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Umbrella policy specifically with regards to UIM
Posted on 11/27/12 at 10:24 pm
Posted on 11/27/12 at 10:24 pm
I'm shopping for a $1 million umbrella policy, and I didn't realize until i started looking around that I could opt for a policy that included uninsured motorist coverage. The one quote I've received so far is from Geico (they have my auto insurance, so I started with them), and the premium was $679.00 per year with the UIM, $339.00 without. I thought that price was a little steep, so I have my homeowners agent working up a quote for me. But, I wanted the money board's opinion in whether or not it is worthwhile to carry this UIM coverage in the umbrella policy if I already have $250K/$500K UIM coverage in my auto policy and health insurance that I'm fairly comfortable with? Am I missing something with regards to what this covers?
Posted on 11/27/12 at 10:44 pm to medtiger
I have a $1M umbrella w/ UM to go along with $500k UM on my general liability policy. Your price does seem steep though as my umbrella is about $320 (w/ UM).
But in any event, I highly recommend it. It's just one of those things that can save you from a catastrophe. I've been in practice as a plaintiff's lawyer for just over a year now and have seen numerous cases where someone was badly fricked up in an accident and just didn't have the insurance there to cover anything. Don't ever rely on the other driver to have coverage b/c I guarantee they won't. In your case (though I would shop it), you'll be paying just an extra $30/month for a much better night's sleep.
But in any event, I highly recommend it. It's just one of those things that can save you from a catastrophe. I've been in practice as a plaintiff's lawyer for just over a year now and have seen numerous cases where someone was badly fricked up in an accident and just didn't have the insurance there to cover anything. Don't ever rely on the other driver to have coverage b/c I guarantee they won't. In your case (though I would shop it), you'll be paying just an extra $30/month for a much better night's sleep.
Posted on 11/27/12 at 10:50 pm to NaturalBeam
Thanks. You mind sharing who your umbrella is through?
Posted on 11/27/12 at 10:53 pm to medtiger
It's Progressive - Though I fully admit I don't know much about getting the best quote - I just use my guy here and have him shop a quote for me. Just for good measure, I've contacted a couple of other insurance guys in my area and had them shop quotes for me, and neither beat my original guy. So I feel confident I'm at least not getting ripped off.
Posted on 11/28/12 at 7:42 am to medtiger
Get it with uninsured coverage to better protect YOU from an un/underinsured liability event. I currently have coverage thru State Auto. It is worth the extra few dollars of premium, and I always recommend this to our clients.
Posted on 11/28/12 at 10:56 am to medtiger
Seems pretty fair, but why don't you price the cost of UM by increasing the limits on the auto policy? It might be a wash, but worth looking at.
Also, read the policies carefully as having two GEICO UM/UIM policies, one may nullify the other (check out the "stacking" provision). Yeah--I think you need to do this first.
Also, read the policies carefully as having two GEICO UM/UIM policies, one may nullify the other (check out the "stacking" provision). Yeah--I think you need to do this first.
Posted on 11/29/12 at 1:56 am to Motorboat
Even at that price it is cheap. Always max out your UM coverage.
I got in a wreck with someone who had no insurance . Grateful I had it.
I got in a wreck with someone who had no insurance . Grateful I had it.
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