Calculating Umbrella Insurance Needs

Then again, I wonder sometimes- if you don't have a ton of liability insurance or maybe do not have an umbrella policy- if the other party wouldn't bother sue you, It's like- if you have insurance, he/she will go after it. If you don't- they might not bother- might not feel it is worth it.
 
meleana said:
Then again, I wonder sometimes- if you don't have a ton of liability insurance or maybe do not have an umbrella policy- if the other party wouldn't bother sue you, It's like- if you have insurance, he/she will go after it. If you don't- they might not bother- might not feel it is worth it.
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I have no idea how easy it is to find out how much insurance a defendant carries. I know it can't be brought up in a trial. I was on a jury once where the plaintiff's lawyer mentioned the word and the judge immediately declared a mistrial. I hadn't even focused on the utterance but the judge explained the problem when she dismissed us.
 
Stormy Kromer said:
If this happened your insurer would be committing Bad Faith and you'd have a valid claim against them. They know this and want to avoid it.
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Great! Now in addition to being sued for 200% of my total worth, I’m suing my insurance company for doing a less than stellar job of defending me! I guess everything works out eventually!
 
meleana said:
Then again, I wonder sometimes- if you don't have a ton of liability insurance or maybe do not have an umbrella policy- if the other party wouldn't bother sue you, It's like- if you have insurance, he/she will go after it. If you don't- they might not bother- might not feel it is worth it.
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The litigating party will enjoy a million bux from your life savings as much as a one million bux payment from your insurance company.
 
meleana said:
Then again, I wonder sometimes- if you don't have a ton of liability insurance or maybe do not have an umbrella policy- if the other party wouldn't bother sue you, It's like- if you have insurance, he/she will go after it. If you don't- they might not bother- might not feel it is worth it.
Click to expand...
If you have much money they will sue you anyway. If it's a nuisance suit, let the insurance company lawyers deal with it. They probably see all kinds of bogus lawsuits and know how to best get rid of them. And if it's a real one, I'd still probably have their lawyers, perhaps alongside of mine if I'm really worried about a settlement for over my insurance. This really is insurance that helps me sleep better at night.
 
meleana said:
Then again, I wonder sometimes- if you don't have a ton of liability insurance or maybe do not have an umbrella policy- if the other party wouldn't bother sue you, It's like- if you have insurance, he/she will go after it. If you don't- they might not bother- might not feel it is worth it.
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Anyone that owns a property, especially in expensive locations (owns it or a good % of it) or has a job (future earnings) or has relatives (inheritance). Could be worth suing as there is money there to be collected.
After all, not suing gets one zero dollars in most cases.
Insurance would just be cream on top.
 
meleana said:
Then again, I wonder sometimes- if you don't have a ton of liability insurance or maybe do not have an umbrella policy- if the other party wouldn't bother sue you, It's like- if you have insurance, he/she will go after it. If you don't- they might not bother- might not feel it is worth it.
Click to expand...

Umbrella insurance covers the cost of litigation (you shouldn't need to hire your own lawyer) as well as any settlement amount reached.

As another posters notes it forces the insurance company to handle scam or frivolous lawsuits as well, rather than you having to waste your time and money.

And if it really is your (or a family member's) fault it provides prompt compensation to the injured party without them needing to go through years of litigation.

I have several vehicles & young drivers on my policy, and my $2 million umbrella for under $50/month that covers the above I consider an absolute bargain.
 
ncbill said:
Umbrella insurance covers the cost of litigation (you shouldn't need to hire your own lawyer) as well as any settlement amount reached.

As another posters notes it forces the insurance company to handle scam or frivolous lawsuits as well, rather than you having to waste your time and money.

And if it really is your (or a family member's) fault it provides prompt compensation to the injured party without them needing to go through years of litigation.

I have several vehicles & young drivers on my policy, and my $2 million umbrella for under $50/month that covers the above I consider an absolute bargain.
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That is a bargain- $50 per month? I was paying Allstate over $400 per month for 1 million. Just me and my husband as drivers- excellent records.



Now I am at I think $100 or $200 for it through Progressive.
 
meleana said:
That is a bargain- $50 per month? I was paying Allstate over $400 per month for 1 million. Just me and my husband as drivers- excellent records.



Now I am at I think $100 or $200 for it through Progressive.
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400 per month for 1 million umbrella policy:confused::confused::confused:

Nobody pays that for an umbrella policy. It's usually the high end annual premium for a low risk policy.
 
meleana said:
That is a bargain- $50 per month? I was paying Allstate over $400 per month for 1 million. Just me and my husband as drivers- excellent records.



Now I am at I think $100 or $200 for it through Progressive.
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:LOL: you mean $400 a year, right?
 
youbet said:
Great! Now in addition to being sued for 200% of my total worth, I’m suing my insurance company for doing a less than stellar job of defending me! I guess everything works out eventually!
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Get liability limits to cover your assets and sleep well at night. Then...don't do anything to get sued and you'll sleep really well at night.:)
 
Corporateburnout said:
400 per month for 1 million umbrella policy:confused::confused::confused:

Nobody pays that for an umbrella policy. It's usually the high end annual premium for a low risk policy.
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LOL! Right! I thought you meant one year was $50. No- the $400 at Allstate was annual, as is the $200 at Progressive.
 
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donheff said:
I have no idea how easy it is to find out how much insurance a defendant carries. I know it can't be brought up in a trial. I was on a jury once where the plaintiff's lawyer mentioned the word and the judge immediately declared a mistrial. I hadn't even focused on the utterance but the judge explained the problem when she dismissed us.
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That depends on the jurisdiction. Some states *require* an insured to make available insurance coverage to the opposing party without then even have to ask. Further, many states require a settlement offer...there are a lot of details that would take far too much time to explain here.
 
I'm at $2560/yr 3 autos (2 subarus and a tundra all +7yr old), 4 Drivers, $1200/yr umbrella 2mil, 2 under 25 drivers, no wrecks ,no violations, 800+ credit, 2k deductibles on collision and comp.


I was told that my umbrella is expensive because of the under 25ers.
 
~900 yearly just for 2m Umbrella coverage for 4 people including 1 under 25.
Umbrella insurance tends to be expensive in Florida due to all the uninsured drivers, etc.
 
monte1022 said:
I was told that my umbrella is expensive because of the under 25ers.
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Beginning to understand that. After being rear-ended at stop signs twice in the last four months by under 25ers (actually under 20ers), I’m finding I’m more on guard against young distracted drivers than fellow geezers with slow-reflexes and poor depth perception. ;)
 
UpAnchor said:
Beginning to understand that. After being rear-ended at stop signs twice in the last four months by under 25ers (actually under 20ers), I’m finding I’m more on guard against young distracted drivers than fellow geezers with slow-reflexes and poor depth perception. ;)
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This is true even in Florida. The majority of accidents in my area are involving youngsters, not the old geezers.
 
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