Umbrella Insurance options

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peace_isnt_money
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Umbrella Insurance options

Post by peace_isnt_money » Mon May 29, 2017 10:38 pm

Request suggestions for fair quotes on umbrella insurance of $1M or more.
We are both engineers with decent income and assets.
Our current insurance vendor says we don't qualify because one of us has a number of traffic tickets (about 3 over 4-5 years).

Thanks in advance for any suggestions.

Peace.

2015
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Re: Umbrella Insurance options

Post by 2015 » Tue May 30, 2017 10:44 am

Have you tried going through an insurance broker? That's how I first found my umbrella/homeowners insurance company years ago. Supposedly, my broker has the ability to shop for insurance far more extensively than I could. I doubted this after recent increases, and attempted to shop on my own a couple years ago, but was unable to find anything cheaper so stayed with this broker and current insurance vendor.

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Steelersfan
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Re: Umbrella Insurance options

Post by Steelersfan » Tue May 30, 2017 1:08 pm

When I decided to get umbrella insurance I went to the two companies I dealt with, one for home and the other for auto. I got quotes from both and picked the one who was a little cheaper.

You'll probably want to, maybe have to, use the same company for your auto and/or home insurance. At least you'll get a multi-policy break on the price.

s0me0nesmind1
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Re: Umbrella Insurance options

Post by s0me0nesmind1 » Tue May 30, 2017 1:18 pm

Steelersfan wrote:When I decided to get umbrella insurance I went to the two companies I dealt with, one for home and the other for auto. I got quotes from both and picked the one who was a little cheaper.

You'll probably want to, maybe have to, use the same company for your auto and/or home insurance. At least you'll get a multi-policy break on the price.
If you don't mind me asking - how much exactly would one expect to pay for a $1M or $2M umbrella in general?

wolf359
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Re: Umbrella Insurance options

Post by wolf359 » Tue May 30, 2017 1:27 pm

s0me0nesmind1 wrote:
Steelersfan wrote:When I decided to get umbrella insurance I went to the two companies I dealt with, one for home and the other for auto. I got quotes from both and picked the one who was a little cheaper.

You'll probably want to, maybe have to, use the same company for your auto and/or home insurance. At least you'll get a multi-policy break on the price.
If you don't mind me asking - how much exactly would one expect to pay for a $1M or $2M umbrella in general?
There's a previous thread where somebody asked what people were paying. The answers were all over the map. It seems to vary depending upon your individual circumstances combined with where you live. You will probably be required to boost your homeowners and auto policies as well.

After buying a policy, I ran into the advice of increasing the deductible as high as they'll let you. This will let you buy an even bigger policy. The idea is that if you lose a personal liability case, you'll be willing to pay $20,000 if it got you a bigger coverage amount. On the other hand, if you get a personal liability case, the insurance company will pay for your defense, and if you win, there's no deductible (because there's no damages.)

It makes sense to me, but I haven't tried adjusting my deductible. (Maybe I'll try it at renewal time next year.)

ponyboy
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Re: Umbrella Insurance options

Post by ponyboy » Tue May 30, 2017 2:27 pm

I just purchased a 1,000,000 umbrella policy through geico (same as auto and homeowners.) Total came to $130/year.

passivestream
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Re: Umbrella Insurance options

Post by passivestream » Tue May 30, 2017 2:32 pm

Umbrella premiums are calculated by charging a base rate (determined by the insurance company) and then additional premium charges for higher exposures - Additional Vehicles, Other Properties, Youthful Drivers, Rental Houses, etc.

If your agent is telling you that you are declined because of your driving record then get a quote from an independent insurance agent who can access multiple companies.

I would say an average $1million umbrella would be in the $250 range, $2million, $400 and under. Just Rough estimates.

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flamesabers
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Re: Umbrella Insurance options

Post by flamesabers » Tue May 30, 2017 2:40 pm

Steelersfan wrote:You'll probably want to, maybe have to, use the same company for your auto and/or home insurance. At least you'll get a multi-policy break on the price.
Based on what I've read in other umbrella threads on this forum, I think insurance companies want to provide your auto/home insurance along with your umbrella insurance. I think this is especially true for insurance companies that require you to have a certain amount of liability coverage on your auto/home insurance in order to be eligible for umbrella insurance.
ponyboy wrote:I just purchased a 1,000,000 umbrella policy through geico (same as auto and homeowners.) Total came to $130/year.
Earlier this year I bought a $2 million umbrella policy with USAA for about $162 a year.

