auto

When to Add Umbrella Insurance to Auto Insurance

Posted on by agentinsure

If you have never had your traditional auto insurance liability limits reached or exceeded, you may wonder why umbrella insurance is highly recommended. For drivers in Newport Beach, CA, it is important to understand the benefits of umbrella insurance and how it can enhance your existing auto insurance coverage. At Murvay Insurance, we can guide you through the process and help you determine when it is time to add umbrella insurance to your current auto insurance policy.

Assets Worth Protecting

Umbrella insurance becomes essential when you own assets that could be targeted in a lawsuit. These assets may include a home or multiple properties, business ownership, side incomes, savings, retirement accounts, and investments. Protecting these assets with umbrella insurance ensures you are prepared for unexpected legal claims.

High Auto Liability Limits

Most umbrella insurance policies require you to carry higher underlying auto liability limits, typically between $250,000 and $500,000. If you have already increased your auto liability coverage for better protection, adding umbrella insurance is a cost-effective way to extend your coverage further.

Driving Regularly

Frequent or long-distance driving increases your risk of exposure to accidents and liability claims. Umbrella insurance is particularly beneficial if you commute long distances, travel often for work, drive in high-traffic areas, or have multiple drivers in your household.

Understanding when to add umbrella insurance is crucial for all drivers, regardless of how often you are behind the wheel. The more familiar you are with what umbrella insurance covers and does not cover, the easier it will be to decide when to invest in an umbrella policy. If you are a driver in Newport Beach, CA, contact Murvay Insurance today for a quote and consultation to learn more about bundling umbrella insurance with your auto insurance policy.

Can You Switch Auto Insurance Carriers Without Losing Coverage?

Posted on by agentinsure

Virtually everyone in Newport Beach, CA, is trying to save a few dollars these days, including on auto insurance. Yet, you may be reluctant to change policies when your premiums suddenly increase drastically. Shopping around can help you keep your premiums in check. If you do it correctly, you won’t experience a coverage lapse. Murvay Insurance can help you switch your policy and ensure you still have sufficient coverage.

How To Switch Carriers

Your current carrier should give you sufficient notice of premium increases or coverage changes, typically 60 days’. This gives you sufficient time to explore new options if you are not satisfied with what your current carrier has presented. During this time, compare rates and coverage from several companies to ensure you can find another policy that meets your needs. For most people, this process will be easy. However, if you have an open claim with your current carrier, you must continue working with them to ensure the claim is processed correctly, even after you switch policies.

Essential Considerations

Don’t cancel your old policy until you have a new one. Although your current policy may allow midterm switches, be aware that you may have to pay a cancellation fee. And if you have an open claim, be aware that your premium may change once the claim is closed and your new carrier reviews your claims history. Follow this advice closely, as a lapse in coverage could be detrimental to your future insurance coverage.

If you have considered changing your auto insurance coverage in Newport Beach, CA, don’t leave it to chance. Contact the agents at Murvay Insurance to get started on an auto insurance policy tailored to your needs.