Umbrella insurance - again

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Theseus
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Umbrella insurance - again

Post by Theseus »

I know this has been asked before. But wanted to see if this quote makes sense from All State.

$1 million for $338
$2 million for $592

Does this sound reasonable quote? I am inclined to take $2 million.
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SmileyFace
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Re: Umbrella insurance - again

Post by SmileyFace »

The numbers look reasonable to me. I pay about $450 for $1 million but I get dinged on extra cars, dogs, young drivers, and a pool.

Interestingly enough a few years ago I went through the process of getting my home-owners+Umbrella requoted. The home-owners varied greatly (+/- 40% from high to low) but the Umbrella across nearly all quotes stayed the same (and the ones that were lower may have missed one of the items that drove the cost up). I got some direct quotes I got and comparisons from 3 different agents. When I asked one of the agents why this was he explained that nearly all insurance companies use reinsurance agents for their Umbrella and there are only 2 of them they all go to.
BuckyBadger
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Re: Umbrella insurance - again

Post by BuckyBadger »

We have $2mil at Amica for $532, so that doesn't seem too far off. Could depend on underlying overages and bundled policies and whatnot.
Sconie
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Re: Umbrella insurance - again

Post by Sconie »

$1MM from Geico for $208.
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Chip
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Re: Umbrella insurance - again

Post by Chip »

I'm not sure that much you get here will be useful, as your personal liability exposure matters a great deal, as well as the liability "climate" in your state and locality. I suggest getting multiple quotes to get a better read on things. Or, if you're willing, post more information about your exposures and where you live. Maybe someone from your area will respond.

But for another data point I have 4M of coverage for about the cost of the 1M quote that you have. But we have very low liability exposure and it seems that coverage is generally pretty cheap in my area (just my personal observation, no specific data).
Oilcans
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Re: Umbrella insurance - again

Post by Oilcans »

For what it's worth: I pay $571.15 per year for $5 mil. Allstate also.
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Theseus
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Re: Umbrella insurance - again

Post by Theseus »

Chip wrote: Wed Aug 22, 2018 3:01 pm I'm not sure that much you get here will be useful, as your personal liability exposure matters a great deal, as well as the liability "climate" in your state and locality. I suggest getting multiple quotes to get a better read on things. Or, if you're willing, post more information about your exposures and where you live. Maybe someone from your area will respond.

But for another data point I have 4M of coverage for about the cost of the 1M quote that you have. But we have very low liability exposure and it seems that coverage is generally pretty cheap in my area (just my personal observation, no specific data).
This makes sense. I was wondering how they set the rates and why they vary from people to people. Obviously they gotta do risk analysis. Should have known. :oops:
MedSaver
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Re: Umbrella insurance - again

Post by MedSaver »

$440 for $3MM. We are very low risk though.
lightfighter214
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Re: Umbrella insurance - again

Post by lightfighter214 »

Wife and I got 2 million through AAA for 220.
JeepDaze
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Re: Umbrella insurance - again

Post by JeepDaze »

Theseus wrote: Wed Aug 22, 2018 11:02 am I know this has been asked before. But wanted to see if this quote makes sense from All State.

$1 million for $338
$2 million for $592

Does this sound reasonable quote? I am inclined to take $2 million.
$5M from Geico for $580/year. But I'm single with no kids.
Rhadamanthus
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Re: Umbrella insurance - again

Post by Rhadamanthus »

Theseus wrote: Wed Aug 22, 2018 11:02 am I know this has been asked before. But wanted to see if this quote makes sense from All State.

$1 million for $338
$2 million for $592

Does this sound reasonable quote? I am inclined to take $2 million.
I'm paying about $180 for $1 million at Allstate, so more than double seems strange depending on how our risk factors may differ.
krafty81
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Re: Umbrella insurance - again

Post by krafty81 »

$208 per year for 1M from USAA
MikeG62
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Re: Umbrella insurance - again

Post by MikeG62 »

Oilcans wrote: Wed Aug 22, 2018 3:46 pm For what it's worth: I pay $571.15 per year for $5 mil. Allstate also.
JeepDaze wrote: Wed Aug 22, 2018 8:24 pm
$5M from Geico for $580/year. But I'm single with no kids.
Wow, I pay $1,250 for $5 million through CNA. :shock:

Maybe time to call Geico and get a quote?

