Recent Topics
Lubricants Containing Titanium Dioxide
by MolaKule
02/22/17 10:23 PM
Slow Pump. Is it a problem?
by jimbrewer
02/22/17 10:22 PM
What is an Intelligent Molecule? Idiot Marketing
by drseth
02/22/17 10:03 PM
2011 GT500
by legandrex
02/22/17 09:41 PM
Who knows how to teach my dog to do this???
by Dyusik
02/22/17 09:29 PM
What police/crime shows do you guys like?
by car51
02/22/17 09:29 PM
Motorcycle coolant?
by maverickfhs
02/22/17 08:13 PM
Looking for the BITOG member with a Trasko
by OneEyeJack
02/22/17 07:40 PM
trans service 2015 malibu 6T40
by gabriel9766
02/22/17 07:18 PM
A most VEXING Dodge Ram Hemi... Coolant LEAK
by SumpChump
02/22/17 07:11 PM
Kendall semi-synthetic
by aztec12
02/22/17 06:11 PM
Valvoline VO-16 sliced and diced
by RichardS
02/22/17 05:30 PM
Summer or winter blend for storage?
by another Todd
02/22/17 05:17 PM
Service Pro M2222, 5,000 miles CUT OPEN
by car51
02/22/17 05:17 PM
Gaming rig refresh.
by SEMI_287
02/22/17 05:14 PM
Peak Green vs Zerex Green
by Need4racin
02/22/17 05:07 PM
Need input from everyone - Should I buy this?
by SirTanon
02/22/17 04:58 PM
PARTS PLUS PH-500, 6,000 miles CUT OPEN
by car51
02/22/17 04:55 PM
HASTINGS LF 641 CUT OPEN
by car51
02/22/17 04:45 PM
Is all Dexron VI created equal??
by Aerojoe
02/22/17 04:43 PM
Newest Members
old_kodger, Eason111, Cuba, M54B30, killahurtz
60614 Registered Users
Who's Online
77 registered (alphadog, aaronc7, 4WD, 69GTX, 379KITTY, 6 invisible), 1693 Guests and 22 Spiders online.
Key: Admin, Global Mod, Mod
Forum Stats
60614 Members
66 Forums
261440 Topics
4312727 Posts

Max Online: 3590 @ 01/24/17 08:07 PM
Donate to BITOG
Topic Options
#3312331 - 03/14/14 10:49 PM Umbrella insurance policies and car surcharges
JHZR2 Offline



Registered: 12/14/02
Posts: 39338
Loc: New Jersey
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

Top
#3312351 - 03/14/14 11:22 PM Re: Umbrella insurance policies and car surcharges [Re: JHZR2]
Doog Offline


Registered: 10/24/11
Posts: 6160
Loc: North Coast
No an umbrella policy is for everything you own. That is the purpose and why they call it an umbrella. I have a small business 2 homes in 2 different states 4 cars and a motorcycle on my policy. Adding additional items to cover is not a surcharge. It is coverage based on risk. My umbrella takes over on top of the $1MM base coverage on each individual policy up to $3MM. I have had several boats on there which jacked it about $300 a year. But due to all of the Jet Ski accidents the rates for watercraft are crazy. I quit boating in 2011.

BTW, they don't calculate auto risk simply on your driving record. It is based on your driving record, the area where you live, the number of fatal traffic accidents in your home area, your age group, other drivers in your family...etc etc etc. Your highest chance of being sued is from a car accident where you are at fault. So the more vehicles you own the more you drive the higher the risk.


Edited by Doog (03/14/14 11:33 PM)
_________________________
The difference between a beer and your opinion is that I asked for a beer... well except for just now..Coffee2

Top
#3312366 - 03/14/14 11:50 PM Re: Umbrella insurance policies and car surcharges [Re: JHZR2]
crazyoildude Offline


Registered: 07/23/08
Posts: 9808
Loc: New Jersey
in nj the best insurance company by far is NJM


Anytime an insurance salesman calls i tell them i have njm they say you are covered have a grat day
_________________________
Check To See That The Oil Jugs You Buy Have The Exact Amount Of Oil In Them And Have An Inner Seal Under The Cap. I Use Mobil 1 And Fram Ultra Filters

Top
#3312392 - 03/15/14 12:41 AM Re: Umbrella insurance policies and car surcharges [Re: JHZR2]
TrevorS Offline


Registered: 07/14/13
Posts: 1281
Loc: California
Geico gave me by far the best auto and umbrella pricing.

