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Bodily Injury Costs Increase in Georgia, According to Mercury Insurance

1. Mercury launches umbrella insurance in Georgia for added personal liability protection. 2. Bodily injury payouts have increased by 35% since the pandemic. 3. Umbrella policies start at less than $1.00 a day. 4. New discounts are offered for multi-policy and accident-free customers. 5. Mercury's expanded portfolio addresses rising insurance needs for wealth protection.

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FAQ

Why Bullish?

The launch of a new insurance product may drive sales growth, similar to prior successful product launches.

How important is it?

The article highlights a strategic expansion that can attract new customers and drive revenue.

Why Long Term?

Ongoing trends in rising injury claims suggest sustained demand for this insurance product.

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Mercury's New Umbrella Insurance Better Protects Georgians' Personal Wealth Against Bodily Injury Claims , /PRNewswire/ -- Multi-vehicle crashes, dog bites or a delivery person being injured on your property are some of the unexpected events that are putting Georgians' 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 Georgians 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 Georgia is the sixth launch of this expanded insurance product for Mercury Insurance, after California, Texas, Oklahoma, Illinois and Arizona. You can learn more about this unique coverage at Mercury Umbrella Insurance. "Without umbrella insurance, many Georgians are at risk of paying out of pocket for a major accident," said Nick Colby, VP and Chief Sales Officer at Mercury Insurance. "Mercury umbrella insurance offers an extra layer of protection for home and car owners and peace of mind for Georgia residents." 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.  "This resulted in payments deducted from his salary for a number of years until the settlement was paid off," Colby 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 $2 million, depending upon policyholder coverage needs. "At Mercury, our umbrella policies provide very tailored extra protection depending on your needs. These policies are perfect for those who want to protect their homes and valuables against unexpected legal judgments and those looking for a quick payday," stated Colby. About Mercury Insurance  Headquartered in Los Angeles, 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, through nearly 4,100 employees and a network of more than 6,500 independent agents in 11 states. Mercury has earned an "A" rating from A.M. Best, 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. SOURCE Mercury Insurance WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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