To "umbrella" or not to "umbrella"...

[2017ish]

Insurers actually have an uphill battle even when they want to fight coverage. The law in most states makes it harder for them than for any other person/entity trying to weasel out of contracts.

Just make sure you disclose everything asked for on the application, maintain the required underlying policies, pay your premiums, and give notice of accidents and you'll be fine. (as long as you avoid those things mentioned in your last paragraph!)

 

[athena53]

Yep. Look up "bad faith claims handling". Penalties are pretty severe. It's a good phrase to throw around if you want to put the fear of God into a genuinely unreasonable insurer.

 

[JoeWras]

Thanks. I don't understand what my coworker is babbling about. He read his policy and feels that everything on earth is an exception.

Meanwhile, when my friend was sued for $1M, he had nothing but good to say about his insurer. The court proceedings went on a long time, with proposed settlements not accepted, etc.

BTW, the plaintiff won. It was really good he had that insurance.

 

[braumeister]

Thanks. I don't understand what my coworker is babbling about.

Maybe you should find someone else to ork your cows.

 

[truenorth418]

Yes. $2 million worth.


Sent from my iPhone using Early Retirement Forum

 

[athena53]

We've got another agent quoting our coverage, which is up for renewal and he pointed out a really important factor in comparing Umbrella quotes.


Not all Umbrella coverage includes Uninsured/Underinsured Motorists coverage. What that means is that if you're injured by someone with no insurance (or statutory minimum, which is a joke), the UM/UIM coverage in your underlying (regular auto) policy will cover up to its limits, but if your injuries are more expensive than that, you can't collect under your Umbrella. On a $2 million policy, that extra UM/IUM coverage increases the annual premium from $243 to $414.

 

[audreyh1]

We've got another agent quoting our coverage, which is up for renewal and he pointed out a really important factor in comparing Umbrella quotes.


Not all Umbrella coverage includes Uninsured/Underinsured Motorists coverage. What that means is that if you're injured by someone with no insurance (or statutory minimum, which is a joke), the UM/UIM coverage in your underlying (regular auto) policy will cover up to its limits, but if your injuries are more expensive than that, you can't collect under your Umbrella. On a $2 million policy, that extra UM/IUM coverage increases the annual premium from $243 to $414.

Yes, it can be quite a bit more. I think about the other passengers that might be in my vehicle.......

 

[HpRyder]

Geico 3m $511