Geico cancels 1M umbrella

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itengineer
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Geico cancels 1M umbrella

Post by itengineer »

Hello.

So last year I had a driving violation :oops: . Today I received a letter from Geico saying that I my 1M umbrella policy would be terminated on renewal in March. I was paying approx $200 per year

What should I do?

A. Have no umbrella
B. Find another insurer
C. Increase limits on auto to 1M. Right now it's at 300/100
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whodidntante
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Re: Geico cancels 1M umbrella

Post by whodidntante »

If you need umbrella insurance, you'll be able to find someone to issue a policy for you, unless the driving violation was a misdemeanor like DUI or reckless driving. It may be better to bring all of your policies to a different company, which you can determine by getting quotes.
Goal33
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Re: Geico cancels 1M umbrella

Post by Goal33 »

I’d start with c if that is an option with your insurer.
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Kenkat
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Re: Geico cancels 1M umbrella

Post by Kenkat »

Companies like Geico are known for low premiums and are very good at collecting those premiums. When something changes or you need to file a claim, then there’s a problem. I’d find a new insurer; it’s worth a little more to not deal with these types of games.
lostdog
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Re: Geico cancels 1M umbrella

Post by lostdog »

Amica is a good one. A bit more expensive but they have a good track record with claims. They don't play games.
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Watty
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Re: Geico cancels 1M umbrella

Post by Watty »

itengineer wrote: Sat Jan 04, 2020 2:24 pm What should I do?
The first thing to do would be to get quotes from other companies to find out what it will cost. Once you have that you can decide what you want to do.

It may be a lot more then $200 since the rate is based on a lot of factors.

I forget just how much it cost but when I had three cars,a teenage driver, and my wife had a fender bender(or two ?) it was a LOT more than that. I still got it especially with having a teenage driver.
ralph124cf
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Re: Geico cancels 1M umbrella

Post by ralph124cf »

Goal33 wrote: Sat Jan 04, 2020 2:27 pm I’d start with c if that is an option with your insurer.
You would also need to increase your homeowners (or renters) liability coverage.

Probably cheaper to shop for new umbrella coverage, and adjust your auto/homeowners liability coverage as necessary to comply with the new umbrella policy requirements.

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mnsportsgeek
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Re: Geico cancels 1M umbrella

Post by mnsportsgeek »

FYI, I tried to increase my auto insurance limits through Geico to 1 million from the 500k I already had and was told I couldn’t even though it was an option on their website. It got declined, so I ended up going with their Umbrella policy.
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c.coyle
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Re: Geico cancels 1M umbrella

Post by c.coyle »

Goal33 wrote: Sat Jan 04, 2020 2:27 pm I’d start with c if that is an option with your insurer.
That's likely to cost more than another umbrella policy. At least n Pa.
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MindBogler
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Re: Geico cancels 1M umbrella

Post by MindBogler »

I went through this recently while trying to buy an umbrella and it ended up more cost effective to raise auto/home to max rather than buy an umbrella. It wasn't a huge difference but it was less...I think you just have to check because there are way too many variables to generalize.
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Re: Geico cancels 1M umbrella

Post by mrc »

After MetLife raised our auto rates to obscene levels, I shopped around and found Safeco through an independent agent. I reduced the premiums for equivalent coverage considerably, and it's nice to have a local person/agency to contact for service in addition to the Safeco website. You might obtain a quote from them and see.
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deltaneutral83
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Re: Geico cancels 1M umbrella

Post by deltaneutral83 »

MindBogler wrote: Sat Jan 04, 2020 3:43 pm I went through this recently while trying to buy an umbrella and it ended up more cost effective to raise auto/home to max rather than buy an umbrella. It wasn't a huge difference but it was less...I think you just have to check because there are way too many variables to generalize.
Of course it's cheaper because you're only insuring against two types of liability (home & auto). There are others out there that are extremely unlikely but that's why you don't much (difference between max auto/home vs umbrella) to insure against them.
michaelingp
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Re: Geico cancels 1M umbrella

Post by michaelingp »