Edit, just checked and Geico requires auto or motorcycle insurance to get their umbrella. Oh well.
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JW-Retired
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Re: Umbrella insurance - again

Post by JW-Retired »

JeepDaze wrote: Wed Aug 22, 2018 8:24 pm
$5M from Geico for $580/year. But I'm single with no kids.
$5M from Travelers for $560/year. Married and retired. Kids are long gone.

A lot of very highly paid people are out on the freeways around here, so I think I'm getting a bargain.
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queso
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Re: Umbrella insurance - again

Post by queso »

MikeG62 wrote: Thu Aug 23, 2018 7:02 am
Oilcans wrote: Wed Aug 22, 2018 3:46 pm For what it's worth: I pay $571.15 per year for $5 mil. Allstate also.
JeepDaze wrote: Wed Aug 22, 2018 8:24 pm
$5M from Geico for $580/year. But I'm single with no kids.
Wow, I pay $1,250 for $5 million through CNA. :shock:

Maybe time to call Geico and get a quote?

Edit, just checked and Geico requires auto or motorcycle insurance to get their umbrella. Oh well.
I have $4MM with AllState for $526. I do have other policies with them so it may be the same deal as Geico, but you could look into it as another option.
10.06am
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Re: Umbrella insurance - again

Post by 10.06am »

What state? Rural or Urban area?
miles monroe
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Re: Umbrella insurance - again

Post by miles monroe »

i pay about $200 for 1 million.

if you have kids that are of driving age -- i don't -- your premiuns will be higher.
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willthrill81
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Re: Umbrella insurance - again

Post by willthrill81 »

Theseus wrote: Wed Aug 22, 2018 11:02 am I know this has been asked before. But wanted to see if this quote makes sense from All State.

$1 million for $338
$2 million for $592

Does this sound reasonable quote? I am inclined to take $2 million.
$338 is exactly what we pay for $1 million of coverage.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
bltn
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Re: Umbrella insurance - again

Post by bltn »

I just checked. We pay $707 for $4 million with State Farm. I ll have talk to my agent about the coverages. Couldn't t find that information at my online account. Hopefully that includes the vacation house .
montanagirl
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Re: Umbrella insurance - again

Post by montanagirl »

Sounds close to what I was quoted at State Farm.

Can you get umbrella insurance from an insurer other than the one insuring your houses and cars? I assumed it all went together.
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willthrill81
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Re: Umbrella insurance - again

Post by willthrill81 »

montanagirl wrote: Thu Aug 23, 2018 9:51 amCan you get umbrella insurance from an insurer other than the one insuring your houses and cars? I assumed it all went together.
I've heard that it's possible but a royal pain. Generally, you can't get umbrella unless you already have certain relatively high amounts of coverage on both your home and/or vehicle(s).
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
student
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Re: Umbrella insurance - again

Post by student »

2 millions, under $250 from AAA.
CedarWaxWing
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Re: Umbrella insurance - again

Post by CedarWaxWing »

JW-Retired wrote: Thu Aug 23, 2018 7:14 am
JeepDaze wrote: Wed Aug 22, 2018 8:24 pm
$5M from Geico for $580/year. But I'm single with no kids.
$5M from Travelers for $560/year. Married and retired. Kids are long gone.

A lot of very highly paid people are out on the freeways around here, so I think I'm getting a bargain.
JW
Numbers like this are more meaningful if it is known if you own a home, or any other real estate including rentals, how many cars are covered, etc.
Any real estate, cars, motorcycles, boats... all change the cost of umbrella policies.
JW-Retired
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Re: Umbrella insurance - again

Post by JW-Retired »

CedarWaxWing wrote: Thu Aug 23, 2018 12:52 pm
JW-Retired wrote: Thu Aug 23, 2018 7:14 am
JeepDaze wrote: Wed Aug 22, 2018 8:24 pm
$5M from Geico for $580/year. But I'm single with no kids.
$5M from Travelers for $560/year. Married and retired. Kids are long gone.

