Umbrella Policy - Switching/Consolidation Insurance

[joesxm3]

I have auto and umbrella with GEICO.

Last November I paid the full umbrella premium of $440 for $2MM coverage.

I recently purchased a Tesla and now have two cars. They just added $140 to the umbrella policy because I have two cars. Is this standard, to increase the premium based on the number of cars?

Does $440 or now $580 seem like a lot for the umbrella policy?

I have homeowner with Travelers. My roof is about 34 years on a 30 year shingle. My insurance agent told me that switching companies would require that I replace the roof (which I probably will do anyway this year).

Do you think that I should try to get a quote from Travelers that covers both cars, the house and the umbrella?

GEICO has told me that the umbrella will only cover cars insured by GEICO and I am required to insure at least one car with them to get the umbrella policy.

Thanks.

 

[COcheesehead]

Find a good independent agent by reading online reviews. Engage, interview and then have them do their job: shop for you.
Insurance is a big game and if you know the rules, you can be a better player. The number 1 rule is the new customer gets the best deal. You always want to be someone’s new customer.

 

[jollystomper]

I have auto and umbrella with GEICO.

Last November I paid the full umbrella premium of $440 for $2MM coverage.

I recently purchased a Tesla and now have two cars. They just added $140 to the umbrella policy because I have two cars. Is this standard, to increase the premium based on the number of cars?

Does $440 or now $580 seem like a lot for the umbrella policy?

Thanks.

I also have a GEICO umbrella policy. In my experience, the policy premium changed based on the number of cars. Mine went up when I added a 3rd card, then went down when I removed a car. My $1MM coverage is $222/year, so you amount down not seem unreasonable. From what I have read, Tesla insurance rates tend to be higher, so I would not be surprised if the corresponding umbrella coverage is higher.

 

[OldShooter]

Find a good independent agent by reading online reviews. Engage, interview and then have them do their job: shop for you.
Insurance is a big game and if you know the rules, you can be a better player. The number 1 rule is the new customer gets the best deal. You always want to be someone’s new customer.

+1

 

[RetiredHappy]

We moved to Travelers and saved us quite a bit of money. Why don't you ask your agent to give you a quote on the 2 cars and umbrella policy? Your umbrella policy is a layer on top of cars and home. When you have your policies spread out like that, it means that your current umbrella policy does not cover your home.

We have Travelers, $234 for $2M coverage. One car and one somewhat expensive home.

 

[isisdave]

I am surprised you can get an umbrella policy unless that company writing it also provides your homeowner's and auto insurance. I was not able to do this when I tried several years ago.

If there is a claim and the umbrella provider is not also the underlying car/home provider, will there not be argument over who has to provide the defense and/or whether to settle? Ugh!

As for the increase, it's based on risk. I would expect an increase until the number of cars exceeds the number of drivers, after which you could argue that risk is not going to increase much.

 

[joesxm3]

GEICO confirms house is covered even though insured by Travelers. I am the only driver. Will see about all at travelers or maybe shop after new roof.

 

[swakyaby]

I have USAA and an umbrella policy $2M for $425 that covers our home and 3 vehicles, including a Tesla S. We’re in California.

 

[fh2000]

I am in Southern California. I have vehicle, home, umbrella insurance all with Geico. My 2M umbrella just went up today from $440 to $590. I am waiting for my home renew in July. If it also goes up (likely due to recent fire, flood) I will need to talk to local agents.

 

[Dash man]

I have a USAA umbrella policy for $5M that costs $1,917.80. It covers three cars and five homes, one a vacation rental and two occupied by our sons and family. It renews in May. The vacation rental’s primary coverage is with Lloyds of London since USAA won’t cover homes in that area, but the Umbrella policy does cover it for liability.