As a parent of a teen driver, you might be worried about your child's safety every time they get behind the wheel. While you have done everything in your power to keep them safe on the road, accidents can still happen. That's where umbrella insurance comes in.
If you aren’t sure what umbrella insurance is exactly or how it can help, don’t worry. We’ll go into that and more below.
Umbrella Insurance Explained
Before we discuss why parents of teen drivers should consider umbrella insurance, let's first understand what it is. Umbrella insurance is a type of liability insurance that provides additional coverage beyond what your existing policies cover.
For instance, if you have auto insurance, homeowner's insurance, and/or renter's insurance, your umbrella policy will kick in when your existing policies have reached their limits. This can help you protect your savings and other assets in the event of an accident.
Umbrella Insurance Benefits for Parents of Teen Drivers
Teen drivers are considered high-risk drivers due to their inexperience behind the wheel. They are more likely to get into accidents, make mistakes, and break traffic laws. Not only that, but the damage and injuries resulting from an accident involving a teen driver can be quite significant. This is where umbrella insurance can be beneficial.
Umbrella insurance can provide additional liability coverage beyond what your auto insurance policy covers. If your teen driver causes an accident resulting in significant damage or injuries, your auto insurance policy may not be enough to cover all the costs. This is where an umbrella policy can provide additional protection. It can cover the remaining costs that exceed the limit of your existing policies, helping you protect your other assets.
Umbrella Insurance Can Offer Peace of Mind
As a parent, your top priority is your child's safety. Knowing that you have umbrella insurance in place can provide peace of mind. You'll have an extra layer of protection in case something happens that is beyond your control. You can rest assured that you and your family will be financially protected in the event of a catastrophic event.
You Can Get Affordable Coverage
Many parents shy away from umbrella insurance due to the perception that it can be expensive. After all, it would be an additional cost to add to your budget. The cost of an umbrella policy, however, is relatively low compared to the amount of coverage it provides. It's an affordable way to add extra protection for your family.
Talk to your insurance agent to get a quote and find out what coverage options are available to you. We at Insurance Specialists, Inc. are here to help.
Contact us at any time to learn more about our umbrella insurance policy offerings.