Naismith
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Re: Umbrella Insurance options

Post by Naismith » Tue May 30, 2017 2:44 pm

We just switched our auto, leaving homeowners with the previous company. Lost the multi-line discount but still saved $1000 per year. The agent said that the umbrella always follows the car insurance, since that is where the most claims are. In other words, we needed to get the umbrella from the new auto insurance company.

So that is where the OP should probably focus...

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Earl Lemongrab
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Re: Umbrella Insurance options

Post by Earl Lemongrab » Tue May 30, 2017 3:32 pm

peace_isnt_money wrote:Request suggestions for fair quotes on umbrella insurance of $1M or more.
We are both engineers with decent income and assets.
Our current insurance vendor says we don't qualify because one of us has a number of traffic tickets (about 3 over 4-5 years).
Nothing you can do now, but this is an example of why it can be worth the money to get an attorney to plea-bargain traffic tickets. It's easier to plead guilty and pay, but you can pay and pay for those.
This week's fortune cookie: "The stock market may be your ticket to success." I sure hope so!

vtMaps
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Re: Umbrella Insurance options

Post by vtMaps » Tue May 30, 2017 3:37 pm

We have home, autos, and umbrella with state farm. $2 million umbrella is $217 per year.

A couple of months ago I got a quote on auto insurance and umbrella from geico. Their auto insurance was half what we are paying now, but their umbrella was over $500 per year, and they don't offer home owner's insurance. We stayed with state farm.

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

RAchip
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Re: Umbrella Insurance options

Post by RAchip » Tue May 30, 2017 6:09 pm

I had a similar situation due to kids with traffic tickets. State Farm refused to renew my umbrella. I used an insurance broker. They get get you coverage on the non-standard market. What you pay depends on your particular situation. I have 9 cars, 3 boats, 2 jet skis, 7 houses and 6 kids so I pay a lot for a $10mm umbrella.

IowaFarmBoy
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Re: Umbrella Insurance options

Post by IowaFarmBoy » Tue May 30, 2017 6:21 pm

wolf359 wrote:
s0me0nesmind1 wrote:
Steelersfan wrote: After buying a policy, I ran into the advice of increasing the deductible as high as they'll let you. This will let you buy an even bigger policy. The idea is that if you lose a personal liability case, you'll be willing to pay $20,000 if it got you a bigger coverage amount. On the other hand, if you get a personal liability case, the insurance company will pay for your defense, and if you win, there's no deductible (because there's no damages.)

It makes sense to me, but I haven't tried adjusting my deductible. (Maybe I'll try it at renewal time next year.)
I'd be curious if this works. Generally, liability policies ( like bodily injury, property damage and liability umbrellas) don't have deductibles and I've never been offered a deductible choice for these coverages. Liability umbrellas don't pay out until the underlying policy limits are exceeded and it would seem strange to have a gap in the middle of the payout. For example, if your auto policy has a $250k BI limit but the settlement is $1 million, the first $250k would come from your auto policy and the remainder would come from your umbrella. Inserting a deductible in the middle of this doesn't make a lot of sense to me. And as you said, assuming all your policies are with the same company, they are going to be legally defending you from the first dollar anyway.

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Steelersfan
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Re: Umbrella Insurance options

Post by Steelersfan » Tue May 30, 2017 8:21 pm

s0me0nesmind1 wrote:
Steelersfan wrote:When I decided to get umbrella insurance I went to the two companies I dealt with, one for home and the other for auto. I got quotes from both and picked the one who was a little cheaper.

You'll probably want to, maybe have to, use the same company for your auto and/or home insurance. At least you'll get a multi-policy break on the price.
If you don't mind me asking - how much exactly would one expect to pay for a $1M or $2M umbrella in general?
I'm paying about $200 a year for a $1,00,000 policy, on top of my home owner and auto policies. That seems about average.

GerryL
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Re: Umbrella Insurance options

Post by GerryL » Tue May 30, 2017 8:41 pm

A few years back I switched my auto insurance from Farmers to USAA because the premiums kept going up and up. (No accidents.) I opted to keep my home insurance with Farmers because I am grandfathered in to earthquake insurance. Switching home to USAA would mean having to get earthquake insurance through a 3rd party and the cost would more than wipe out any savings in having both policies with the same company.