I would go with B. Why would you want to give more business to a company that seems to be yanking you around? Or don't you feel yanked around? I would if I just got a non-negotiable cancellation surprise in the mail.
AlphaLess
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Re: Geico cancels 1M umbrella

Post by AlphaLess »

What violation?
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boglegirl
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Re: Geico cancels 1M umbrella

Post by boglegirl »

I was surprised last month to get a phone call from a USAA underwriter about our umbrella policy. She was calling to let me know that they were renewing our policy "as a courtesy." :confused
1. In March 2015 I was in an accident that was 100% the other driver's fault - their insurance paid about $6k to fix my car.
2. In October 2019 I was in a minor fender-bender for which USAA paid out nothing - it was a he said/she said situation. My car had a scrape which the auto body shop buffed out for free. I think the other driver had to pay for repairs on their own car because for some reason they had more significant damage.
BTW, these were the only accidents I was involved in since 1990 (for which I was also not assigned any fault).
On the phone call last month, the underwriter told me that they automatically cancel anyone who has more than 2 accidents in 5 years whether at-fault or not. But because I was not at-fault in either of these, AND the 1st accident was about to roll off the 5-year rolling period, she said she had decided to renew the policy as a courtesy, but wanted to warn me against being in another accident for another 5 years. Umm...OK, I'll keep that in mind!

All that to say - I guess insurers are very picky about who they cover for umbrella insurance. I'm pretty shocked that Geico would cancel over a single violation, though, unless it was a major one (reckless driving or DUI?)
retiredjg
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Re: Geico cancels 1M umbrella

Post by retiredjg »

itengineer wrote: Sat Jan 04, 2020 2:24 pm So last year I had a driving violation :oops: . Today I received a letter from Geico saying that I my 1M umbrella policy would be terminated on renewal in March. I was paying approx $200 per year
Did they actually tell you that the driving violation was the cause of the termination? If yes, was that the only problem or just the last of several problems?

Will they sell you an umbrella under different conditions?
Flashes1
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Re: Geico cancels 1M umbrella

Post by Flashes1 »

How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
CrazyCatLady
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Re: Geico cancels 1M umbrella

Post by CrazyCatLady »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
Wow, I was thinking $200 was expensive! I got a $1 million policy last year from State Farm for $136. I'm in a LCOL area if that is relevant.
Spirit Rider
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Re: Geico cancels 1M umbrella

Post by Spirit Rider »

lostdog wrote: Sat Jan 04, 2020 2:38 pm Amica is a good one. A bit more expensive but they have a good track record with claims. They don't play games.
That may be true with regards to claims, but their business model is to target the minimal risk market. Amica is far more likely to not insure in the first place or not renew those with higher risk profiles.
Ocean77
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Re: Geico cancels 1M umbrella

Post by Ocean77 »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
$1000 indeed looks high. We're paying $314 per year now for a $1M Umbrella, at Farmers. It was only $200 a couple years ago, but after an accident my wife caused it went up a bit.
bayview
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Re: Geico cancels 1M umbrella

Post by bayview »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
Ours is $137.27 twice a year through USAA. We have policies on two vehicles, two older drivers, and one house.

Edit to add: it's $137.27 yearly for a $2 million policy.
Last edited by bayview on Sun Jan 05, 2020 9:25 am, edited 1 time in total.
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delamer
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Re: Geico cancels 1M umbrella

Post by delamer »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
We pay about $400/year, but have 2 drivers in their 20’s with their auto insurance in our family group (4 cars and drivers total, plus a house). I assume that pushes up our rate...
Last edited by delamer on Sat Jan 04, 2020 8:19 pm, edited 1 time in total.
mnsportsgeek
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Re: Geico cancels 1M umbrella

Post by mnsportsgeek »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
$150
Boglegrappler
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Re: Geico cancels 1M umbrella

Post by Boglegrappler »

I'm interested as well in the nature of the violation. Sorry for prying. Speeding, failure to (fill in the blank________________), or "other" ?
Goal33
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Re: Geico cancels 1M umbrella

