Mercury Insurance recently announced umbrella insurance options in Oklahoma as an option to cover liability claims that it says have increased by 35% since the start of the pandemic in 2020, according to a press release. 

The company says an umbrella policy can protect policyholders from liability claims that exceed traditional policy limits. The policies provide options such as up to $1 million in uninsured motorist coverage. It also can increase liability coverage from $1 million to $5 million. 

“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 press release says. “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 sued the doctor for damages exceeding the $25,000 auto policy limit and he was forced to pay out of pocket, the release says. This included payments deducted from his salary for a number of years. 

Oklahoma is the third state where Mercury offers the option, including California and Texas. 

“Unexpected accidents are becoming more costly for Oklahomans, which puts them at risk of having to pay out of pocket,” said Brandt Minnich, Mercury Insurance vice president and chief sales development officer, in the release. “Mercury has redesigned its umbrella insurance to give Oklahoma 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.” 

The press release says umbrella coverage options start at $1 a day. 

Data from the National Safety Council shows miles driven in March 2024 increased by 0.7% from the same time last year and 5.1% for the same time in 2021. The number of traffic deaths is estimated to be up 6% for the month, compared to 2023, but down 4% from 2022. 

“With the number of deaths up, combined with only a slight increase in miles driven, the monthly mileage death rate increased 5% compared to 2023,” the website says. “The mileage death rate per 100 million vehicle miles driven for March 2024 is 1.27, compared to 1.21 in March 2023, 1.34 in March 2022, and 1.33 in March 2021.”

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