Susan Henry was in a rush. She had exactly fifteen minutes to make the 20-minute drive to pick up her daughter, Claire, from ballet practice, which was putting her another 30 minutes behind on getting her two-year old twins from swim lessons. And let’s not forget about the roast in the oven. When she stopped at the next red light, she quickly typed out a text message to her husband asking if he could swing by to get the twins on his way home. The light turned green as she finished her text and she took off into traffic. …Only, it wasn’t her green light and she smashed her 2010 BMW Xi head-on into an old Honda Civic driven by a 16-year-old girl.
Thankfully no one was hurt, but more than one witness saw Susan texting. Sensing the driver of a BMW SUV must have a lot of money, the parents of the victim decided to sue Susan for all she was worth. The Henry family was comfortable, but not wealthy. They worked hard for their house and other assets—a boat, an RV and their two new cars. The $1,000,000 lawsuit was significantly more than the $100,000 they had saved in their kids’ college fund.
Thankfully, their auto policy covered up to $500,000, but the plaintiff refused to settle for this lesser amount, leaving the remaining balance to the Henrys to pay out of pocket. After draining their life savings, the Henrys were forced to sell their home, boat and one of their cars to pay off the rest of the lawsuit. As they are unable to receive a loan with such high debt, the family of five now shares one car and is renting a small two-bedroom apartment.
Don’t let this nightmare become your reality. If the Henry family had been protected by an umbrella policy, they could have avoided the terrible consequences of this horrific scenario.
An umbrella policy is a type of liability insurance policy that protects both your future income and assets in situations like the one above. It goes into effect after the other policies have been exhausted. If the Henrys had the protection of an umbrella policy, it would have paid the remaining $500,000 that the auto insurance policy didn’t cover and they would have owed nothing additional out of pocket. These types of policies are ideal for anyone with assets that are worth more than the limitations of their individual insurance policies.
If you think that a Fort Lauderdale umbrella insurance would be able to give you peace of mind, contact Pro Player Insurance Group today at 855-367-7744 to see how we can help.