Just had renewal and for the first time in a long time, I saw no premium increases.

Doubly glad I moved from my old insurer as my home insurance also stayed level for the first time.

Top
#3312393 - 03/15/14 12:41 AM Re: Umbrella insurance policies and car surcharges [Re: JHZR2]
Win Offline


Registered: 02/05/03
Posts: 4147
Loc: Arkansas
I have two homes, five cars, and my umbrella, in other words, all my personal insurance, with State Auto. They do not surcharge on the umbrella for anything, afaik. Your surcharge is more than the premium for my umbrella policy.

I spread my business insurance over two agents and several different carriers. Insurance is really becoming expensive.
_________________________
09 Torrent 3.6 V6 M1 0/30
09 Solstice 2.4 I4 Fram 5/30
08 G8 3.6 V6 Fram 5/30
04 Xj8 4.2 V8 Hav 5/40
99 S-10 2.2 I4 RECOVERED
94 Xj12 6.0 V12

Top
#3312442 - 03/15/14 03:55 AM Re: Umbrella insurance policies and car surcharges [Re: JHZR2]
The Critic Offline


Registered: 08/30/04
Posts: 19024
Loc: Walnut Creek, CA
Umbrella premiums will vary based on the exposures on the primary policies. So if you have more vehicles and more policies to cover, then your umbrella premium will adjust accordingly.

My guess is that Geico is not using the premium(s) from your classic car policy to rate for the umbrella premium. Instead, Geico is using the their rates for those vehicles - which is higher.

Also check with your workplace to see if they offer any umbrellas as an employment benefit. With my employer, I can get an umbrella through Chubb for a very attractive price.
_________________________
11 Prius, 142k, M1 EP 0w20
07 Accord I4, 117k, M1 EP 0w20
10 Altima 3.5, 37k, M1 EP 5w30
92 Previa, 162k, Chevron 5w30

Top
#3312472 - 03/15/14 07:03 AM Re: Umbrella insurance policies and car surcharges [Re: JHZR2]
Pop_Rivit Offline


Registered: 02/09/08
Posts: 6145
Loc: Midwest
We have a 5 million dollar umbrella policy that costs around $450/year. Our insurer also has the insurance on all 4 of our vehicles as well as both homes, property and businesses.

We've never been asked about vehicles, but we do fill out an annual questionnaire about other risks (dogs, pool, trampoline, boats, etc). In speaking with our agent a few years ago (making sure we were covered with our therapy dogs and the volunteer work we do) we discussed various dog breeds. Since we have beagles that are trained and certified our rates are low; but if we had an aggressive breed we'd be paying significantly more for our policy.

Top
#3312682 - 03/15/14 11:56 AM Re: Umbrella insurance policies and car surcharges [Re: crazyoildude]
JHZR2 Offline



Registered: 12/14/02
Posts: 39338
Loc: New Jersey
Originally Posted By: crazyoildude
in nj the best insurance company by far is NJM


Anytime an insurance salesman calls i tell them i have njm they say you are covered have a grat day



I had NJM, still do for homeowners. Their policy pricing was constant for years, even our homeowners policy after sandy. I'm happy with them and may request them to re-price. Geico pricing is really aggressive so they beat Njm on auto. They did bait and switch on us once - gave us an ultra super preferred rate, then did checks and found that my wife had a three year old cellphone ticket. Took us up by a few hundred (!) per year, which they said would decrease as the ticket went further back in time. We're now at second renewal and no pricing change, but now apparently were still at the topmost preferred rating level (?). I'm going to go back through all my old quotes (kept the email) and will file a complaint if my full recollection is accurate.

But that's auto, this is umbrella. Looks like either the agent is pricing me wrong or their policies are stupid. We have zero rated risks other than the cars, which double the policy.

Top