apply an umbrella policy or not has a lot to do with the assets the insured already has. There is no hard formula, but the following may provide a basis. PUP policies usually move in increments of $1 million, from $1 million to about $10 million depending on the insurance company.
The insured should generally apply a PUP that is double their current assets. If they have $5 million, they should obtain one that protects up to $10 million. The exception to the rule is for anyone below $1 million in assets. Everyone should strive for that extra worst-case scenario protection from a situation that is out of their control and beyond their wildest expectations.Visit for setting up an umbrella policy that is sensible and extra protective.
