What are you paying for car, home and umbrella insurance?

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tc101
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What are you paying for car, home and umbrella insurance?

Post by tc101 » Tue Nov 19, 2019 10:25 am

What are you paying for car, home and umbrella liability insurance?

I have 2 old cars with only liability insurance, a $300K house, and $2M umbrella liability. I am paying $187/month. Am I paying too much?
. | The most important thing you should know about me is that I am not an expert.

jst
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Re: What are you paying for car, home and umbrella insurance?

Post by jst » Tue Nov 19, 2019 10:27 am

Any physicians on here, if you get your malpractice from CAP, they offer a great, great deal on umbrellas.

Only available to CAP-insured physicians, unfortunately.

Wife is a doc, and we just renewed $10M at $1600/year.

And, to answer your question, that number does seem high to me for liability only. I pay about $1800/year with collision and comprehensive, but without an umbrella in that price.

(Edit - maybe not, if your homeowners is also in there)

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RickBoglehead
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Re: What are you paying for car, home and umbrella insurance?

Post by RickBoglehead » Tue Nov 19, 2019 10:28 am

No one can tell you that. Why? Because insurance is based on a multitude of factors, including where you live, what you own, your insurance score (partly based on credit), what limits you have, what deductibles you have, and WHO you are insuring. Add a early 20s young person, especially male, and your auto insurance will be very high.

Some states also at least partly regulate rates.

To show you how absurd it is to compare, I pay more than twice what you pay for two vehicles, a house, and a $3 million umbrella policy.
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jst
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Re: What are you paying for car, home and umbrella insurance?

Post by jst » Tue Nov 19, 2019 10:47 am

Well, we know she/he's around 70 and lives in Atlanta. That gives a bit of context.

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Fletch
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Re: What are you paying for car, home and umbrella insurance?

Post by Fletch » Tue Nov 19, 2019 11:15 am

tc101 wrote:
Tue Nov 19, 2019 10:25 am
What are you paying for car, home and umbrella liability insurance?

I have 2 old cars with only liability insurance, a $300K house, and $2M umbrella liability. I am paying $187/month. Am I paying too much?
Seems a bit high. Mid-Atlantic area with 2 newer vehicles, a more expensive house and a larger umbrella. Have you checked State Farm? But, as others said, way too many variables go into insurance rates to really say. Get quotes.
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dm200
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Re: What are you paying for car, home and umbrella insurance?

Post by dm200 » Tue Nov 19, 2019 11:17 am

tc101 wrote:
Tue Nov 19, 2019 10:25 am
What are you paying for car, home and umbrella liability insurance?
I have 2 old cars with only liability insurance, a $300K house, and $2M umbrella liability. I am paying $187/month. Am I paying too much?
We live in Arlington, Virginia - just over the Potomac River from Washington DC.

After discounts for having both homeowners insurance and auto insurance - as well as significant discounts for low number or no claims filed.

We pay about $65 per month for auto insurance (two older cars, liability and uninsured motorist only). Each car driven under 7,500 miles per year (the State farm mileage threshold)

Homeowners - insured replacement value of hours is about $275,000 (most of the home value is the lot) - we pay about $475 per year. Our homeowners deductible is 1.00% of the insured replacement value for most aspects of the Homeowners policy. Do not currently have Umbrella policy.

State Farm - We are very, very, very happy that we pay such a modest amount for this insurance coverage.

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Re: What are you paying for car, home and umbrella insurance?

Post by Slacker » Tue Nov 19, 2019 11:35 am

I don't know how relevant my answer is for you:

Raleigh/Durham/Chapel Hill area of North Carolina
2 cars - one is a 2017 and has full coverage ($500 deductible on comprehensive and collision). Liability for both cars provides $250K coverage ($500K max for injury per accident). Uninsured/underinsured coverage also. Windshield coverage also.
300K home (primary residence) - home owners insurance is paid separately
$600K of rental properties (out of state and rental property insurance paid separately)
early 40s couple
$1M umbrella
(home and investment property information listed as I'm sure it affects the umbrella insurance price)

$1615 per year (paid in full, slight discount versus monthly payments).
Amica Insurance company. Switched to them about 3 years ago and was with a different company for almost 13 years prior to that (provides loyalty discounts).
Both have clean driving records, no lawsuits and only a windshield claim in the past 5 years.

