Umbrella Insurance
- Thread starter gld2
- Start date
NEW -> Contingent Buyer Assistance Program
lets say your had 200K of equity in your home, 200K in the bank and you and your salary is 200K. lets say you are driving on the freeway, you got your nose buried in your iphone, traffic comes to a complete stop and you rear end someone going 60MPH, you kill a little kid in the back seat of the car because you crushed the rear end. you are going to pray you had an umbrella because you can bet that familiy is going to go after everything you have have since you have assets above and beyond your normal car insurance policy which pays out what 100K? for killing their kid you are going to get sued for millions. they will take your 100K from your insurance, your 200K in equity, your 200K in the bank and then because you have a high income, they are going to want you to make payments on that judgment for a very long time. you can try to do the bankruptcy thing, but after the rule changes if you make too much money i dont believe you can wipe out a judgement, you will likely have to keep on paying some amount monthly. with the aforementioned profile you would probably want an umbrella policy.
now if you dont have much in the way of assets and you dont have a high income and you kill the same kid in the same scenario you can do without the umbrella policy because you can probably get rid of the judgment in bankruptcy.
another good reason to buy a million dollar motor court home
Because one needs to file a lawsuit in order to get a judgement against your assets beyond what the insurance company pays for, which is a VERY LONG process, plus the defendant always have ways of transferring assets out of his/her name during this process so it's a LONG and HARD process to wait for.
Say someone has a 1M umbrella plus the normal auto coverage it's much easier for the other party to decide to settle with the 1.xM and go away, instead of having to wait for years for the judgement. Remember that one can't get the insurance to pay if the judgement is still pending, and you may or may not get much more at the end.
Versus if you have only 100k auto coverage, which is really nothing and the victim are much more likely to sue you to get whatever more they can.
irvinehusky
New member
It should be in the range of about $300. I have auto and home insurance coverage through the same company so there might be some discount in there?
It's probably the minimum you should have but if you have a lot of assets to protect, you should get more. There was a thread some time ago that included umbrella coverage and I was surprised at how many millions of dollars of coverage a lot of the people here were getting. It does make sense the richer you are. Sue, sue, sue.
When I was living up in WA state, I was always scared of kids slipping on the ice in my driveway and gettting hurt and then getting sued so I made sure I was covered.
It's probably the minimum you should have but if you have a lot of assets to protect, you should get more. There was a thread some time ago that included umbrella coverage and I was surprised at how many millions of dollars of coverage a lot of the people here were getting. It does make sense the richer you are. Sue, sue, sue.
When I was living up in WA state, I was always scared of kids slipping on the ice in my driveway and gettting hurt and then getting sued so I made sure I was covered.
gld2 said:
irvinehusky
New member
OK, now you're getting me angry. Farmers charges me $284 for 1mil. Those %#$@%@@. >
Yes, I believe they did require us to have a certain liability coverage but we usually pick the high one anyway.
Yes, I believe they did require us to have a certain liability coverage but we usually pick the high one anyway.qwerty said:
irvinehusky
New member
Well, I'm going to ask for the QWERTY discount. Don't know if I rate though. 
Irvine_RC said:
irvineshadow
New member
If your only assets are a home, couple of cars, and some savings is umbrella worth it? Or is this more of a high value thing?
qwerty
Well-known member
irvineshadow said:
lets say your had 200K of equity in your home, 200K in the bank and you and your salary is 200K. lets say you are driving on the freeway, you got your nose buried in your iphone, traffic comes to a complete stop and you rear end someone going 60MPH, you kill a little kid in the back seat of the car because you crushed the rear end. you are going to pray you had an umbrella because you can bet that familiy is going to go after everything you have have since you have assets above and beyond your normal car insurance policy which pays out what 100K? for killing their kid you are going to get sued for millions. they will take your 100K from your insurance, your 200K in equity, your 200K in the bank and then because you have a high income, they are going to want you to make payments on that judgment for a very long time. you can try to do the bankruptcy thing, but after the rule changes if you make too much money i dont believe you can wipe out a judgement, you will likely have to keep on paying some amount monthly. with the aforementioned profile you would probably want an umbrella policy.
now if you dont have much in the way of assets and you dont have a high income and you kill the same kid in the same scenario you can do without the umbrella policy because you can probably get rid of the judgment in bankruptcy.
J
jmoney74
Guest
I pay about 250 with Safeco.
I considered umbrella insurance but still not sure if it will do any good. Let's say the extreme situation that Qwerty mentioned happened. So after they take all your asset and the coverage from the umbrella insurance, why would the victim stop from going after your future income/salary?
The Motor Court Company
Well-known member
irvinehusky said:
another good reason to buy a million dollar motor court home
iHeartIrvine said:
Because one needs to file a lawsuit in order to get a judgement against your assets beyond what the insurance company pays for, which is a VERY LONG process, plus the defendant always have ways of transferring assets out of his/her name during this process so it's a LONG and HARD process to wait for.
Say someone has a 1M umbrella plus the normal auto coverage it's much easier for the other party to decide to settle with the 1.xM and go away, instead of having to wait for years for the judgement. Remember that one can't get the insurance to pay if the judgement is still pending, and you may or may not get much more at the end.
Versus if you have only 100k auto coverage, which is really nothing and the victim are much more likely to sue you to get whatever more they can.