Bodily Injury Costs Increase in Arizona, According to Mercury Insurance

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Mercury Insurance (NYSE: MCY) has launched a new personal umbrella insurance policy in Arizona, marking its fifth state expansion after California, Texas, Oklahoma and Illinois. The policy addresses rising bodily injury payouts, which have increased by 35% since the pandemic, offering enhanced protection beyond traditional auto or home policies for less than $1.00 per day.

The new policy features include multi-policy discounts, a 5% discount for 3-year accident-free drivers, uninsured motorist coverage up to $1 million, and liability coverage options from $1 million to $2 million. This expansion comes as a response to increasing liability injury claims that exceed traditional policy limits, aiming to protect Arizonans' personal wealth against expensive accidents and legal liabilities.

Mercury's New Umbrella Insurance Better Protects Arizonans' Personal Wealth Against Bodily Injury Claims

LOS ANGELES, Dec. 16, 2024 /PRNewswire/ -- Multi-vehicle crashes, dog bites or a delivery person being injured on your property are some of the unexpected events that are putting Arizonans' 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 35%, 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 Arizonans that offers extra protection with bolstered coverages beginning at less than $1.00 a day.

Per Forbes Magazine, an umbrella insurance policy can be an excellent addition to your insurance portfolio if you need liability coverage that goes beyond what your base car insurance or home insurance policies provide. Umbrella insurance is a good way to cover your net worth if you were to get hit with a lawsuit.

The state of Arizona is the fifth launch of this expanded insurance product for Mercury Insurance, after California, Texas, Oklahoma and Illinois. You can learn more about this unique coverage at Mercury Umbrella Insurance.

"Unexpected accidents are becoming more costly for Arizonans, which puts them at risk of having to pay out of pocket," said Brandt Minnich, vice president and chief sales development officer at Mercury Insurance. "Mercury has redesigned its umbrella insurance to give Arizonans 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 had 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 subsequently 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 paid off," Minnich said. 

Key features of Mercury's significantly updated umbrella product include: 

• Multi-policy Discounts: Mercury policyholders can save big with multi-policy discounts across their auto, homeowners and umbrella policies. 
  
  
• 3-year Accident and Violation Free Discount: A 5% discount is given to all drivers on the Mercury policy with no losses or accidents during the last three years.
  
  
• Uninsured Motorist Coverage: Uninsured motorist coverage up to $1 million in the event of an accident caused by a driver who does not have insurance. 
  
  
• Increased Liability: Policyholders can increase their liability coverage from $1 million to $2 million, depending upon policyholders' coverage needs.

"We consider Mercury's umbrella policy the 'Goldilocks' of coverage 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," Minnich stated. 

About Mercury Insurance 

Headquartered in Los Angeles, 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, Georgia, Illinois, 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 ultra-competitive rates with excellent customer service, through nearly 4,100 employees and a network of more than 6,500 independent agents in 11 states. 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. 

Contact: PCG – Shane Smith (424) 903-3665 (ssmith@pacificcommunicationsgroup.com)

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SOURCE Mercury Insurance

FAQ

What is the average increase in liability claims since the pandemic according to Mercury Insurance (MCY)?

According to Mercury Insurance, bodily injury liability claims have increased by 35% on average since the pandemic started.

How much does Mercury's new umbrella insurance policy cost in Arizona?

Mercury Insurance's new umbrella insurance policy in Arizona starts at less than $1.00 per day.

What states has Mercury Insurance (MCY) launched its umbrella insurance in?

Mercury Insurance has launched its umbrella insurance in five states: California, Texas, Oklahoma, Illinois, and now Arizona.

What are the key features of Mercury's (MCY) new umbrella insurance policy in Arizona?

Key features include multi-policy discounts, a 5% discount for 3-year accident-free drivers, uninsured motorist coverage up to $1 million, and liability coverage options from $1 million to $2 million.

What is the maximum liability coverage available under Mercury's (MCY) new umbrella policy?

Mercury's new umbrella policy offers liability coverage options up to $2 million, depending on policyholder needs.

What discount does Mercury (MCY) offer for accident-free drivers under the new umbrella policy?

Mercury Insurance offers a 5% discount for drivers who have been accident and violation-free for three years.