Is This Always True Regarding Umbrella Policies?

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retire57
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Is This Always True Regarding Umbrella Policies?

Post by retire57 » Tue Jul 11, 2017 12:08 pm

Must you have your vehicle insurance with one carrier in order to obtain umbrella insurance?

We have our cars with one company and an RV with another. It looks like both must be with the same issuer?

Jack FFR1846
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Re: Is This Always True Regarding Umbrella Policies?

Post by Jack FFR1846 » Tue Jul 11, 2017 12:18 pm

Depends what the Umbrella policy writer requires.

I have had different insurance in the past when I had a boat and snowmobile insured along with the cars. Our independent insurance agent explained that so long as it's all written through the same agency, that's all that matters. The umbrella company wants to be sure that everything is insured and has the proper limits covered.
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Steelersfan
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Re: Is This Always True Regarding Umbrella Policies?

Post by Steelersfan » Tue Jul 11, 2017 12:20 pm

The surest way to get the definitive answer is to ask your two particular companies.

PVW
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Re: Is This Always True Regarding Umbrella Policies?

Post by PVW » Tue Jul 11, 2017 12:30 pm

retire57 wrote:Must you have your vehicle insurance with one carrier in order to obtain umbrella insurance?
No
https://www.rlicorp.com/personal-umbrella-policy

neilpilot
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Re: Is This Always True Regarding Umbrella Policies?

Post by neilpilot » Tue Jul 11, 2017 12:45 pm

Jack FFR1846 wrote:Depends what the Umbrella policy writer requires.

I have had different insurance in the past when I had a boat and snowmobile insured along with the cars. Our independent insurance agent explained that so long as it's all written through the same agency, that's all that matters. The umbrella company wants to be sure that everything is insured and has the proper limits covered.
Well my home&boat is insured through a different company, and not with the same agency, as my auto&umbrella. This does not address the OP's post, but somewhat refutes what your agency apparently told you.

afan
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Re: Is This Always True Regarding Umbrella Policies?

Post by afan » Tue Jul 11, 2017 12:57 pm

Our old umbrella was through a major company that would only issue them if it also had your house and auto. Then we got a deal through work. A different major company that only required proof of the underlying coverage. They would have been delighted to get our home and auto, but their prices were too high. Great rate on the umbrella, though.
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retire57
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Re: Is This Always True Regarding Umbrella Policies?

Post by retire57 » Tue Jul 11, 2017 1:07 pm

Steelersfan wrote:The surest way to get the definitive answer is to ask your two particular companies.
I've done so, thanks. Now I'm asking you all!

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DonCamillo
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Re: Is This Always True Regarding Umbrella Policies?

Post by DonCamillo » Tue Jul 11, 2017 1:10 pm

I had to combine my home, auto and umbrella policies with one company to get the best deal. It was difficult to find a reasonably priced umbrella from a separate company in my area.
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Re: Is This Always True Regarding Umbrella Policies?

Post by czeckers » Tue Jul 11, 2017 1:21 pm

Depends on the company. Some companies want to make sure you have maximum auto insurance before issuing umbrella policy. Amica dropped my umbrella policy when I changed my auto to another insurance carrier.
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runner3081
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Re: Is This Always True Regarding Umbrella Policies?

Post by runner3081 » Tue Jul 11, 2017 1:36 pm

It does depend on the Umbrella company. We currently have two auto insurers under one umbrella. The only stipulation is that the coverage limits matched exactly.

Our insurance looks like this:

Homeowners - Company A
Main Auto - Company A
Second Auto - Company B
Umbrella - Company C

In this situation, with a pool, our Umbrella is $200 for $1M in coverage.

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flamesabers
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Re: Is This Always True Regarding Umbrella Policies?

Post by flamesabers » Tue Jul 11, 2017 2:07 pm

As others have already said, I think it depends on the insurance carrier. Unless you're getting a significant savings by splitting up your insurance carriers, I think it's simplest to have your vehicle and umbrella insurance with just one company. In the event you need to use your insurance, at least you won't have to deal with the delay of claims being processed because your two insurance carriers are arguing who has to pay for what.

ETadvisor
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Re: Is This Always True Regarding Umbrella Policies?

Post by ETadvisor » Tue Jul 11, 2017 2:15 pm

runner3081 wrote:It does depend on the Umbrella company. We currently have two auto insurers under one umbrella. The only stipulation is that the coverage limits matched exactly.

Our insurance looks like this:

Homeowners - Company A
Main Auto - Company A
Second Auto - Company B

Umbrella - Company C

In this situation, with a pool, our Umbrella is $200 for $1M in coverage.
Interesting, I never contemplated splitting the cars with two different carriers. Is main auto commuter work car and other for recreational use?

runner3081
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Re: Is This Always True Regarding Umbrella Policies?

Post by runner3081 » Tue Jul 11, 2017 2:18 pm

ETadvisor wrote:
runner3081 wrote:It does depend on the Umbrella company. We currently have two auto insurers under one umbrella. The only stipulation is that the coverage limits matched exactly.

Our insurance looks like this:

Homeowners - Company A
Main Auto - Company A
Second Auto - Company B

Umbrella - Company C

In this situation, with a pool, our Umbrella is $200 for $1M in coverage.
Interesting, I never contemplated splitting the cars with two different carriers. Is main auto commuter work car and other for recreational use?
Two cars on the standard auto policy are "daily drivers". The 3rd car is on a classic car policy. The savings (and increased coverage) are significant enough to have this convoluted setup.

Ideally, the fun weekend car will be sold in the next year or so and I can consolidate the insurances. The only down side is that the collector car policy only offered a $300K limit, where the standard auto had 250/300K. It cost another $60 per year to have the standard auto policy match the blanket $300k (that will also go away once the car is gone).

retire57
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Re: Is This Always True Regarding Umbrella Policies?

Post by retire57 » Tue Aug 01, 2017 6:43 pm

PVW wrote:
retire57 wrote:Must you have your vehicle insurance with one carrier in order to obtain umbrella insurance?
No
https://www.rlicorp.com/personal-umbrella-policy
Thanks PVW for the suggestion. RLI worked out.

not4me
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Re: Is This Always True Regarding Umbrella Policies?

Post by not4me » Wed Aug 02, 2017 8:50 am

retire57 wrote:
PVW wrote:
retire57 wrote:Must you have your vehicle insurance with one carrier in order to obtain umbrella insurance?
No
https://www.rlicorp.com/personal-umbrella-policy
Thanks PVW for the suggestion. RLI worked out.
This may mean you're through, but I was going to add that you might want to check quotes. My experience has been that you don't have to have them all in one place, but overall your costs will be less if you do. I would imagine though that depends on your prior claims experience. That is, if you've had auto claims in recent past, you may have a different experience than someone who hasn't...

PVW
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Re: Is This Always True Regarding Umbrella Policies?

Post by PVW » Wed Aug 02, 2017 11:33 am

retire57 wrote: Thanks PVW for the suggestion. RLI worked out.
You're welcome.

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