Insurance for protection

[retired1]

With two young drivers (19 yo,21 yo), the thought of a catastrophic accident is scary. Personal umbrella comes to mind. So I am wondering What liability (other than auto, home) insurance do you have for protection from accidents, lawsuits etc?

 

[REWahoo]

Many of us on the forum have umbrella insurance. Search and you will find a number of threads on the subject like these:

https://www.early-retirement.org/fo...e-have-umbrella-liability-coverage-92707.html
https://www.early-retirement.org/forums/f28/umbrella-renewal-104132.html

 

[pb4uski]

I have an $2m umbrella.

 

[MichaelB]

I have an $2m umbrella.

Same with us.

 

[yakers]

$1M umbrella

 

[Telly]

I have an $2m umbrella.

Ditto.

"Don't (let anyone) leave home without it!"

 

[VFK57]

$1mil umbrella but it is only for DW and myself.

 

[OldShooter]

Umbrella. Don't remember the amount.

Be carefuly DIY on this though; every umbrella we have ever had has specified what limits the underlying coverages (car, house) must have. So your underlying insurance must be coordinated. If everything is with one agent, he/she should be doing this automatically.

 

[Dash man]

I have $5M umbrella coverage on top of $1M liability. I’m pretty sure the insurance company will bring in good lawyers.

 

[SumDay]

I have $5M umbrella coverage on top of $1M liability. I’m pretty sure the insurance company will bring in good lawyers.

I can assure you, they do.

We have $2M as well.

 

[GravitySucks]

$1M umbrella.

 

[mckittri2000]

$1M umbrella policy for $140/yr. A small price to pay for piece of mind.

 

[Aggie1999]

$1M umbrella policy for $140/yr. A small price to pay for piece of mind.

That's a good price. I'm paying $350/yr for $2M.


Side note: With my insurer, $2M was the max the agent could automatically do without having to send it in for approval.

 

[geeky_grrl]

$2m umbrella as well. I'm paying $310 a year for it, though I imagine someone with two young drivers would pay much more. I believe my underlying home and auto had to be $500k liability but I have all three policies through the same company so it was easy to coordinate.

 

[Sunset]

We have $2M , covers an additional residence. Cost is $500 , which seems high compared to most others.

 

[retired1]

Many of us on the forum have umbrella insurance. Search and you will find a number of threads on the subject like these:

https://www.early-retirement.org/fo...e-have-umbrella-liability-coverage-92707.html
https://www.early-retirement.org/forums/f28/umbrella-renewal-104132.html

Thank you !! That's what I expected but couldn't find the links. Just signed up for 1m policy. The premium more than doubles after 1m. This is what I got from state farm :

1) 1 million is $735.00/year

2) 3 million is $1742

3) 5 million is $2433

 

[retired1]

$1M umbrella policy for $140/yr. A small price to pay for piece of mind.

That's a great rate !! Can you share which company it is and if they require Auto Insurance to have umbrella policy? With my kids being 19 & 21, my rates are much higher as I expected.

 

[Midpack]

I have an $2m umbrella.

Same here, $2M. It’s not expensive, $294/year.

 

[VFK57]

$1M umbrella policy for $140/yr. A small price to pay for piece of mind.

We pay twice this amount for the same $1mil. What is your insurer?

 

[MichaelB]

It always helps to get quotes from a couple of insurers, but umbrella liability rates depend heavily on risk factors, such as owning rental property, having a pool, certain species of pet, teenage boys at home.

 

[mckittri2000]

That's a great rate !! Can you share which company it is and if they require Auto Insurance to have umbrella policy? With my kids being 19 & 21, my rates are much higher as I expected.

I live in SW Virginia and I'm with Erie Insurance. I'm not sure what's required but we have both our home and autos insured through them. Our children are grown now so it's just the DW and me.

 

[mckittri2000]

We pay twice this amount for the same $1mil. What is your insurer?

Erie insurance. We live in SW Virginia.

 

[rk911]

With two young drivers (19 yo,21 yo), the thought of a catastrophic accident is scary. Personal umbrella comes to mind. So I am wondering What liability (other than auto, home) insurance do you have for protection from accidents, lawsuits etc?

we have an umbrella...$1M for under insured/uninsured drivers and $1M for general liability. cost is ~ $600 p/y. i'd like to bump that up to $2M or $3M but to make that affordable i'd have to drop the under/un driver portion or move our insurance to another carrier. don't want to do either.