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dm200
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Re: What are you paying for car, home and umbrella insurance?

Post by dm200 » Tue Nov 19, 2019 11:38 am

From what I understand, there are very, very large differences in insurance premiums from one area to another - especially from one state to another.

A more reasonable comparison, then, would be folks in your locality.

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Re: What are you paying for car, home and umbrella insurance?

Post by Gill » Tue Nov 19, 2019 12:00 pm

tc101 wrote:
Tue Nov 19, 2019 10:25 am
I am paying $187/month. Am I paying too much?
If you're paying your premiums monthly you're paying too much.
Gill
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tc101
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Re: What are you paying for car, home and umbrella insurance?

Post by tc101 » Tue Nov 19, 2019 12:08 pm

If you're paying your premiums monthly you're paying too much.
Please explain.

And to answer an earlier question, I am a 69 year old single male living near Atlanta with a good driving record. I am with State Farm and have been with them for many years.
. | The most important thing you should know about me is that I am not an expert.

Whatyear?
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Re: What are you paying for car, home and umbrella insurance?

Post by Whatyear? » Tue Nov 19, 2019 12:45 pm

You all should consider yourselves lucky (not to live in Massachusetts, when it comes to insurance).

I have 3 cars (2 are 5 yrs old, one is 2 yrs old), two teen drivers (both girls), a reasonable house (4 BR colonial), $1M of umbrella insurance, and all in, I pay $735 per month. We have excellent credit and very, very few claims under the policies. I might be able to get it down a little bit if I shopped around, but in general this is what it costs where I live!

.

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dm200
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Re: What are you paying for car, home and umbrella insurance?

Post by dm200 » Tue Nov 19, 2019 12:46 pm

Gill wrote:
Tue Nov 19, 2019 12:00 pm
tc101 wrote:
Tue Nov 19, 2019 10:25 am
I am paying $187/month. Am I paying too much?
If you're paying your premiums monthly you're paying too much.
Gill
I assume you mean the added amount to pay monthly vs. semi-annually (twice a year).

We, now, pay auto insurance monthly by automatic electronic withdrawals from our checking account. Doing monthly only adds a very small amount to the total premium. We still pay homeowners once a year.

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Re: What are you paying for car, home and umbrella insurance?

Post by ccf » Tue Nov 19, 2019 1:26 pm

I have a question about umbrella policies - is there any reason why I should not decrease the liability coverage on my home and auto so that it meets (but does not exceed) the required minimum liability limits required by my umbrella?

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Re: What are you paying for car, home and umbrella insurance?

Post by Millennial » Tue Nov 19, 2019 1:28 pm

Whatyear? wrote:
Tue Nov 19, 2019 12:45 pm
You all should consider yourselves lucky (not to live in Massachusetts, when it comes to insurance).

I have 3 cars (2 are 5 yrs old, one is 2 yrs old), two teen drivers (both girls), a reasonable house (4 BR colonial), $1M of umbrella insurance, and all in, I pay $735 per month. We have excellent credit and very, very few claims under the policies. I might be able to get it down a little bit if I shopped around, but in general this is what it costs where I live!

.
I think that's the teen drivers more than the state. I am also in MA w/two cars (2017 and 2019, both paid off), homeowner's on $1.4MM house ($800k rebuild), and $1MM umbrella. All in, we're under $300/mo (though we pay annually).

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Re: What are you paying for car, home and umbrella insurance?

Post by whodidntante » Tue Nov 19, 2019 1:31 pm

Get two quotes from reasonable alternative suppliers. Then you will know if you are paying too much.

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dm200
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Re: What are you paying for car, home and umbrella insurance?

Post by dm200 » Tue Nov 19, 2019 1:40 pm

whodidntante wrote:
Tue Nov 19, 2019 1:31 pm
Get two quotes from reasonable alternative suppliers. Then you will know if you are paying too much.
At the same time, if you have not already done so, fully review all policies to see if you may be either over insured or under insured. For example, on several occasions we have found that the annual, automatic homeowners insurance inflation adjustment to the insured value of our house resulted in our being overinsured. Once we changed that, our premiums went down.

