Premium for 2 million umbrella policy

[rossington]

For those with GEICO policies, are they still underwritten by RLI?

[dekecarver]

I was quoted $900/yr for additional $2M umbrella through USAA for Home and 3 Autos with 2 adult drivers and a 17 year old driver, in Virginia. No boats, 2nd homes or biting dogs.

[vnatale]

As a direct result of reading this topic I decided today to increase my umbrella coverage from $1 million to $2 million.

$324 (from Arbella which also supplies both homeowners and vehicle)

[vinhodoporto]

$800 for $2M in VA.

2 middle age drivers, 2 under 21 drivers. 3 cars. One house. No expensive toys, no pool, no dogs etc.

[AerialP]

Kentucky situs, single, no children.
1 older smaller vehicle driven ~6000 miles/yr.
Living in a modest cabin in a rural setting.
Owning one rental property in a dense condominium urban situation.
$2 million umbrella policy with State Farm, $337/yr premium.

[yatesd]

Does premium price for an umbrella policy go up as one get older and what are other factors that can influence the premium?

I can confirm adding a teenage driver increased my $1M policy from $140 to $500. Also increased our car insurance from about $1500 a year to $3,000 a year with adding a 3rd older car without full coverage. Almost $2,000 a year increase.

It did cause me to cross shop my bundled insurance (car, house, Umbrella). A few insurance companies asked my sex to determine rates. If I choose non-binary do I pay the male or female rate? Does anyone know if it makes a difference?

[yatesd]

Really dumb question, but the premiums everyone is mentioning are annual right?

I’ve been thinking about umbrella since our NW has crossed $1m.

It is annual.

I found that just filling out the application form helped me identify a liability that I could eliminate.

Hopefully this was not a child or spouse.

[sperry8]

I just upped my umbrella from 1 million to 2 million. 4 cars, 2 drivers under the age of 25. No boats, watercraft, aggressive dogs or trampolines. The premium is $490 with $300,000 underlying limit with homeowners and max $250,000/$500,000 auto liability.
Sound like the right amount for the premium?

I pay $296 for $2mm in coverage via USAA... no kids though.

[pizzy]

$650 in NJ for $2M Umbrella with $1M UM/UIM rider.

One house with pool.

2 adults, 1 child (non-driver)

2 cars.

Underlying liability of home/auto is $500k.

[am]

2 mil with 2 kid drivers under 20, no other risks 2k from geico

Anyone know if I can do better somewhere else?

[snackdog]

I have a 5 million umbrella. 2 older adults, no kids, 2 cars, no boats, no unusual risk factors other than being a deep pocket target.

Premium was 1,850.

Does the premium go up disproportionately as the coverage amount increases, or am I getting taken and need to shop around?

That is quite high. The first million should cost the most. Chances of a claim exceeding that figure are extremely low. More than $2 million should be almost free. Claims that like knot happen with governments or corporations.

[mike@jb]

We pay $745 for $2M here in FLA.
Two 60+ drivers, one house, no boats (yet )

[am]

I have a 5 million umbrella. 2 older adults, no kids, 2 cars, no boats, no unusual risk factors other than being a deep pocket target.

Premium was 1,850.

Does the premium go up disproportionately as the coverage amount increases, or am I getting taken and need to shop around?

That is quite high. The first million should cost the most. Chances of a claim exceeding that figure are extremely low. More than $2 million should be almost free. Claims that like knot happen with governments or corporations.

Geico wont let me get more than 2 mil with 2 teen drivers

[Dornhoefer]

$625/year for $2 million from Geico (RLI) ($529 the previous year), 2 60+ drivers, one car, one house (we rent), SoCal.

[unclescrooge]

I just upped my umbrella from 1 million to 2 million. 4 cars, 2 drivers under the age of 25. No boats, watercraft, aggressive dogs or trampolines. The premium is $490 with $300,000 underlying limit with homeowners and max $250,000/$500,000 auto liability.
Sound like the right amount for the premium?

