When people are injured in a collision caused by another driver, the at-fault driver’s insurance is typically their first source of compensation. If the at-fault driver is uninsured, then the injured person’s own uninsured/underinsured motorist coverage can help.
If you’re dealing with very serious or long-term injuries, however, an at-fault driver’s insurance, even if they have a policy with a reputable insurer, may not be nearly enough to cover your medical bills, lost wages and other financial losses. Missouri has a minimum level of auto insurance coverage of “$25,000 per person for bodily injury, $50,000 per accident for bodily injury, $25,000 per accident for property.”
That can be woefully inadequate to cover a serious injury or an expensive vehicle. That’s why people sometimes have to take civil action against an at-fault driver (or anyone who was responsible for an injury) to seek the full amount of compensation they need.
If you or a loved one is dealing with injuries that will require rehabilitation, long-term treatment and potentially require finding a new occupation, will you have to file a lawsuit against them to recover the compensation you need to move forward?
What do umbrella policies cover?
You may not have to do that if the person has an umbrella insurance policy. These policies are becoming more popular as many Americans accumulate more assets they don’t want to risk losing in a lawsuit if they are responsible for a serious injury where they could be sued for hundreds of thousands of dollars, if not more.
Umbrella policies can cover $1 million or more in damages. They typically cover policyholders for:
- Car, boat and ATV crashes
- Injuries suffered on their property for which they’re liable
- Harm caused by their child or animal
If you or a loved one has suffered serious injuries due to someone else’s actions or negligence, it’s critical that you get work to get the compensation you deserve. That means determining what resources, including insurance policies, the at-fault party has to provide that compensation.