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Umbrella Insurance Policies
Posted on 1/22/14 at 4:16 pm
Posted on 1/22/14 at 4:16 pm
I'll make this short and sweet.
I want to drop my car insurance limits and renters insurance; in place pick up a 1M Umbrella policy.
No I am not a millionaire but I actually save money and get more coverage (about 500K) if I do this.
What's the flaw in this plan?
I want to drop my car insurance limits and renters insurance; in place pick up a 1M Umbrella policy.
No I am not a millionaire but I actually save money and get more coverage (about 500K) if I do this.
What's the flaw in this plan?
3
Posted on 1/22/14 at 4:21 pm to Platinum
I think you may need to up your limits in order to qualify for an umbrella.
Posted on 1/22/14 at 4:28 pm to Platinum
Your car insurance will need to be in the 100/200/100 or 100/300/100 range.
Posted on 1/22/14 at 4:30 pm to Platinum
quote:
What's the flaw in this plan?
There is compulsory automobile insurance in the state of LA. you have to have auto insurance on your vehicles (with certain exceptions).
Posted on 1/22/14 at 4:37 pm to Motorboat
No, I'd keep like 50/100...I just want to get rid of this renters policy. I'm just wondering if there is any liability technically the umbrella wouldn't cover.
Posted on 1/22/14 at 4:38 pm to CubsFanBudMan
quote:
Your car insurance will need to be in the 100/200/100 or 100/300/100 range.
Thought it was 250/500/100. I may be wrong. A far as an Umbrella policies, they work by providing excess of what you're policies liability offers. So in most cases you must retain a certain limit on auto and renters.
Also this is why umbrella policies are usually cheap because most claims can be handled by normal liability amounts. Unless you have kids.
The question is if you have renters and auto insurance why do you need such high limits? Are you a doctor, lawyer, or engineer who is normally targeted in lawsuits? Understand what you're trying to protect is assets and future income.
Posted on 1/22/14 at 4:40 pm to krange1
I'm just trying to get the best value. Renters isn't expensive- it's $150 a year. The 1M umbrella is $300 a year. I'd make up the difference if I dropped the renters and lowered my current limits on auto (300/500). Probably wouldn't work though.
This post was edited on 1/22/14 at 4:41 pm
Posted on 1/22/14 at 4:43 pm to krange1
quote:
Thought it was 250/500/100. I may be wrong. A far as an Umbrella policies, they work by providing excess of what you're policies liability offers. So in most cases you must retain a certain limit on auto and renters.
It probably depends on the the underwriter. When I was a kid, my parents had either 100/200/100 or 100/300/100, pretty sure it was the 100/200/100. Some professional organizations have better insurance underwriters than others.
Posted on 1/22/14 at 4:45 pm to Platinum
Don't mind me asking, but what is the need of the 1M umbrella? Do you have a home, own a business, or are you making OT type money? Not trying to talk you out of coverage, just trying to understand your situation.
Another thing you can do is call the insurance company you're with. Go through whatever 1-800 number they have and ask for 1M liability on the auto policy. You may be able to do that.
Another thing you can do is call the insurance company you're with. Go through whatever 1-800 number they have and ask for 1M liability on the auto policy. You may be able to do that.
This post was edited on 1/22/14 at 4:50 pm
Posted on 1/22/14 at 5:03 pm to tigerrocket
Umbrellas require higher attachment points like rocket is saying. Don't think this is gonna work how you think
Posted on 1/22/14 at 5:15 pm to Platinum
I had to go up from 100/300 to 250/500 with State Farm to add an umbrella, but I also got an additional discount that for another line of coverage which made the upgrade in coverage cost almost nothing additional...
Posted on 1/22/14 at 5:52 pm to wickowick
Same here wick.
Op: I misread when you said "drop" to mean get rid of auto liability altogether.
Op: I misread when you said "drop" to mean get rid of auto liability altogether.
Posted on 1/22/14 at 6:47 pm to Motorboat
you have to carry 250/500/100 on auto insurance and/or 100/300/100 on homeowners. The umbrella insurance is added to those limits. So max coverage with a $1m umbrella would be $1.5m on your auto and $1.3m on your homeowners
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