Post by Goal33 »

c.coyle wrote: Sat Jan 04, 2020 3:37 pm
Goal33 wrote: Sat Jan 04, 2020 2:27 pm I’d start with c if that is an option with your insurer.
That's likely to cost more than another umbrella policy. At least n Pa.
Yes, but OP can revert back in a few days when time permits to get other quotes.
ragnathor
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Re: Geico cancels 1M umbrella

Post by ragnathor »

mnsportsgeek wrote: Sat Jan 04, 2020 3:21 pm FYI, I tried to increase my auto insurance limits through Geico to 1 million from the 500k I already had and was told I couldn’t even though it was an option on their website. It got declined, so I ended up going with their Umbrella policy.
I had the same experience. I believe the maxi would let me was 300k / 300k. I think I got umbrella for 1 mil for about $400.
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Re: Geico cancels 1M umbrella

Post by Northern Flicker »

Many casualty insurers that offer personal umbrella policies require you to have the insurance for the underlying covered liabilities with them. They also may require higher base limits than what the OP has now before issuing an umbrella. There are a few (maybe more than a few) companies that offer umbrellas without having the base policies with the company providing the umbrella. I think they are companies that offer more comprehensive umbrella coverage and at a higher cost.
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rich126
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Re: Geico cancels 1M umbrella

Post by rich126 »

Check quotes from other companies. I think companies count on people being lazy as they increase rates. I bought a fixer upper a while ago and the insurance company seem obstinate about me fixing something on my garage. It was in my list of things to do but seemed minor. The insurance company sent me a letter stating they were going to cancel my insurance. I checked around and found a good company and saved hundreds per year.
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Re: Geico cancels 1M umbrella

Post by samsoes »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
I'm paying $412 for $2M umbrella with Amica (single, 50's, no kids).
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8foot7
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Re: Geico cancels 1M umbrella

Post by 8foot7 »

$189/yr for 1M
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Re: Geico cancels 1M umbrella

Post by SocalLiving »

$309 for 2M Geico.
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Re: Geico cancels 1M umbrella

Post by mnsportsgeek »

Northern Flicker wrote: Sat Jan 04, 2020 9:09 pm Many casualty insurers that offer personal umbrella policies require you to have the insurance for the underlying covered liabilities with them. They also may require higher base limits than what the OP has now before issuing an umbrella. There are a few (maybe more than a few) companies that offer umbrellas without having the base policies with the company providing the umbrella. I think they are companies that offer more comprehensive umbrella coverage and at a higher cost.
Most require at least 1 (auto or homeowners/renters) but not always both. I have auto and umbrella through Geico and renters through State Farm for example and there are no issues.
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Re: Geico cancels 1M umbrella

Post by sergio »

I pay $100/yr for $1M in umbrella coverage with State Farm. I have home, life, auto, and umbrella with them.
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Re: Geico cancels 1M umbrella

Post by nguy44 »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
We are paying $224 annually for $1million at Geico. The cost can vary based on things like the number of cars you have and the number/age of drivers. We have three cars for just the two of us. When our children were on our policy and we had 3-4 cars we were paying over $400 annually.
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Re: Geico cancels 1M umbrella

Post by seawolf21 »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
That does not sound right. I’m paying $272 for a $2 million umbrella thru Geico. $165 for 1st mil and $107 for 2nd.
travelnut11
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Re: Geico cancels 1M umbrella

Post by travelnut11 »

Just paid this year's premium with State Farm $159 for $1mil. I also have my home and auto with them. MCOL MIdwestern city suburbs.
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DosCommas
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Re: Geico cancels 1M umbrella

Post by DosCommas »

Geico $584 per year for $5m. 1 car 2 drivers no kids of driving age.
Luckywon
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Re: Geico cancels 1M umbrella

Post by Luckywon »

$710/year for 5 million dollar coverage. Automobile club.
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FrugalProfessor
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Re: Geico cancels 1M umbrella

Post by FrugalProfessor »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
$147 for $1M @ Geico. I have dirt cheap high deductible car insurance with them too. Very cheap high deductible homeowners with Esurance. Way cheaper than Geico for that.
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NewOldGuy
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Re: Geico cancels 1M umbrella