From what I understand, it is unlikely that either company will sell me an umbrella policy because I'm only buying one of the two (auto, home) from them. At least that is what I took away from the conversation. Has anyone in my situation managed to get an umbrella policy?

vtMaps
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Re: Umbrella Insurance options

Post by vtMaps » Wed May 31, 2017 3:21 am

GerryL wrote: From what I understand, it is unlikely that either company will sell me an umbrella policy because I'm only buying one of the two (auto, home) from them. At least that is what I took away from the conversation. Has anyone in my situation managed to get an umbrella policy?
I didn't, but could have.

When I got an automobile quote from geico, they also gave me an umbrella quote, even though I had my homeowner's elsewhere (geico doesn't sell homeowner's insurance). I wanted home, auto, umbrella to be with the same company, so I did not go with the geico quote.

--vtMaps
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SurfCityBill
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Re: Umbrella Insurance options

Post by SurfCityBill » Wed May 31, 2017 11:31 am

So in line with this whole discussion....I'm currently carrying high liability limits on auto insurance due to two teenage drivers. Since umbrella policy kicks in after auto insurance limits would it make sense to drop current auto liability to lowest legal level to reduce cost of policy and let the new umbrella policy then cover any additional?

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flamesabers
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Re: Umbrella Insurance options

Post by flamesabers » Wed May 31, 2017 11:38 am

SurfCityBill wrote:So in line with this whole discussion....I'm currently carrying high liability limits on auto insurance due to two teenage drivers. Since umbrella policy kicks in after auto insurance limits would it make sense to drop current auto liability to lowest legal level to reduce cost of policy and let the new umbrella policy then cover any additional?
Before you get umbrella insurance, insurers typically require you to have a certain level of liability coverage on your home/auto policies. It's not in the insurers' best interest to sell you umbrella insurance when you have bare-bones liability coverage for your auto.
Last edited by flamesabers on Wed May 31, 2017 11:40 am, edited 1 time in total.

vtMaps
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Re: Umbrella Insurance options

Post by vtMaps » Wed May 31, 2017 11:39 am

SurfCityBill wrote:So in line with this whole discussion....I'm currently carrying high liability limits on auto insurance due to two teenage drivers. Since umbrella policy kicks in after auto insurance limits would it make sense to drop current auto liability to lowest legal level to reduce cost of policy and let the new umbrella policy then cover any additional?
Most umbrella policies require that the underlying auto policy be greater than the legal minimum.

--vtMaps
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SurfCityBill
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Re: Umbrella Insurance options

Post by SurfCityBill » Wed May 31, 2017 12:41 pm

Thanks for addressing the required liability limits on auto. Thought I'd see what Geico's umbrella rates are and came in much higher than prices I'm seeing in these posts.....
$1,000,000 $648
$2,000,000 $1,069
$3,000,000 $1,555
$4,000,000 $2,070
:confused

523HRR
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Re: Umbrella Insurance options

Post by 523HRR » Wed May 31, 2017 12:57 pm

I am currently paying $453 per year for $5 million umbrella liability coverage with Electric Insurance. Discounts for GE employees, but not a requirement.

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Re: Umbrella Insurance options

Post by neilpilot » Wed May 31, 2017 1:02 pm

SurfCityBill wrote:Thanks for addressing the required liability limits on auto. Thought I'd see what Geico's umbrella rates are and came in much higher than prices I'm seeing in these posts.....
$1,000,000 $648
$2,000,000 $1,069
$3,000,000 $1,555
$4,000,000 $2,070
:confused
Your figures are meaningless, except for someone who has exactly the same risk profile and residential location as you do. I've had GEICO umbrella policy for a couple of years, and currently pay $272 for $2MM coverage. A bit less than your $1069 above, and just as meaningful a number.

jbmitt
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Re: Umbrella Insurance options

Post by jbmitt » Wed May 31, 2017 1:06 pm

Umbrella pricing depends a lot on the number of drivers, vehicles, residences that it covers. The more opportunities for liability exposures, the higher the premium.

Shop it around. I suggest the same for your home and auto as well.

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SurfCityBill
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Re: Umbrella Insurance options

Post by SurfCityBill » Fri Jun 02, 2017 3:32 pm

neilpilot wrote:
SurfCityBill wrote:Thanks for addressing the required liability limits on auto. Thought I'd see what Geico's umbrella rates are and came in much higher than prices I'm seeing in these posts.....
$1,000,000 $648
$2,000,000 $1,069
$3,000,000 $1,555
$4,000,000 $2,070
:confused
Your figures are meaningless, except for someone who has exactly the same risk profile and residential location as you do. I've had GEICO umbrella policy for a couple of years, and currently pay $272 for $2MM coverage. A bit less than your $1069 above, and just as meaningful a number.
My figures were not meant to be any more meaningful or meaningless than any other figures posted including yours. They were posted simply to share a range of values posters have experienced. Not trying to sell you insurance neilpilot.

ragabnh
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Re: Umbrella Insurance options

Post by ragabnh » Fri Jun 02, 2017 8:42 pm

Two houses here one is rental, two cars and a Harley with AAA. 2 million umbrella cost is about $360 per year.

