505-207-1727 HABLAMOS ESPANOL
Nice People, Tough Lawyers
  • $ 18 MILLION

    WRONGFUL DEATH SETTLEMENT

  • $ 7.5 MILLION

    MEDICAL MALPRACTICE SETTLEMENT

  • $ 4 Million

    TRUCK ACCIDENT SETTLEMENT

  • $ 1 Million

    TRUCK ACCIDENT SETTLEMENT

  • $ 7.5 Million

    MEDICAL MALPRACTICE SETTLEMENT

  • $ 18 Million

    WRONGFUL DEATH SETTLEMENT

Understanding Umbrella Insurance

Are you familiar with the term “umbrella insurance?” In some cases, umbrella policies may cover you if you are involved in a crash, but only under certain conditions.

Insurance agents and policy carriers do not always understand how umbrella insurance works. Even with good intentions, dealing with the repercussions of a car crash can leave you feeling frustrated and alone.

The Basics of Umbrella Insurance

Understanding Umbrella InsuranceUmbrella insurance is commonly known as “excess” insurance, meaning that it’s an insurance policy that combines with your primary insurance coverage. This includes auto, homeowner, and renters insurance policies.

It is a common misconception that your umbrella policy will be able to cover you if you are involved in a collision. Actually, regular umbrella insurance coverage only applies if you are sued because of an accident in which you are at fault.

Consider this example: you are traveling in a car when you are involved in an accident. You are at fault for the collision. The other vehicle contained four occupants who were all seriously injured. They are filing a claim for $1 million. You have a liability coverage limit of $100,000, and you lack an umbrella policy. It is likely that you will be financially liable for the remaining $900,000. If you don’t have the money to cover it, your assets may be seized.

An umbrella policy may be your saving grace in a similar situation.

What If I Am Not At Fault? 

At this point, some confusion and frustration may set in. An insurance agent representing you may unknowingly claim that you are covered by your umbrella policy, but this is not always the case.

If you were not at fault for the collision and sustained injuries, you will not be able to recover compensation through your umbrella insurance coverage. You may be able to recover from the policy of the at-fault driver if they have an umbrella policy.

There are forms of umbrella insurance that will cover you if you are injured in a crash and are not at fault: uninsured and underinsured motorist coverage. If you want to be covered under your own umbrella policy after a collision, insist that you have an umbrella policy with both uninsured and underinsured motorist coverage. This will make sure that are you able to pursue the maximum limit from the insurance carrier of the negligent driver. 

New Mexico Car Accidents

People like to think they aren’t going to be involved in a serious collision when traveling on the road. However, car crashes can happen to anyone at any time. There are over 45,000 car accidents each year in New Mexico. 

In these crashes, more than 19,000 people are seriously injured. Victims will often find themselves unable to return to work. This can create difficulties when attempting to cover the costs of mounting medical bills and other damages. 

An experienced Albuquerque personal injury lawyer can increase a final settlement by more than three times. Will Ferguson & Associates has the reputation necessary to ensure a satisfactory settlement for our clients. Contact our law offices at (505) 243-5566 to evaluate the details of your personal injury claim.

Contact WILL FERGUSON & ASSOCIATES

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Albuquerque, NM 87110

505-207-1727
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Rio Rancho, NM

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