Umbrella insurance policy question - The Hull Truth - Boating and ...

Yesterday, 03:13 PM
Senior Member ? Join Date: Jul 2010 Location: Coastal Carolina Posts: 1,016	Hope I can ask this question right. What is the reason an umbrella policy will provide umbrella coverage on your car, boat, rv, and home seemingly across the board (above base insurance limits of course) but charge an extra premium for any coverage at all for one type loss : coverage of people in your car in car wrecks when you are not at fault and fault is from uninsured or underinsured motorists? Whats the logic in that? is that a huge risk factor in todays zoo? they want 70% of the umbrella cost extra just to cover this one exception, and thats the only exception they call out for extra premium? the ins agent says almost no one buys this extra type of umbrella coverage. whats so strange about Uninsured and underinsured fault situations? or do most people not have too many riders in their cars (if that were true then the rate should be low, but its not)
?

Yesterday, 03:48 PM
? Join Date: Oct 2003 Location: Irvine, ca, usa Posts: 1,839	Quote: Hope I can ask this question right. What is the reason an umbrella policy will provide umbrella coverage on your car, boat, rv, and home seemingly across the board (above base insurance limits of course) but charge an extra premium for any coverage at all for one type loss : coverage of people in your car in car wrecks when you are not at fault and fault is from uninsured or underinsured motorists? Whats the logic in that? is that a huge risk factor in todays zoo? they want 70% of the umbrella cost extra just to cover this one exception, and thats the only exception they call out for extra premium? the ins agent says almost no one buys this extra type of umbrella coverage. whats so strange about Uninsured and underinsured fault situations? or do most people not have too many riders in their cars (if that were true then the rate should be low, but its not) It's all about protecting your assets. Your coverage limits should match your assets. Your auto policy might only offer up to 500K of coverage but you might need 1M, 2M or 3M of coverage to fully protect yourself. A question to ask is, what are you willing to give up if you are found financially liable in an accident. Accidents can happen almost anywhere, while driving or at your home. The umbrella offers broader coverage that can include personal injury. You can also lower the initial coverage limits of both the auto and home policy and let the umbrella policy provide the higher limits. Umbrella policies are good to have.
?

Yesterday, 05:41 PM
Senior Member ? Join Date: Aug 2006 Location: San Diego Posts: 1,189	Quote: Hope I can ask this question right. Typical umbrella policy coverage provides additional liability insurance for claims made AGAINST YOU, arising out of your ownership of a home, car, boat or rental property. If you want to add additional coverage for claims you wish to make AGAINST OTHER PEOPLE (the uninsured/underinsureds in this world), then that is an entirely different risk for the insurer, and logically supports an increased premium. How's that?
?

Yesterday, 06:08 PM
? Join Date: Dec 2007 Posts: 12,032	Quote: ... but charge an extra premium for any coverage at all for one type loss : coverage of people in your car in car wrecks when you are not at fault and fault is from uninsured or underinsured motorists? Educate me, please. What I think you're asking is this: you are in a wreck while others are in your car and they get hurt. They don't get medical or other payments from the guy that caused the wreck. They sue you. Are you saying that you are not covered by your MedPay or Comp or Umbrella policies in that case?
?

Yesterday, 08:16 PM
Senior Member ? Join Date: Jul 2010 Location: Coastal Carolina Posts: 1,016	Quote: Educate me, please. What I think you're asking is this: you are in a wreck while others are in your car and they get hurt. They don't get medical or other payments from the guy that caused the wreck. They sue you. Are you saying that you are not covered by your MedPay or Comp or Umbrella policies in that case? --------- as I understand it they ARE covered by your auto policies uninsured motorists and underinsured motorist coverage (if you carry it) but NOT by the umbrella policy, unless you pay more for that exact coverage on the umbrella policy (a lot more- about 70% of the umbrella cost extra)
?

Yesterday, 10:22 PM
Senior Member ? Join Date: Aug 2004 Location: NC/GA Posts: 3,765	the ins agent says almost no one buys this extra type of umbrella coverage. Insurance rates are typically determined by risk to the insurer, not by how many policies they sell ...
?