That's cheap. Who's your insurer?

I just paid $840 for $2m umbrella. We also have $500k auto on 2 cars for 2 adults, homeowners, and 3 rentals with $1m liability each.

[namenloseblonde]

I have a $1mm umbrella policy with Liberty Mutual at the moment (2 cars, 1 primary residence and 1 rental co-op apartment, no boats/pools/etc.). I paid around $600 last year, but when I got my renewal notice last month, I discovered they planned to jack the rate to almost $900 this year (my homeowners on both properties was also set to go up 25%). No thanks. I used Polly to shop around and ended up with Travelers - the same $1mm umbrella is going to cost $352. I also saved a ton on homeowners (about $1000 annually between the two properties) with better coverage.

[A440]

I just upped my umbrella from 1 million to 2 million. 4 cars, 2 drivers under the age of 25. No boats, watercraft, aggressive dogs or trampolines. The premium is $490 with $300,000 underlying limit with homeowners and max $250,000/$500,000 auto liability.
Sound like the right amount for the premium?

That's cheap. Who's your insurer?

I just paid $840 for $2m umbrella. We also have $500k auto on 2 cars for 2 adults, homeowners, and 3 rentals with $1m liability each.

Cumberland Insurance. I went through an independent agent. I'm currently waiting for underwriting to approve, but don't expect any problems.

[MillennialFinance19]

Our umbrella is $729 a year for $2M and that includes a rental property, swimming pool, and off road vehicle. No young drivers. I think your quote is definitely competitive.

[Carl53]

Just paid $367 for $2M coverage from Travelers, same as last year. (Ohio, residence, out of state wooded acreage, two vehicles, both retired)

[vnatale]

That is quite high. The first million should cost the most. Chances of a claim exceeding that figure are extremely low. More than $2 million should be almost free. Claims that like knot happen with governments or corporations.

I had $1 million and asked for quotes for $2 and $3. The premiums were basically linear from the $1 million.

[sofarsogood]

$136/yr for $1 million coverage from State Farm
1 house (principal residence)
no kids, no dogs, no swimming pool, no trampolin, no boats, no recreational vehicles
both retired
1 vehicle
Live on Oregon

[angelescrest]

As a direct result of reading this topic I decided today to increase my umbrella coverage from $1 million to $2 million.

$324 (from Arbella which also supplies both homeowners and vehicle)

How did you decide that? There is little discussion around why folks have $2M. What’s the rationale?

[Gnirk]

$384 for $2 million; primary home in Washington, snowbird home in Palm Desert, 3 cars.
No kids or pets.

[Lastrun]

$884 for $5m

[A440]

As a direct result of reading this topic I decided today to increase my umbrella coverage from $1 million to $2 million.

$324 (from Arbella which also supplies both homeowners and vehicle)

How did you decide that? There is little discussion around why folks have $2M. What’s the rationale?

A rule of thumb is the total of your net worth minus retirement accounts. Here is a simple calculator: https://www.kiplinger.com/personal-fina ... -do-i-need and Dave Ramsey's take on the subject https://www.ramseysolutions.com/insuran ... C%20bingo.

[986racer]

sounds cheap to me. you aint in Florida are you?

Ouch! I didn't appreciate how bad it was until I got insurance in FL

[Supergrover]

Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.

Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?

If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?

I hear you. I have UIM underlying and umbrella. I was just wondering what UIM claims would look like. A friendly claim and quick payment (which would likely be the route I would pursue in any unfortunate events) or do people generally lawyer up and go through the whole PI lawyer's discovery, demands, potential trial, etc?

After an atty helps you collect the policy limits from the under-insured party, you’d likely continue with that atty for the UIM claim. I suspect you’ll need it bc your insurance company isn’t going to happily hand over the money.

[ekid]

Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.

Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?

If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?