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Re: What are you paying for car, home and umbrella insurance?

Post by runner3081 » Tue Nov 19, 2019 1:41 pm

Again, probably not relevant, but in AZ:

Family of 3, with 2 drivers, 2 cars and a pool.

House and cars all paid off (older cars 2005 and 2012, house built in 1999 w/new roof that reduced rates in 2018).

$150.00 per month for ($1.8K per year)

Auto - 250/500K ($1k ded - Collision & Comp only)
Home - $10k Ded (House Value $325kish)
Umbrella $1m

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Re: What are you paying for car, home and umbrella insurance?

Post by IMO » Thu Nov 21, 2019 12:39 am

tc101 wrote:
Tue Nov 19, 2019 10:25 am
What are you paying for car, home and umbrella liability insurance?

I have 2 old cars with only liability insurance, a $300K house, and $2M umbrella liability. I am paying $187/month. Am I paying too much?
Don't think so based on what we pay.

Thorsbane
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Re: What are you paying for car, home and umbrella insurance?

Post by Thorsbane » Thu Nov 21, 2019 8:38 am

ccf wrote:
Tue Nov 19, 2019 1:26 pm
I have a question about umbrella policies - is there any reason why I should not decrease the liability coverage on my home and auto so that it meets (but does not exceed) the required minimum liability limits required by my umbrella?
Your umbrella policy is priced based on what your underlying coverages are (for auto/home). Decreasing those coverages will increase the cost of your umbrella. If you have an independent agent, they can help you find the best limits to have an overall lower price on the whole package.

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Re: What are you paying for car, home and umbrella insurance?

Post by Thorsbane » Thu Nov 21, 2019 8:40 am

Gill wrote:
Tue Nov 19, 2019 12:00 pm
tc101 wrote:
Tue Nov 19, 2019 10:25 am
I am paying $187/month. Am I paying too much?
If you're paying your premiums monthly you're paying too much.
Gill
This is a presumption on the fees charged for installments. Some insurance companies charge fees per invoice; some only charge based on particular payment methods; and still others don't charge invoice fees at all. Depends on the insurance company and state that you are underwritten.

Nowizard
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Re: What are you paying for car, home and umbrella insurance?

Post by Nowizard » Thu Nov 21, 2019 8:44 am

$2,800 annually for all three, including a 2019 and 2018 vehicle, 1M Umbrella and home insurance on a large home.

Tim

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Re: What are you paying for car, home and umbrella insurance?

Post by head gamez » Thu Nov 21, 2019 8:56 am

I don't know about home or umbrella ( would have to check with CFO), but I do know that I just insured a 99 civic for $259/year. $0 deductible, full comp and liability.

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Re: What are you paying for car, home and umbrella insurance?

Post by BogleMelon » Thu Nov 21, 2019 10:08 am

Thorsbane wrote:
Thu Nov 21, 2019 8:38 am
ccf wrote:
Tue Nov 19, 2019 1:26 pm
I have a question about umbrella policies - is there any reason why I should not decrease the liability coverage on my home and auto so that it meets (but does not exceed) the required minimum liability limits required by my umbrella?
Your umbrella policy is priced based on what your underlying coverages are (for auto/home). Decreasing those coverages will increase the cost of your umbrella. If you have an independent agent, they can help you find the best limits to have an overall lower price on the whole package.
Also you might end up with a gap that would be your responsibility to pay.
Example: You reduce your auto coverage from $500K to $300K. You sued over a claim that is worth $1M. You have $2M umbrella. However, you would be responsible for the $200K since you failed to get the maximum of the Auto insurance before using umbrella.

I think this rule can differ from a company to another, so better to check with your own company, but just keep it in your mind before deciding to reduce your home or auto liability coverage
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

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Re: What are you paying for car, home and umbrella insurance?

Post by jlawrence01 » Thu Nov 21, 2019 11:39 am

tc101 wrote:
Tue Nov 19, 2019 10:25 am
What are you paying for car, home and umbrella liability insurance?