There is a requirement for minimum liability on houses and autos before you can buy umbrella. And it is multiples of state minimum.

ncbill
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Re: Umbrella Insurance options

Post by ncbill » Fri Jun 02, 2017 9:09 pm

travelers required me to increase auto/home coverage to $500K/$500K before they'd sell me an umbrella policy (currently $2 million)

& they just upped it to $500 (1 teenage driver)

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SurfCityBill
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Re: Umbrella Insurance options

Post by SurfCityBill » Fri Jun 16, 2017 11:13 am

Thanks for addressing the required liability limits on auto. Thought I'd see what Geico's umbrella rates are and came in much higher than prices I'm seeing in these posts.....
$1,000,000 $648
$2,000,000 $1,069
$3,000,000 $1,555
$4,000,000 $2,070
For my quote (your circumstances will be different) here's how Geico determined my premium for the $1,000,000 policy ;
Car 1 $75
Car 2 $75
Car 3 $75
Car 4 $75
Primary Residence $75
2 "Youthful Operators" $273

Total $648

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ClevrChico
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Re: Umbrella Insurance options

Post by ClevrChico » Fri Jun 16, 2017 8:23 pm

I go through an agent/broker who is far cheaper than the online/direct insurance companies. Every few years the broker switches companies. I've tried to beat the prices, but I can't.

I would have thought online/direct would be cheaper, but no.

Swimmer
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Re: Umbrella Insurance options

Post by Swimmer » Sun Jun 18, 2017 7:41 am

GerryL wrote:A few years back I switched my auto insurance from Farmers to USAA because the premiums kept going up and up. (No accidents.) I opted to keep my home insurance with Farmers because I am grandfathered in to earthquake insurance. Switching home to USAA would mean having to get earthquake insurance through a 3rd party and the cost would more than wipe out any savings in having both policies with the same company.

From what I understand, it is unlikely that either company will sell me an umbrella policy because I'm only buying one of the two (auto, home) from them. At least that is what I took away from the conversation. Has anyone in my situation managed to get an umbrella policy?

Yes. We have a $2 million umbrella from State Farm. It covers our Fl home in addition to our PA Condo, vehicle and golf cart.
All are insured by State Farm EXCEPT the FL home. When the umbrella policy is renewed each year, the other insurance company faxes the endorsement page for the FL house to State Farm. We've been doing this six years. The umbrella costs about $500.

Swimmer
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Re: Umbrella Insurance options

Post by Swimmer » Sun Jun 18, 2017 7:42 am

I should have added that we live in Florida.

Traveler
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Re: Umbrella Insurance options

Post by Traveler » Sun Jun 18, 2017 11:30 am

I just got a quote for an umbrella policy. There is typically a minimum amount of auto coverage you must have before they'll underwrite an umbrella policy (the company who quoted me said it is 100/300). I have an at-fault auto accident within the last five years so Geico wouldn't quote me, but referred me to a "partner" company for a quote. $1M policy is $220/year, $2M is $400/yr. I am single, no kids, live in a condo townhouse and own one car that nobody else drives.

boglephreak
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Re: Umbrella Insurance options

Post by boglephreak » Sun Jun 18, 2017 11:58 am

geico gave me a discount because i have car insurance with them. the umbrella policy was basically free for the first $1M. i would check with your current auto insurance company for a discount.

bayview
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Re: Umbrella Insurance options

Post by bayview » Sun Jun 18, 2017 2:23 pm

SurfCityBill wrote:Thanks for addressing the required liability limits on auto. Thought I'd see what Geico's umbrella rates are and came in much higher than prices I'm seeing in these posts.....
$1,000,000 $648
$2,000,000 $1,069
$3,000,000 $1,555
$4,000,000 $2,070
:confused
I'm guessing it's the Southern California part, if what you have over on the right -->
is still correct.
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Re: Umbrella Insurance options

Post by abuss368 » Sun Jun 18, 2017 3:04 pm

I would look at contacting an insurance broker.
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