Today, 04:24 AM
? Join Date: Feb 2009 Posts: 456	Most umbrella policies do not provide any payment for uninsured motorists coverage for any one, including the policy holder, without a large extra premium. As saltwater said, a PUP is about protecting your assets when you are personally liable. In the event you and your passengers are hurt in an accident caused by an uninsured driver, your UM coverage will pay up to the limits you selected for you and your passengers. If the bills are higher than your UM limits pay, you personally are out of luck except for medical payments coverage you may have. Your passengers can go to their own policy and get coverage if they've selected higher limits than you had. Same thing works if you're hit by an uninsured driver with low limits and you have underinsured coverage. So, get the highest limits your state allows for UM/UIM and relax. __________________ Grady 255 Freedom "First Light" Yamaha 300 Capt. Ed Last edited by Miss Sadie; Today at 05:02 AM.
?

Today, 10:32 AM
Senior Member ? Join Date: Jul 2010 Location: Coastal Carolina Posts: 1,016	Quote: Most umbrella policies do not provide any payment for uninsured motorists coverage for any one, including the policy holder, without a large extra premium. As saltwater said, a PUP is about protecting your assets when you are personally liable. In the event you and your passengers are hurt in an accident caused by an uninsured driver, your UM coverage will pay up to the limits you selected for you and your passengers. If the bills are higher than your UM limits pay, you personally are out of luck except for medical payments coverage you may have. Your passengers can go to their own policy and get coverage if they've selected higher limits than you had. Same thing works if you're hit by an uninsured driver with low limits and you have underinsured coverage. So, get the highest limits your state allows for UM/UIM and relax. ----------------- thanks- 1. so say you have the max under insured and un insured insurance on your auto policy and as you say above the wreck is not your fault , who do your car passengers sue - you? or the person who caused the wreck? 2. My umbrella company says if the wreck is YOUR fault the umbrella coverage DOES apply/add coverage to your car passengers . what troubles me is non of this seems to make any logical sense
?

Today, 11:58 AM
? Join Date: Sep 2012 Location: Greenville/MHC, NC Posts: 316	Quote: ----------------- thanks- 1. so say you have the max under insured and un insured insurance on your auto policy and as you say above the wreck is not your fault , who do your car passengers sue - you? or the person who caused the wreck? 2. My umbrella company says if the wreck is YOUR fault the umbrella coverage DOES apply/add coverage to your car passengers . what troubles me is non of this seems to make any logical sense The person liable for the wreck should be the ones sued. Since you unbrella is a liability policy it covers those liable, since you were not liable for the wreck you should not be sued. Now if you want to insure others, like the one that caused the wreck be prepared to pay for that coverage. If you really want to see your rates go up, call your agent and the him you decided to become a private pilot.
?

Today, 02:42 PM
? Join Date: Aug 2009 Location: Beaufort NC Posts: 427	Quote: I believe most Umbrellas require that your original policy carry 200/100 250/500 on auto and 500K lib on home is most common to have an umbrella. Also, umbrella does not cover you or family. it is for those that sue you. a way to think of umbrellas is picture a side view of a city skyline. every building is one of your insurance polices; home, auto, rental property, toys. The height of each building is the max amount of insurance you have. Now an umbrella provides coverage to a specific amount "height) over each policy (building). Sleep at night insurance.
?

Today, 04:01 PM
Senior Member ? Join Date: Aug 2004 Location: NC/GA Posts: 3,765	I'm not sure what you just said, but I think you could benefit from reading http://www.insurance.com/auto-insura...-coverage.aspx I don't see any company suing anyone for damages over and above their liability to the insured, ambulance chasers do that ...
?

Posting Rules You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off

?

Source: http://www.thehulltruth.com/dockside-chat/494602-umbrella-insurance-policy-question.html

Jill Kelley hope solo hope solo tesla model s tesla model s act Black Ops 2