I have 2 old cars with only liability insurance, a $300K house, and $2M umbrella liability. I am paying $187/month. Am I paying too much?
This is the wrong way to do i. The chances that any one of us is in the same zip code that you are is minimal.

The best way to do this is to go to an independent agent who represents 10+ insurers and request a bid for your entire business. Make sure that the coverages are very comparable. Within a day or two, you will have several options to choose from.

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dm200
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Re: What are you paying for car, home and umbrella insurance?

Post by dm200 » Thu Nov 21, 2019 11:54 am

The best way to do this is to go to an independent agent who represents 10+ insurers and request a bid for your entire business. Make sure that the coverages are very comparable. Within a day or two, you will have several options to choose from.
State Farm is only issued by dedicated State Farm agents - and, as posted above, our costs/premiums are very low.

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Re: What are you paying for car, home and umbrella insurance?

Post by smitcat » Thu Nov 21, 2019 6:18 pm

dm200 wrote:
Thu Nov 21, 2019 11:54 am
The best way to do this is to go to an independent agent who represents 10+ insurers and request a bid for your entire business. Make sure that the coverages are very comparable. Within a day or two, you will have several options to choose from.
State Farm is only issued by dedicated State Farm agents - and, as posted above, our costs/premiums are very low.
"as posted above, our costs/premiums are very low."
As posted in the past we would not be comfortable with your coverages.
Coverage amounts feed the premiums.

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Re: What are you paying for car, home and umbrella insurance?

Post by Thesaints » Thu Nov 21, 2019 7:16 pm

About 2.3k. 1M umbrella, home, cars w/o collision, since they are however irreplaceable.
Farmers. I pay about as much for CEA alone.

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Re: What are you paying for car, home and umbrella insurance?

Post by Triple digit golfer » Thu Nov 21, 2019 7:29 pm

$380k house in Chicago metro area. 2 drivers, cars worth $8-10k each, full coverage. $1 million umbrella policy.

Homeowners: $757 annual
Auto: $380 every six months
Umbrella: $220 annual

Total $1,737 annual or $145 monthly

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dm200
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Re: What are you paying for car, home and umbrella insurance?

Post by dm200 » Fri Nov 22, 2019 9:53 am

smitcat wrote:
Thu Nov 21, 2019 6:18 pm
dm200 wrote:
Thu Nov 21, 2019 11:54 am
The best way to do this is to go to an independent agent who represents 10+ insurers and request a bid for your entire business. Make sure that the coverages are very comparable. Within a day or two, you will have several options to choose from.
State Farm is only issued by dedicated State Farm agents - and, as posted above, our costs/premiums are very low.
"as posted above, our costs/premiums are very low."
As posted in the past we would not be comfortable with your coverages.
Coverage amounts feed the premiums.
What do you find "uncomfortable" about my "coverages"? What changes would you suggest?
- We do not have Umbrella policy now because we are older, have very low assets, lower income and (we believe) low risks
- Full coverage homeowners on the full replacement value of our house - with 1.00% of insured value deductible.
- Two older cars - liability coverage only at well above the minimums required

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Re: What are you paying for car, home and umbrella insurance?

Post by smitcat » Fri Nov 22, 2019 10:04 am

dm200 wrote:
Fri Nov 22, 2019 9:53 am
smitcat wrote:
Thu Nov 21, 2019 6:18 pm
dm200 wrote:
Thu Nov 21, 2019 11:54 am
The best way to do this is to go to an independent agent who represents 10+ insurers and request a bid for your entire business. Make sure that the coverages are very comparable. Within a day or two, you will have several options to choose from.
State Farm is only issued by dedicated State Farm agents - and, as posted above, our costs/premiums are very low.
"as posted above, our costs/premiums are very low."
As posted in the past we would not be comfortable with your coverages.
Coverage amounts feed the premiums.
What do you find "uncomfortable" about my "coverages"? What changes would you suggest?
- We do not have Umbrella policy now because we are older, have very low assets, lower income and (we believe) low risks
- Full coverage homeowners on the full replacement value of our house - with 1.00% of insured value deductible.
- Two older cars - liability coverage only at well above the minimums required
I have mentioned before that I do not believe your home insurance will cover the removal, remediation and replacement of your home based upon some of the data that you provided.
As far as insurance goes it only matters that you have what you want to have and that is fine.
You could choose to have no home insurance and maybe have no cars and no umbrella as well - that can work for some.
Not carrying insurance or carrying lower coverages does not help answer the OP's question though.

