|
06-26-2006, 11:45 AM
|
#1
|
Full time employment: Posting here.
Join Date: Sep 2004
Posts: 607
|
Umbrella Policy
Has anyone had their umbrella policy rates go up significantly this year? My $1mil policy is now $250, up from $170 last year. I'm in CA and my agent claims that policies were "underpriced" last year.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
06-26-2006, 11:48 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: No. California
Posts: 1,858
|
Re: Umbrella Policy
I have a new policy for $1M that I opened this year. With a 19 year old male teen on my auto policy, I pay $505.00 anually. I'd be happy with your $250.
|
|
|
06-26-2006, 11:49 AM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
|
Re: Umbrella Policy
Yeah mine went up pretty good, but I'd have to shave out some changes to say by how much. My original policy went up by about 30%, then I got upgraded to a "higher quality product" which reduced the price slightly to about what it had been before, then I doubled the coverage and added an additional car to it, which knocked it up to almost double.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
|
|
|
06-26-2006, 12:00 PM
|
#4
|
Full time employment: Posting here.
Join Date: Sep 2004
Posts: 607
|
Re: Umbrella Policy
Quote:
Originally Posted by KB
I have a new policy for $1M that I opened this year. With a 19 year old male teen on my auto policy, I pay $505.00 anually. I'd be happy with your $250.
|
Ouch, I guess I'll quit complaining. On the other hand, our household doesn't have any under 25 drivers. Also, DW and I have been driving for 15 years (we're 31 and 32) and have pretty good driving records. My agent also said that the if I was going to get a stand-alone policy, it would be almost $300. I didn't realize this, but I guess you can get an umbrella with a company other than your homeowner's/auto company.
|
|
|
06-26-2006, 12:03 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
|
Re: Umbrella Policy
Which company is this, if you don't mind me asking?
You can shop around, but insurance is going up just about everywhere. $75 billion of industry capital got flushed into the GOM last year, so the squeeze is on.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
|
|
|
06-26-2006, 12:16 PM
|
#6
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
|
Re: Umbrella Policy
My $1M umbrella policy with USAA increased from $236 to $245 this year.
__________________
Numbers is hard
|
|
|
06-26-2006, 12:20 PM
|
#7
|
Full time employment: Posting here.
Join Date: Sep 2004
Posts: 607
|
Re: Umbrella Policy
Quote:
Originally Posted by brewer12345
Which company is this, if you don't mind me asking?
You can shop around, but insurance is going up just about everywhere. $75 billion of industry capital got flushed into the GOM last year, so the squeeze is on.
|
Brewer, my umbrella policy, along with my homeowner's and auto, is with Mercury. AM Best seems rate them pretty well (I've heard that AM Best isn't the ..uhh ... best way to judge insurers though). I've filed one homeowner's claim with them about 5 years ago and they were prompt and didn't give me any grief. Mercury's auto rates were lowest that I could find.
|
|
|
06-26-2006, 12:27 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
|
Re: Umbrella Policy
Quote:
Originally Posted by WanderALot
Brewer,* my umbrella policy, along with my homeowner's and auto, is with Mercury.* AM Best seems rate them pretty well (I've heard that AM Best isn't the ..uhh ... best way to judge insurers though).* I've filed one homeowner's claim with them about 5 years ago and they were prompt and didn't give me any grief. Mercury's auto rates were lowest that I could find.
|
AM Best is OK for a rough cut when you are buying a policy that would pay out within a year or so. For life insurance, not so much. And remember, credit rating only speak to capacity to pay, not willingness or customer service.
Most states publish a list of complaint ratios on their insurance department website. You can avoid the guys with lots of complaints. If you are happy with Mercury and unwilling to shop around, they are likely just fine. Just get used to paying more...
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
|
|
|
06-26-2006, 12:31 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 2,343
|
Re: Umbrella Policy
I use Geico and in my NYC location, my $1Mil umbrella has been going up about 12% a year. When I sold my house and temporarily moved to another borough in NYC, I was shocked to find out that it dropped by over 30%. When I move to Toucson fairly soon, it should drop about another 30+%. I started out this year at $265.
__________________
I look to the present moment because that's where I live my life.
|
|
|
06-26-2006, 01:27 PM
|
#10
|
Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
|
Re: Umbrella Policy
$245 for 1 mil from State Farm here in Sue-Happy Southern Cal. We decided not to shop around because we like the service we recieve.
|
|
|
06-26-2006, 01:33 PM
|
#11
|
Full time employment: Posting here.
Join Date: Mar 2005
Posts: 557
|
Re: Umbrella Policy
Ours, which is connected to auto/home policy with the same insurer, actually went down a bit. Wish I could say the same about the auto and homeowners policies (which I did price out and are competitively priced). They both seem to go up 8-10% a year.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|