A lot of very highly paid people are out on the freeways around here, so I think I'm getting a bargain.
JW
Numbers like this are more meaningful if it is known if you own a home, or any other real estate including rentals, how many cars are covered, etc.
Any real estate, cars, motorcycles, boats... all change the cost of umbrella policies.
OK, in my case 2 cars & 2 houses only for owner use. No motorcycles/boats/motor homes/planes or anything else like that.
JW
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bac573
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Re: Umbrella insurance - again

Post by bac573 »

We pay $207.42 for $1M with Allstate.

Dallas, TX area.
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Call_Me_Op
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Re: Umbrella insurance - again

Post by Call_Me_Op »

I would caution folks who are comparing what they pay that it not only depends upon whether you have dogs, teen drivers, pools, etc - but is also very dependent upon where you live.
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tumbleweedsusan
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Re: Umbrella insurance - again

Post by tumbleweedsusan »

There are so many factors that affect your premium costs, including factors you may not have thought of such as your occupation and even volunteer activities.

Your quote seems reasonable.
We pay $871 for $1 mill - Progressive, and we save on our auto by bundling. We got so many quotes directly and through agents. It is very expensive, but the cheapest we could find for now with our current (temporary) circumstances.
We were with Geico, and were paying $518 for $2.3 mill.

More importantly is that you get covered. We live in a litigious society - do not delay.
I was sued for $10 million once. He lost. But don't take a chance. Umbrella insurance is non-negotiable to me. I would no sooner walk out of the house with no clothes on than to walk out of the house with no umbrella insurance.
vtjon
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Post by vtjon »

I pay $155 for $1M in VA.
Nowizard
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Re: Umbrella insurance - again

Post by Nowizard »

$1M with State Farm for $154. We also have home and two automobiles with the company.

Tim
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Re: Umbrella insurance - again

Post by suemarkp »

Also run the numbers by changing the coverages on your other policies (auto, home). I changed from State Farm to Farmers because I got more coverage for the same $. After I fired State Farm, I found out I could have been paying less money overall if I had higher than the required umbrella minimum coverages on the cars. Yes, the car cost went up, but the umbrella came down more. That was part of why I fired them -- they weren't reworking my numbers to see if I could get equal or better coverage by rejiggering coverage thresholds.
Mark | Somewhere in WA State
rantk81
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Re: Umbrella insurance - again

Post by rantk81 »

I signed up for am 2M policy that my Allstate agent provided via 3rd party due to the fact that I did not own a car and did not have auto coverage. It was about $450 for that coverage.

When I got the packet from the 3rd party, the HUUUUUUUUUGE list of exclusions made me decide to not take the policy. I couldn’t think of a realistic situation where that insurance would cover me, after reading the 6 or so pages of exclusions and disclaimers.

For now, I just have the maximum Allstate will offer on my homeowners policy, 1M.
harmoniousmonk
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Post by harmoniousmonk »

5 million for 373$ from Travelers

Single renter in SC
marcopolo
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Re: Umbrella insurance - again

Post by marcopolo »

We are paying A LOT more that the numbers most people are throwing out here.

Most likely it s due to having two teenage sons that are driving.

I am also wondering what people mean when they say they have a $3M policy.
Ours limits are $3M for each occurrence/ $6M for policy period (1 year)

I think of that as $3M policy, would some consider that a $6M policy?

We just paid a little over $1700 for that.
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Blueskies123
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Post by Blueskies123 »

Where you live, rural vs expensive big city, and teenage kids will affect the premium. If I recall state farm offers multiline discounts so if you have your house and car insurance with them you will get an additional discount.
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ad2007
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Re: Umbrella insurance - again

Post by ad2007 »

tumbleweedsusan wrote: Thu Aug 23, 2018 11:16 pm
I was sued for $10 million once.
Wow...

What happened? Sorry if it's too personal.

I carry $5M, never been sued.
tumbleweedsusan
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Post by tumbleweedsusan »

ad2007, I was completely stopped at a stop sign and someone on a motorcycle hit ME. He sued me for $10 million. The case came to court 3 years later - so I lost sleep for 3 whole years. He lost- he got nothing. I had amazing lawyers and mountains of evidence.