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DiscoBunny1979
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Re: What are you paying for car, home and umbrella insurance?

Post by DiscoBunny1979 » Fri Nov 22, 2019 10:06 am

I suppose the OP is asking for a comparison in pricing . . . but since I live in CA my approximate expenses:

car insurance: one SUV 114,000 miles 15 years old: $1100.00
Home Insurance: $300K $1600.00
Home Insurance (earthquake): $700.00
no umbrella liability (yet)

Total per year: $3400 or $283 per month

Note: I don't combine car insurance with Home Insurance because in California some insurance companies will not cover Dog Bites and I have owned Akitas, which are on do not insure lists (exclusions). Therefore, I sometimes can not get insurance with the same company and my rates could be higher because of it.

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dm200
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Re: What are you paying for car, home and umbrella insurance?

Post by dm200 » Fri Nov 22, 2019 10:11 am

DiscoBunny1979 wrote:
Fri Nov 22, 2019 10:06 am
I suppose the OP is asking for a comparison in pricing . . . but since I live in CA my approximate expenses:
car insurance: one SUV 114,000 miles 15 years old: $1100.00
Home Insurance: $300K $1600.00
Home Insurance (earthquake): $700.00
no umbrella liability (yet)
Total per year: $3400 or $283 per month
Note: I don't combine car insurance with Home Insurance because in California some insurance companies will not cover Dog Bites and I have owned Akitas, which are on do not insure lists (exclusions). Therefore, I sometimes can not get insurance with the same company and my rates could be higher because of it.
Interesting! Yes - for just about all dog owners, that can be a risk. Not a dog owner, though - I would love a dog - but my wife has a serious character flaw - she does not like dogs!

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Re: What are you paying for car, home and umbrella insurance?

Post by jlawrence01 » Fri Nov 22, 2019 7:20 pm

dm200 wrote:
Thu Nov 21, 2019 11:54 am
The best way to do this is to go to an independent agent who represents 10+ insurers and request a bid for your entire business. Make sure that the coverages are very comparable. Within a day or two, you will have several options to choose from.
State Farm is only issued by dedicated State Farm agents - and, as posted above, our costs/premiums are very low.

We have never found State Farm to be competitive, at least over the past thirty years. Furthermore, when we did use them in the early 1990's, we received very poor service from their claims department when our home was burglarized when we were on vacation. To add insult to injury, they notified us ha they would not renew our insurance NINE days before the end of the policy two days before Christmas.

And if you are going to quote me, please include the attribution.

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GMCZ71
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Re: What are you paying for car, home and umbrella insurance?

Post by GMCZ71 » Sat Nov 23, 2019 9:18 am

Oregon -- Amica
primary house $400k
rental $200k
cars 2010 +2014
umbrella 1 mil
$250 month or $3k yr
but get $338 refund so
$225 month or $2700 yr
John

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Re: What are you paying for car, home and umbrella insurance?

Post by zlandar » Sat Nov 23, 2019 9:30 am

tc101 wrote:
Tue Nov 19, 2019 10:25 am
What are you paying for car, home and umbrella liability insurance?

I have 2 old cars with only liability insurance, a $300K house, and $2M umbrella liability. I am paying $187/month. Am I paying too much?
Need to know what your home deductible is.

I live in metro ATL and have two newer cars (2016 RDX, 2019 Odyssey) with $250k/500k liability/comprehensive ($2500 deductible)/uninsured motor, a $600k house (insured $800k w/$10k deductible), and $2 million umbrella.

I pay $403/month with Amica. That doesn't include the annual dividend. It was ~$450 back in 2019.

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dwickenh
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Re: What are you paying for car, home and umbrella insurance?

Post by dwickenh » Sat Nov 23, 2019 10:02 am

One 2019 Highlander, 300K house Replacement Cost, paying 86.00 per month with 1000 ded on vehicle and 1% ded on the house. No umbrella at this time.
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