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Umbrella policy / general liability
Posted on 7/3/16 at 6:24 pm
Posted on 7/3/16 at 6:24 pm
How many of you carry a $1MM or more umbrella on your auto/home policy? I have one, but the price has skyrocketed (3x) since adding a teen driver (female, good grades, clean driving record). I am beginning to wonder if it is really worth the price.
12
Posted on 7/3/16 at 6:32 pm to tiger09
You just stated you added a young, inexperienced driver. You need high liability limits if you own the car she's driving.
Posted on 7/3/16 at 6:53 pm to tiger09
I do not
But I have a decent size coverage policy
But I have a decent size coverage policy
Posted on 7/3/16 at 6:59 pm to tiger09
Couldnt you just put the car in her name and if something bad were to happen she has no assets? I dont have kids, but is there any reason you cannot do this?
Posted on 7/3/16 at 7:16 pm to dabigfella
Don't you have to be a certain age, like 25 to own? Or am I thinking rentals.
Eta. The ownership wont affect his insurance policy. If the cars covered, it's on his name.
Eta. The ownership wont affect his insurance policy. If the cars covered, it's on his name.
This post was edited on 7/3/16 at 7:17 pm
Posted on 7/3/16 at 7:32 pm to HailToTheChiz
I cant imagine its 25 bc plenty of kids in high school work and buy cars
Posted on 7/3/16 at 8:28 pm to dabigfella
Cost to insure a young person on their own policy would be stupid high.
Posted on 7/3/16 at 8:30 pm to tiger09
Makes sense to me. Your exposure to a liability claim has grown significantly. The premium has to keep up with the risk. The cost still can't be more than 600 to 700, can it?
Posted on 7/3/16 at 9:12 pm to tiger09
Shop it.
Posted on 7/3/16 at 9:20 pm to tiger09
try Progressive.
Posted on 7/3/16 at 9:38 pm to igotit
I pay over 1000 a year for $2mm and I don't have nay teen drivers yet. That will change early next year.
Posted on 7/3/16 at 9:53 pm to achenator
That sounds high. What exposures do you have? Rental Property, boats, etc?
Posted on 7/3/16 at 11:09 pm to igotit
quote:Had one rental, sold it last month. No boats but do have 4 nice cars but my wife and I are only drivers in house. Just checked, it's 1250 a year with allstate.
That sounds high. What exposures do you have? Rental Property, boats, etc?
Posted on 7/4/16 at 9:01 am to achenator
I have an umbrella. Max limits, 550K on auto policy, then umbrella kicks in. My kids are grown. It used to be really inexpensive like $125/yr. Now it's like $230/yr..
Posted on 7/4/16 at 9:03 am to achenator
$350 for $2mill at Progressive
Posted on 7/4/16 at 9:19 am to achenator
$1250 is way high.
Shop around.
Even State Farm can save you $$$.
Shop around.
Even State Farm can save you $$$.
Posted on 7/4/16 at 9:32 am to tiger09
Be sure to get an uninsured motorist endorsement on your umbrella policy
Posted on 7/4/16 at 9:52 am to Tigerpaw123
quote:do have that.
Be sure to get an uninsured motorist endorsement on your umbrella policy
Posted on 7/4/16 at 11:20 am to BamaCoaster
Yes time to shop all my insurance. Getting crazy lol.
Posted on 7/4/16 at 11:36 am to achenator
$240 per year for 1 million umbrella with Liberty Mutual. Just my wife and I as kids are adults and on their own.
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