JHZR2
Staff member
We thought it would be a good idea to have an umbrella insurance policy because it seemed like a low cost way to minimize our overall risk exposure. Pricing seemed good, until you're honest about what you own (this was with Geico, which I have a feeling is prone to bait and switch anyway). I was honest that I have a few vehicles that are on a separate classic policy. They are seldom/limited use vehicles, and the insurer sees the liability risk exposure at something like twenty bucks or so a year for very high coverage.
So they are seldom used, on a classic policy, and geico insures four regular use vehicles for us.
Added cost for these three classic vehicles? Around $85 each!
That is, more money than the actuary who does auto risk for a living, says they are.
The fact that I own three limited use vehicles on a classic policy effectively doubles the price of an umbrella policy. That's seriously insane. Doubly so since neither my wife nor I have ever had a claim (knock on wood we gave been quite fortunate/lucky in that regard, especially considering how many miles we drive per year).
I'm sure it varies from state to state, but does anyone know of an umbrella policy that doesn't add a surcharge for vehicles?
Anyone know of any good stand-alone umbrella policies?
Thanks
So they are seldom used, on a classic policy, and geico insures four regular use vehicles for us.
Added cost for these three classic vehicles? Around $85 each!
That is, more money than the actuary who does auto risk for a living, says they are.
The fact that I own three limited use vehicles on a classic policy effectively doubles the price of an umbrella policy. That's seriously insane. Doubly so since neither my wife nor I have ever had a claim (knock on wood we gave been quite fortunate/lucky in that regard, especially considering how many miles we drive per year).
I'm sure it varies from state to state, but does anyone know of an umbrella policy that doesn't add a surcharge for vehicles?
Anyone know of any good stand-alone umbrella policies?
Thanks