I hear you. I have UIM underlying and umbrella. I was just wondering what UIM claims would look like. A friendly claim and quick payment (which would likely be the route I would pursue in any unfortunate events) or do people generally lawyer up and go through the whole PI lawyer's discovery, demands, potential trial, etc?

My SIL/BIL have had recent experience on that. (I posted here about it)

$250k coverage PP and medical approached that. INsurance paid off the total amount- $250,000 with no argument. (Other driver at fault; no insurance)

[vnatale]

As a direct result of reading this topic I decided today to increase my umbrella coverage from $1 million to $2 million.

$324 (from Arbella which also supplies both homeowners and vehicle)

How did you decide that? There is little discussion around why folks have $2M. What’s the rationale?

To get coverage that's about near your net worth.

[littlebird]

I just went from $1M to $2M. Cost: $407. Paid today.

Just noticed it has this statement: excess uninsured/underinsured motorists coverage has been rejected.
Not sure what to make of that!

It means they offered it to you and you rejected it.

[Call_Me_Op]

Erie 2 million, 2 cars and house. No kids. $140.

As you can see, where you live is actually a huge factor. If you live in a densely populated area, your rate will be much higher - all else equal.

[cubs1999]

I just went from $1M to $2M. Cost: $407. Paid today.

Just noticed it has this statement: excess uninsured/underinsured motorists coverage has been rejected.
Not sure what to make of that!

It means they offered it to you and you rejected it.

Yeah , I would call them and say you want that coverage.

[cubs1999]

Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.

Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?

If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?

I hear you. I have UIM underlying and umbrella. I was just wondering what UIM claims would look like. A friendly claim and quick payment (which would likely be the route I would pursue in any unfortunate events) or do people generally lawyer up and go through the whole PI lawyer's discovery, demands, potential trial, etc?

My SIL/BIL have had recent experience on that. (I posted here about it)

$250k coverage PP and medical approached that. INsurance paid off the total amount- $250,000 with no argument. (Other driver at fault; no insurance)

The UM/UIM paid off the medical claims? Did the insured also ask for/get additional money for pain and suffering? What I mean is did they just accept a settlement which wiped out the medical bills or did they get extra compensation?

[simas]

I just upped my umbrella from 1 million to 2 million. 4 cars, 2 drivers under the age of 25. No boats, watercraft, aggressive dogs or trampolines. The premium is $490 with $300,000 underlying limit with homeowners and max $250,000/$500,000 auto liability.
Sound like the right amount for the premium?

ours is 350 but we only have single car and no drivers under the age of 25. so roughly in the right ballpark.

[FIRWYW]

Seems like it really matters where you live 2mil, for 3 drivers including teenager, house with trampoline, 3 cars is just under $300 for us (required 500k on homeowners but homeowners was same price as old insurance with 300k anyway).

[exodusNH]

Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.

Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?

If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?

State minimums can be ridiculously low. NH's personal liability is $25,000 / $50,000. You could easily burn through that in a day with a non-lifethreating injury.

I was in the ER in 2005 for what turned out to be appendicitis. While they were triaging me in the ER, it was $75/minute. Not in a HCOL area, but one of the two big hospitals in NH.

[GettingComfortable]

$210. Y'all must be big risks! Try some clean living.

[ekid]

Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?

If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?

I hear you. I have UIM underlying and umbrella. I was just wondering what UIM claims would look like. A friendly claim and quick payment (which would likely be the route I would pursue in any unfortunate events) or do people generally lawyer up and go through the whole PI lawyer's discovery, demands, potential trial, etc?

My SIL/BIL have had recent experience on that. (I posted here about it)

$250k coverage PP and medical approached that. INsurance paid off the total amount- $250,000 with no argument. (Other driver at fault; no insurance)

The UM/UIM paid off the medical claims? Did the insured also ask for/get additional money for pain and suffering? What I mean is did they just accept a settlement which wiped out the medical bills or did they get extra compensation?

