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Hope for the best. Prepare for the worst” is a classic piece of advice we give to children. So why don’t we follow
this same advice as adults? Here’s one good
example of preparing ourselves for the worst:
purchasing an umbrella insurance policy on
top of an existing auto or homeowner’s policy.
This is a simple and low-cost way of protecting
against unforeseen costs if you are ever
involved in a large lawsuit.
How umbrella liability policies protect
you: Umbrella policies provide liability coverage
above and beyond what an auto or homeowner’s
policy covers. Typically, liability limits are no
more than $500,000 on auto and home policies.
However, if you are sued for any amount above
that limit and do not have an umbrella policy,
the opposing party can go after your home,
retirement account, savings and even future
earnings to receive a full settlement. In a case like
this, an umbrella policy would help protect your
most valuable assets.
Why they are needed: Many customers
believe they’ll never need coverage exceeding
$500,000. However, if you’re found by a court
to be responsible for an accident, legal fees,
medical bills and lost wages for the injured
party can quickly exhaust a seemingly generous
coverage amount. With an umbrella policy in
place, you would have an additional $1 million
to $5 million in protection.
What they cost: A common misconception
is that an additional $1 million to $5 million in
coverage would be very expensive. The good
news is that this is not true. While prices vary,
the first $1 million in additional coverage will,
on average, cost approximately $15-$20 per
No one ever plans on being sued. But if
you are, make sure you’re prepared by calling
EIA today at 888.908.6822 to speak with a
licensed insurance advisor. EIA’s professionals
can review your current policies, recommend a
package to suit your needs and even advise you
on ways to fund your additional coverage. Make
sure you’re prepared for the worst!
This material is provided for informational purposes only and does not
provide any coverage. Policies are underwritten by The Hanover Insurance
Company or one of its insurance company subsidiaries or affiliates (“The
Hanover”). Coverage may not be available in all states and is subject to
company underwriting guidelines and issued policy. The MTA member discount
is available to Massachusetts residents only. EIA is a member of The Hanover
Insurance Group, 440 Lincoln Street, Worcester, MA 01653. LC 2014-355
You work hard. Buying what you want should be easy.
To learn more about your purchase limits, payments, the
return policy and other important program details, go to
www.mypaycheckdirect.com/mta and click on Customer Service, or
see your installment agreement. PayCheck Direct® is operated by
Bluestem Enterprises, Inc.