Standalone umbrella policies

[JHZR2]

Do they exist? Who sells them?

I mean an umbrella liability policy that protects you at home/in the car/etc., as one would expect from such a policy, but that is not sold by your homeowner's and/or auto insurer.

My insurer has specific requirements.

Because I own a lot of cars and cannot possibly drive them all, I get raked over the coals paying for liability that physically can not possibly occur in more than one instance at one time. Thus Im interested in a fat umbrella, which will actually buy me a lot more liability protection, and then to drop my auto coverage levels (for liability, not for self-protection) to obtain better overall rates.

Not sure if this is obtainable. But Im an odd case, so not many think about this, as most ar a 1,2,3 car scenario where lumping it all together just makes sense, and the number of cars is roughly equal to tne number of drivers. Not in my case.

Thanks!

 

[CivicFan]

When I purchased my umbrella policy, it was through my insurer. What they did was to increase the liability coverage on the existing policies which in some cases actually reduced the premiums on them.

I don't know if an independent umbrella coverage will save you any money. The umbrella coverage will most probably try to minimize the risk by requiring a higher coverage on each of your underlying policies.

 

[MetalSlug]

I was though you talk about " resident evil game/movie" hehe

 

[GhostFlame]

I just had a review of my umbrella policy and I asked the same question of my agent.
Here's what he said. Car insurance liability is the first line of insurance when someone makes a claim against you in a car accident. If the claim exceeds the limit of the car policy then Umbrella kicks in. The umbrella underwriter does not want to accept the liability of the car insurance claim. Because car insurance primary coverage is paid out of a larger, fatter money pool supported by all the car insurance subscribers out there. Very few people have umbrella policies so, the number of subscribers paying into the system are less and the fund is "smaller".

If you could do what you suggest you would be gaining on a system that has fairly low premiums relative to the coverage afforded at the expense of the subscribers that have both car and umbrella insurance.
As a condition of my umbrella policy I have to prove paid-up car, home and business primary insurance before they renew my umbrella.

 

[JHZR2]

Originally Posted By: GhostFlame


If you could do what you suggest you would be gaining on a system that has fairly low premiums relative to the coverage afforded at the expense of the subscribers that have both car and umbrella insurance.
As a condition of my umbrella policy I have to prove paid-up car, home and business primary insurance before they renew my umbrella.


Note I never said drop my liability insurance.

I just want to lower it. Dropping my liability from 500k to 100k leaves me more insured than 99% of the drivers out there anyway, and then $2M umbrella would protect me better. And the auto pot would still be fat. Remember, I'm paying for liability on 7 when there are only two drivers.

Insurance is full of fraud, crookery and legal discrimination. The less money I give to them, the happier I am. They still are making profit.

 

[Jeff_in_VABch]

Originally Posted By: CivicFan
When I purchased my umbrella policy, it was through my insurer. What they did was to increase the liability coverage on the existing policies which in some cases actually reduced the premiums on them.

I don't know if an independent umbrella coverage will save you any money. The umbrella coverage will most probably try to minimize the risk by requiring a higher coverage on each of your underlying policies.


This is how my insurer worked too. All auto policies were increased to $500K liability and the umbrella picks up excess liability starting at $500K to it's limit.

I have never heard of a standalone umbrella.

I can tell you from experience that an umbrella should be considered mandatory nowdays and the little money it costs is extremely well spent.

 

[TooManyWheels]

As an alternative to an umbrella, have you considered the policy from Progressive where you pay by miles driven? I believe you can price it online. I must note, though, that when I looked into it for myself it was no cheaper than what I was already paying.

 

[JHZR2]

Originally Posted By: TooManyWheels
As an alternative to an umbrella, have you considered the policy from Progressive where you pay by miles driven? I believe you can price it online. I must note, though, that when I looked into it for myself it was no cheaper than what I was already paying.



Ill never use progressive because they tried to rip me off horribly when my car was destroyed by a 100% at fault, minimally insured driver on their rolls. They tried to make me look at fault to some extent in order to minimize their payouts, but it was all lies and fabrications. They were ultimately proven wrong because I derived the physics and equations associated with the motion of the scenario.

I really wish I would have tried to have their lawyer disbarred for blatant lying and misrepresentation of physics which any college student SHOULD (note, 99.9% cant) do. For their idiocy they should be starving. I didnt make that my hobby, unfortunately, but at least I can boycott them.

 

[CivicFan]

Originally Posted By: JHZR2
Originally Posted By: TooManyWheels
As an alternative to an umbrella, have you considered the policy from Progressive where you pay by miles driven? I believe you can price it online. I must note, though, that when I looked into it for myself it was no cheaper than what I was already paying.



Ill never use progressive because they tried to rip me off horribly when my car was destroyed by a 100% at fault, minimally insured driver on their rolls. They tried to make me look at fault to some extent in order to minimize their payouts, but it was all lies and fabrications. They were ultimately proven wrong because I derived the physics and equations associated with the motion of the scenario.

I really wish I would have tried to have their lawyer disbarred for blatant lying and misrepresentation of physics which any college student SHOULD (note, 99.9% cant) do. For their idiocy they should be starving. I didnt make that my hobby, unfortunately, but at least I can boycott them.


That's why it's good to have full coverage and let the two insurance companies fight it out.