They accepted the settlement. It covered just a minor amount over the bills. It Was a near death experience for both occupants.

[LilyFleur]

Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.

Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?

If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?

Yes, I would also always add the UM/UIM add on.

I agree. I was rear-ended by a driver without a license who had only the minimal insurance required by the state. My new car was totaled, and their insurance wasn't sufficient to cover car replacement for me and my medical costs. They somehow could afford a luxury vehicle, much more expensive than mine, but not decent insurance or a driver's license.

[Hiker-Biker]

Erie 2 million, 2 cars and house. No kids. $140.

As you can see, where you live is actually a huge factor. If you live in a densely populated area, your rate will be much higher - all else equal.

Well, we live in Fairfax County, VA so I think it's densely populated here!

[Tib]

Try to stay well away from age 80. For $2M umbrella, covering one car, one driver, one house, nothing else, and despite no tickets or claims for decades, Geico wanted $789. Switched to State Farm for "only" $649.

[Billy C]

$310 for $5M. 1 car. No house or kids.

[PatrickA5]

Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.

Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?

If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?

Yes, I would also always add the UM/UIM add on.

I agree. I was rear-ended by a driver without a license who had only the minimal insurance required by the state. My new car was totaled, and their insurance wasn't sufficient to cover car replacement for me and my medical costs. They somehow could afford a luxury vehicle, much more expensive than mine, but not decent insurance or a driver's license.

Not sure how people can live with themselves after causing pain/suffering/damage and only have the minimum.

I have an umbrella policy not only to protect myself but to protect someone that I inflict harm upon.

I do realize that not everybody can afford insurance.

[vnatale]

Not sure how people can live with themselves after causing pain/suffering/damage and only have the minimum.

I have an umbrella policy not only to protect myself but to protect someone that I inflict harm upon.

I do realize that not everybody can afford insurance.

It's oftentimes a question of spending priorities as to what we can and cannot afford?

[littlebird]

Try to stay well away from age 80. For $2M umbrella, covering one car, one driver, one house, nothing else, and despite no tickets or claims for decades, Geico wanted $789. Switched to State Farm for "only" $649.

But maybe it gets better at 81. Just got my bill for exact same demographics as yours, but have reached 81: $230.

[David_w]

I was just looking at my insurance policies this morning and was wondering if my umbrella premium was high. Then I saw this thread.
I have 5 million umbrella, 3 cars (1 is owned and driven by a 20 year old in our household), our main home and that's all. Premium is $2,276.
Does that sound high or pretty much inline?

[HeelaMonster]

$300 for $2M umbrella. 2 drivers/homeowners mid 60s, 2 cars, adult children no longer on policies. We did have to increase the underlying auto insurance with same company (State Farm) to the required minimum.

[Tib]

Try to stay well away from age 80. For $2M umbrella, covering one car, one driver, one house, nothing else, and despite no tickets or claims for decades, Geico wanted $789. Switched to State Farm for "only" $649.

But maybe it gets better at 81. Just got my bill for exact same demographics as yours, but have reached 81: $230.

Well, I guess I can't just blame my age! Am I a poor driver, and is my car tattling on me?

That's an enviable premium, littlebird! David, yours is the highest I've seen in this thread. You have three drivers, including a 20-year-old, but even so, it might be time to start shopping around.

[Mitchell777]

$200/yr for $2M but just one driver. My issue is how much is enough. I was privy to a court case where a guy in his mid 30's was rear ended and said he can no longer work (with many med tests backing it up). He was earning less than $40K/year). The lifetime earnings were estimated at $1.2 to $2.4M. Of course that only includes earnings. Is $2M plus the underlying insurance enough if you have considerable assets to protect? What if the person earned $80K or $120K. Where do you draw the line.

[rterickson]

Two adults, 2 Boglehead cars, one home with pool, no kids.

$439 per year for a $2M policy from Safeco in NorCal.