Post by NewOldGuy »

$240 for 1 million thru Mercury Insurance. Our 3rd car was a $50 penalty. Just two blue haired oldies. No kids.
Luckywon
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Re: Geico cancels 1M umbrella

Post by Luckywon »

FrugalProfessor wrote: Sun Jan 05, 2020 2:23 am
$147 for $1M @ Geico. I have dirt cheap high deductible car insurance with them too. Very cheap high deductible homeowners with Esurance. Way cheaper than Geico for that.
Surprises me that the Gerico umbrella policy does not require your car insurance deductible to be lower than the high deductible level, since it is an excess policy that begins where the car insurance ends. Or is there a gap which you be liable for?

My understanding is that Automobile Club will not offer an umbrella when they are not underwriting the underlying homeowner's and automobile policies so Geico is also different than they are in that respect. I wonder how it is worked out who pays for the legal defense if there is a lawsuit for negligence covered by the homeowner's policy potentially in excess of the homeowners policy limit, or how the two insurers work out settlements. in the event of a lawsuit. I can imagine a scenario where the umbrella underwriter would want the homeowners underwriter to settle for the limits of the homeowners policy, and not bother them for legal fees.
onourway
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Re: Geico cancels 1M umbrella

Post by onourway »

It’s a good idea to shop around for better insurance rates every few years anyhow. This is one of the reasons I actually have an independent agent for insurance. She does this comparison shopping for me and the rates I pay are still lower than I was getting on my own.
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unclescrooge
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Re: Geico cancels 1M umbrella

Post by unclescrooge »

c.coyle wrote: Sat Jan 04, 2020 3:37 pm
Goal33 wrote: Sat Jan 04, 2020 2:27 pm I’d start with c if that is an option with your insurer.
That's likely to cost more than another umbrella policy. At least n Pa.
I recently did this in addition to getting an umbrella. It was the same cost of the umbrella insurance
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unclescrooge
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Re: Geico cancels 1M umbrella

Post by unclescrooge »

sergio wrote: Sat Jan 04, 2020 10:25 pm I pay $100/yr for $1M in umbrella coverage with State Farm. I have home, life, auto, and umbrella with them.
I pay $330 with them for identical coverage. However I live a HCOL city.
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Re: Geico cancels 1M umbrella

Post by Sconie »

lostdog wrote: Sat Jan 04, 2020 2:38 pm Amica is a good one. A bit more expensive but they have a good track record with claims. They don't play games.
Every time I've gotten a quote from Amica, their premium rates are 50-75% higher than what I am already paying for auto, home and umbrella.
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Re: Geico cancels 1M umbrella

Post by Sconie »

Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
$236/year for $1MM through Hartford/AARP.
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Nowizard
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Re: Geico cancels 1M umbrella

Post by Nowizard »

$154 annually for 1M with State Farm who also has our house and two vehicles. Got a quote from Auto-owner's last year that was approximately $500 less annually for the combination but did not switch for a couple of reasons.

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Re: Geico cancels 1M umbrella

Post by fuddbogle »

1 million umbrella = $600

5 cars, 5 drivers which includes a 21, 19 and 17 year old. Shopped all rates 4 months ago with another independent agent and it came in at 20% higher. I stayed with who I had.
bayview
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Re: Geico cancels 1M umbrella

Post by bayview »

bayview wrote: Sat Jan 04, 2020 8:14 pm
Flashes1 wrote: Sat Jan 04, 2020 8:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
Ours is $137.27 twice a year through USAA. We have policies on two vehicles, two older drivers, and one house.

Edit to add: it's $137.27 yearly for a $2 million policy.
I edited my post above.
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TOM1964
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Re: Geico cancels 1M umbrella

Post by TOM1964 »

$1475 for $5M.

2 houses, 2 motorcycles, 2 of our cars, 1 old collector car, and one 23 year old male driver still technically part of my household, plus his car. No accidents, but my son has a speeding ticket.

The motos are probably expensive here, but I've been riding on the street for 39 years and I'm not ready to quit just yet.
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