But you never know. Until we get tort reform in this country, we always carry umbrella insurance.
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willthrill81
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Re: Umbrella insurance - again

Post by willthrill81 »

I don't think I've directly heard from anyone who actually had their umbrella insurance kick in to pay a claim. I suppose that's why it's so cheap; the number of claims must be very, very low.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
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FelixTheCat
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Post by FelixTheCat »

I have a StateFarm policy for 3 million that costs me 591 annually.
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Kennedy
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Post by Kennedy »

The price people here state they are paying means nothing unless they also state where they live, how many drivers are covered and the presence of teen drivers, rentals, boats, swimming pools, etc. Otherwise, it's meaningless information.
bltn
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Post by bltn »

I just looked at my policies recently. Our umbrella for 4 million to cover two houses, one pool and three cars costs about 770 annually with State Farm.
bayview
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Post by bayview »

USAA, $2 million, $203 annually.

Two houses (soon to become one - we just moved into our former rental home), two cars, two drivers, both retired. No teen drivers (whew.) No pool, aircraft, boat, etc. No particular extra exposure in terms of volunteer activities. Small city in western NC. Note: the second house isn't rented. We're getting it ready to sell.
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diy60
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Re: Umbrella insurance - again

Post by diy60 »

FelixTheCat wrote: Mon Mar 04, 2019 12:52 pm I have a StateFarm policy for 3 million that costs me 591 annually.
I just rec'd quotes for auto, home, and umbrella from various companies. StateFarm does not offer underinsured/unisured motorist liability on their umbrella policy, if that is any importance to you.
SimonJester
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Re: Umbrella insurance - again

Post by SimonJester »

willthrill81 wrote: Mon Mar 04, 2019 10:42 am I don't think I've directly heard from anyone who actually had their umbrella insurance kick in to pay a claim. I suppose that's why it's so cheap; the number of claims must be very, very low.
Someone posted here not too long ago they did have a claim and it paid out to the max, so it does happen. One of the biggest benefits I see for the umbrella is the insurance company providing a legal team to defend the lawsuit.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin
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willthrill81
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Re: Umbrella insurance - again

Post by willthrill81 »

SimonJester wrote: Tue Mar 05, 2019 10:26 am
willthrill81 wrote: Mon Mar 04, 2019 10:42 am I don't think I've directly heard from anyone who actually had their umbrella insurance kick in to pay a claim. I suppose that's why it's so cheap; the number of claims must be very, very low.
Someone posted here not too long ago they did have a claim and it paid out to the max, so it does happen. One of the biggest benefits I see for the umbrella is the insurance company providing a legal team to defend the lawsuit.
Amen to that.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
Winston19
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Re: Umbrella insurance - again

Post by Winston19 »

One thing to check on an umbrella is whether it covers claims by members of your household (in my state many don't).

For example, if you get in a severe car accident that is your fault and you severely injure your child you want your child to be able to make a claim against the policy.
diy60
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Re: Umbrella insurance - again

Post by diy60 »

dlabel wrote: Tue Mar 05, 2019 10:46 am One thing to check on an umbrella is whether it covers claims by members of your household (in my state many don't).
Same in my state as well. Lots of people don't fully understand umbrella insurance, and this includes me.
Rwsawbones
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Re: Umbrella insurance - again

Post by Rwsawbones »

Have 2 homes 3 cars 1 small motor boat. Just DW and me Live in a suburb of Boston 2nd house is in Maine where the 3rd car is garaged and rarely driven. 5 million dollar umbrella with USAA has yearly premium if $2300. Does this strike the posters as a reasonable cost?
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ClevrChico
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Re: Umbrella insurance - again

Post by ClevrChico »

Sounds in the ballpark. I pay $198/year for $1MM with an Amica dividend policy. (Also have auto+home there with high liability limits.) Low risk, no teen drivers.
vrex
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Post by vrex »

$138 this year for 1 million from Amica
MarkerFM
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Re: Umbrella insurance - again

Post by MarkerFM »

Rwsawbones wrote: Tue Mar 05, 2019 9:15 pm Have 2 homes 3 cars 1 small motor boat. Just DW and me Live in a suburb of Boston 2nd house is in Maine where the 3rd car is garaged and rarely driven. 5 million dollar umbrella with USAA has yearly premium if $2300. Does this strike the posters as a reasonable cost?
Sounds kind of high compared to what I pay. $10 million policy with PURE, two houses (one with pool), three cars. Two drivers only tho. $1,900. Was closer to $2,500 when we had two kids on the policy. Also may be lower because all insurance is with PURE.
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