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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mercury General Corp | NYSE:MCY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.63 | 1.22% | 52.33 | 52.41 | 51.5755 | 51.79 | 144,879 | 22:30:00 |
Mercury's new umbrella insurance better protects Californians' personal wealth
against bodily injury claims
LOS ANGELES, Sept. 14, 2023 /PRNewswire/ -- Multi-vehicle crashes, dog bites or a delivery person being injured on your property are some of the unexpected events that are putting Californians' personal financial health at risk. In fact, bodily injury payouts continue to climb year over year since the pandemic started, with the average amount for a liability claim increasing by 66%, according to Mercury Insurance (NYSE: MCY).
The recent trend of rising liability injury claims for home and auto owners that exceed traditional policy-limits has moved Mercury to unveil an all-new personal umbrella insurance policy for Californians that offers extra protection with bolstered coverages beginning at less than $1.00 a day.
"Unexpected accidents are becoming more costly for Californians, which puts them at risk of having to pay out of pocket," said Jeff Schroeder, vice president and chief product officer at Mercury Insurance. "During the last two years we've seen the number of million-dollar umbrella payouts increase by 50%. So, Mercury has redesigned its umbrella insurance to give Californians an extra layer of protection beyond a traditional auto or home policy. It's an affordable safety net that protects you from these expensive accidents and litigious lawyers looking for a big payday."
A cautionary tale for all is that of a Mercury policyholder who kept the same limits and coverages since college, even though his personal wealth had increased significantly. The policyholder, who later became a doctor, never thought about umbrella coverage until he hit a moped with his automobile—severely injuring the rider. The rider engaged a lawyer and the Mercury insured ended up having to pay out of pocket for damages that were well beyond his auto policy limit of $25,000. "He had payments deducted from his salary for a number of years until the settlement was all paid off," Schroeder said.
Key features of Mercury's significantly updated umbrella product include:
"Mercury's policy is the 'Goldilocks' of coverages because it offers a very specific amount of extra protection that fits customers' needs, which is really important for anyone who wants to safeguard their future against unexpected expenses and legal liabilities," Schroeder said.
Mercury offers Personal Auto, Mechanical Protection, Ride-Hailing, Condo, Homeowners, Home Cyber Protection, Home Systems Protection, Identity Management Services, Landlord, Renters, Service Line Protection, Business Auto and Personal Umbrella insurance in California.
About Mercury Insurance
Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Illinois, Georgia, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states.
Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultracompetitive rates with excellent customer service. Mercury has earned "A" ratings from A.M. Best and Fitch, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on Twitter or Facebook.
View original content to download multimedia:https://www.prnewswire.com/news-releases/bodily-injury-costs-increase-in-california-according-to-mercury-insurance-301928067.html
SOURCE Mercury Insurance
Copyright 2023 PR Newswire
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