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Bodily Injury Costs Increase in Nevada, According to Mercury Insurance

1. Mercury launches new umbrella insurance for Nevadans, enhancing personal asset protection. 2. Bodily injury claims have increased 35% since the pandemic, raising liability concerns. 3. The policy offers varied coverage options starting at just over $1 a day. 4. Multi-policy discounts and higher liability limits are key features of the new offering. 5. This expansion may strengthen MCY's market position in states with rising claim rates.

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Why Bullish?

The launch of a new product aligns with rising demand and enhances MCY's market relevance. Historical data shows new product releases often correlate with stock price increases, especially in response to market needs.

How important is it?

The article highlights a strategic product launch addressing urgent insurance needs, likely translating into greater market share and revenue for MCY.

Why Short Term?

Immediate sales boosts are likely as Nevadans respond to new coverage needs post-pandemic. Short-term market adjustments are common following new product launches, especially in insurance.

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Mercury's New Umbrella Insurance Better Protects Nevadans' 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 Nevadans' 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 Nevadans that offers extra protection with bolstered coverages beginning at just over $1 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 Nevada is the eighth launch of this expanded insurance product for Mercury Insurance, after California, Texas, Oklahoma, Illinois, Arizona, Georgia and Florida. You can learn more about this unique coverage at Mercury Umbrella Insurance. "Unexpected accidents are becoming more costly for Nevadans, which puts them at risk of having to pay out of pocket," said Nick Colby, Vice President and Chief Sales Officer at Mercury Insurance. "Mercury has redesigned its umbrella insurance to give Nevadans an extra layer of protection beyond a traditional auto or home policy. It's an affordable safety net that protects you from these expensive accidents and litigious lawyers looking for a big payday."  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.  "He had 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. Increased Liability: Policyholders can increase their liability coverage from $1 million to $2 million, depending upon policyholders' coverage needs. "We consider Mercury's umbrella policy the 'Goldilocks' of coverage because it offers a very specific amount of extra protection that fits customers' needs, which is really important for anyone who wants to safeguard their future against unexpected expenses and legal liabilities," Colby stated.  About Mercury Insurance  Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier predominantly offering personal auto, homeowners, renters and commercial insurance 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 writes other lines of insurance in various states, including commercial, business owners and business auto, landlord, home-sharing, ride-hailing and mechanical protection insurance. Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service, through more than 4,200 employees and a network of more than 6,340 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 X, Instagram 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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