Bodily Injury Costs Increase in Texas, According to Mercury Insurance

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Mercury Insurance introduces a new umbrella insurance policy in Texas to protect personal wealth against bodily injury claims, offering enhanced coverage starting at less than $1.00 a day. The state is the second launch after California, aiming to address the increasing liability injury claims for home and auto owners.

Mercury's new umbrella insurance better protects Texans' personal wealth against bodily injury claims

LOS ANGELES, April 3, 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 Texans' 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 Texans 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 Texas is the second launch of this expanded insurance product for Mercury Insurance, after California. You can learn more about this unique coverage at Mercury Umbrella Insurance.

"Unexpected accidents are becoming more costly for Texans, 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 Texans 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 $5 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. 

Mercury offers Personal Auto, Mechanical Protection, Ride-Hailing, Condo, Homeowners, Home Cyber Protection, Home Systems Protection, Identity Management Services, Renters, Service Line Protection, Business Auto and Personal Umbrella insurance in California and Texas. 

Headquartered in Los Angeles, Mercury Insurance provides auto, homeowners and business insurance through more than 4,700 employees and a network of more than 8,000 independent agents in 11 states.

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, 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. 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.

 

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SOURCE Mercury Insurance

FAQ

What type of insurance policy did Mercury Insurance introduce in Texas?

Mercury Insurance introduced a new umbrella insurance policy in Texas.

What is the starting cost for the enhanced coverage offered by the new policy in Texas?

The enhanced coverage starts at less than $1.00 a day.

Which state was the first to launch the expanded insurance product by Mercury Insurance?

California was the first state to launch the expanded insurance product.

Why did Mercury Insurance introduce the new umbrella insurance policy in Texas?

Mercury Insurance introduced the policy to protect Texans' personal wealth against rising bodily injury claims.

According to the PR, what is the average increase in the liability claim amount since the pandemic started?

The average liability claim amount has increased by 35% since the pandemic started.