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Started By
Message
Thoughts on Umbrella Insurance Coverage
Posted on 3/27/17 at 12:49 pm
Posted on 3/27/17 at 12:49 pm
I"m not terribly familiar with Umbrella coverage, but would it make sense to carry the bare minimum auto and home insurance and then pay ~$200 a year for $1M in coverage?
2
Posted on 3/27/17 at 12:54 pm to Kemosabie
Does not work like that, to be eligible to buy the umbrella you have to already carry the max limits available
Also look into getting an un/under insured motorist endorsement on your umbrella
Also look into getting an un/under insured motorist endorsement on your umbrella
Posted on 3/27/17 at 1:05 pm to Kemosabie
Like the above poster stated, you have to carry 250/500/250 on your auto insurance.
I advise it to my clients in LA who own homes/property due to the litigation culture in that wretched state.
Case in point: Client has a literal fender bender in BR two months ago. At a stop sign and rear ends at 5mph. "Victim" is suing him via attorney, and insurance carrier is settling.
Reason #147 not to live in LA.
I advise it to my clients in LA who own homes/property due to the litigation culture in that wretched state.
Case in point: Client has a literal fender bender in BR two months ago. At a stop sign and rear ends at 5mph. "Victim" is suing him via attorney, and insurance carrier is settling.
Reason #147 not to live in LA.
Posted on 3/27/17 at 1:12 pm to BamaCoaster
Insurance carrier needs to grow a pair and man up.
Posted on 3/27/17 at 1:32 pm to iknowmorethanyou
ETA: Brain fart, never mind.
This post was edited on 3/27/17 at 2:59 pm
Posted on 3/27/17 at 2:07 pm to baldona
"Your umbrella is not an additional $1 mil on top of your auto, its your auto plus whatever amount to equal $1 mil."
What you talking about Willis?
What you talking about Willis?
Posted on 3/27/17 at 2:27 pm to BamaCoaster
All I know is that umbrella coverage for my business is very expensive and some building management companies have ridiculous requirements for the type of work that we do.
Posted on 3/27/17 at 2:28 pm to baldona
quote:
So if you are in an accident, your auto coverage pays the first $500k and your umbrella pays the second $500k. Your umbrella is not an additional $1 mil on top of your auto, its your auto plus whatever amount to equal $1 mil.
100% wrong.
The umbrella provides an additional $1 mil of coverage, so if your coverage is 250/500/250, you have 1.25/1.5/1.25.
Posted on 3/27/17 at 2:59 pm to BamaCoaster
and it's not cheap if you have a teenage driver LOL. my $2mm doubled when my son started driving. it's now almost $200 a month.
Posted on 3/27/17 at 3:00 pm to BamaCoaster
quote:
100% wrong.
The umbrella provides an additional $1 mil of coverage, so if your coverage is 250/500/250, you have 1.25/1.5/1.25.
You are correct, sorry I'm an idiot. I had to go double check my policies. I'm not sure why I thought this, I must have been discussing something else the day I signed up for them. Thanks.
Posted on 3/27/17 at 3:57 pm to baldona
$1m only runs me a couple hundred dollars a year. Wife and I mid 50s no kids at home. And yes it's in addition to the $500k coverage
Posted on 3/27/17 at 5:11 pm to agdoctor
quote:
$1m only runs me a couple hundred dollars a year.
174 for me.
Posted on 3/28/17 at 8:40 am to agdoctor
How much do y'all pay for 250/500/250??
My 100/300/100 is damn near $2k/year
My 100/300/100 is damn near $2k/year
Posted on 3/28/17 at 10:39 am to TigerTatorTots
quote:
How much do y'all pay for 250/500/250??
My 100/300/100 is damn near $2k/year
increase would be pretty minimal. i doubt it'll cost more than $200 more a year.
Posted on 3/29/17 at 9:09 am to Chad504boy
Anybody that has anything these days should have one. It's too cheap not too. If you pay 2500 for 300k in coverage why not pay 200 more per year and take it to 1.3 and it will cover over homeowners and boat/RV etc. obviously if you add UIM it will cost a lot more as well
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