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02-11-2021, 08:57 PM
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#1
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Senior Member
State: Arizona
Posts: 408
THOR #7580
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Umbrella policy
Anyone have thoughts regarding umbrella liability policies? Should we have one?
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02-11-2021, 09:02 PM
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#2
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Senior Member
Brand: Thor Motor Coach
Model: 2018 24.1 AXISSIXxSIX
State: Arizona
Posts: 6,762
THOR #13932
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The least expensive, and best kept secret in the insurance business.
Do not fail to get one.
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02-11-2021, 09:32 PM
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#3
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Site Team
Brand: Entegra
Model: Accolade 37TS
State: South Dakota
Posts: 8,726
THOR #1469
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Have had one for years and wouldn't go without.
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Dave
US Army (Ret)
2020 Entegra Accolade 37TS
2019 Jeep Grand Cherokee Trailhawk (Toad)
FMCA - F432054
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02-11-2021, 09:37 PM
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#4
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Member
Brand: Thor Motor Coach
Model: Omni RB34
State: Oregon
Posts: 68
THOR #20891
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Yes, umbrella policy. And be sure to get your rv (& home and auto) included.
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02-11-2021, 09:43 PM
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#5
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I Think We're Lost!
Brand: Still Looking
Model: Tiffin Wayfarer 24 BW
State: New York
Posts: 22,195
THOR #8860
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43 years in the insrance business: HELL YES!!!!
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02-11-2021, 09:54 PM
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#6
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Senior Member
State: Arizona
Posts: 408
THOR #7580
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Thanks, I have one, just wanted some other opinions before renewing mine.
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02-11-2021, 09:58 PM
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#7
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Senior Member
Brand: Thor Motor Coach
Model: Forest River Forester 235
State: Indiana
Posts: 4,883
THOR #6826
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Oh yes. I got one shortly after getting married and began to have a net worth that actually was positive. I’ll certainly keep it until I’m pretty well withered.
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02-12-2021, 12:15 AM
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#8
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I Think We're Lost!
Brand: Still Looking
Model: Tiffin Wayfarer 24 BW
State: New York
Posts: 22,195
THOR #8860
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Now for the $64,000 Dollar question: How big of an umbrella?
Most folks pop for a million...
But a two... or even a five million dollar umbrella is worth considering.
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02-12-2021, 12:30 AM
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#9
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Senior Member
Brand: Thor Motor Coach
Model: Forest River Forester 235
State: Indiana
Posts: 4,883
THOR #6826
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$1,000,000 isn’t what it used to be but that’s what I’ve always had and probably what I’ll keep. But if I was younger, still working and had kids at home I’d think about going higher. And I’m open to arguments for doing so even now.
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02-12-2021, 01:02 AM
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#10
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I Think We're Lost!
Brand: Still Looking
Model: Tiffin Wayfarer 24 BW
State: New York
Posts: 22,195
THOR #8860
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Pete,
Ask you broker how much it would be, to increase it to two-million...
I guarantee that you'll never find a million dollars worth of coverage that cheap anyplace else.
Do you have Grandkids?
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02-12-2021, 04:17 AM
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#11
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Senior Member
Brand: Thor Motor Coach
Model: Forest River Forester 235
State: Indiana
Posts: 4,883
THOR #6826
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Quote:
Originally Posted by Bob Denman
Pete,
Ask you broker how much it would be, to increase it to two-million...
I guarantee that you'll never find a million dollars worth of coverage that cheap anyplace else.
Do you have Grandkids?
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Sadly, no grandkids. Our son is 28 and seems to be taking his time in that regard! My insurance guy of nearly 40 years retired and I need to find a new one. Perhaps I’ll discuss it. I’ve always been impressed how little umbrella coverage costs
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02-12-2021, 12:41 PM
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#12
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I Think We're Lost!
Brand: Still Looking
Model: Tiffin Wayfarer 24 BW
State: New York
Posts: 22,195
THOR #8860
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Pete,
You have to remember: You lovely Bride is far too young and beautiful; to be sleeping with anybody's Grampa anyway!
(Our kid is 33, and still has none... )
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"What: me worry?"
Good Sam Member 843599689
Current coach: Tiffin Wayfarer 24 BW
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02-12-2021, 11:25 PM
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#13
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Senior Member
Brand: Thor Motor Coach
Model: Forest River Forester 235
State: Indiana
Posts: 4,883
THOR #6826
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Quote:
Originally Posted by Bob Denman
Pete,
You have to remember: You lovely Bride is far too young and beautiful; to be sleeping with anybody's Grampa anyway!
(Our kid is 33, and still has none... )
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Well that’s a lovely thought! I’m 68 so if we do t get a grand before too long we’ll have to share a diaper bag when we go anywhere.....
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02-12-2021, 11:50 PM
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#14
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I Think We're Lost!
Brand: Still Looking
Model: Tiffin Wayfarer 24 BW
State: New York
Posts: 22,195
THOR #8860
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"The family that changes together..."
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02-17-2021, 07:18 PM
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#15
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Senior Member
Brand: Thor Motor Coach
Model: Thor Magnitude XG32 4x4,
State: Utah
Posts: 192
THOR #19682
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Quote:
Originally Posted by Sanford
Anyone have thoughts regarding umbrella liability policies? Should we have one?
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About 15 years ago I had a sales rep that died in a car accident that was his fault. The other person in the accident had over $1 million in medical bills. The insurance companies started looking at assets that they could take to cover their losses. The insurance coverage he had didn't come close to the losses. After that I asked my insurance guy what he could have done different, and that is when I learned about umbrellas. I've carried $2 Million ever since. Not very expensive.
Now here is a question for everyone. If you will buy an Umbrella policy, why don't you buy a $200 dash cam? Good insurance and a witness.
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02-17-2021, 07:24 PM
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#16
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I Think We're Lost!
Brand: Still Looking
Model: Tiffin Wayfarer 24 BW
State: New York
Posts: 22,195
THOR #8860
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Quote:
Originally Posted by CTRvs666
Now here is a question for everyone. If you will buy an Umbrella policy, why don't you buy a $200 dash cam? Good insurance and a witness.
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The only problem with an onboard camera... is that it will only show what happens in front of it. If you're at fault: that's what the evidence will show.
(Never get hung with your own rope... )
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"What: me worry?"
Good Sam Member 843599689
Current coach: Tiffin Wayfarer 24 BW
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02-17-2021, 07:24 PM
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#17
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Junior Member
Brand: KZ RV
Model: Venture Stratus SR261VRL
State: Texas
Posts: 16
THOR #7966
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Quote:
Originally Posted by Bob Denman
Now for the $64,000 Dollar question: How big of an umbrella?
Most folks pop for a million...
But a two... or even a five million dollar umbrella is worth considering.
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We've had $5 million for many, many years. Get your insurance agent to price it out for you in million dollar increments. You will find that the larger amounts might be reasonable for you. Even if you only go for a million that's still better than not having it.
And like was posted above, make sure that your RV is covered by it. Lots of companies that offer Umbrella coverage require a certain amount of liability coverage on your RV policy before they will kick in their coverage. We had to upgrade our RV's basic liability to meet their requirements.
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2022 GMC 3500 DRW Denali
2021 Venture Stratus SR261VRL
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02-17-2021, 07:33 PM
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#18
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Senior Member
Brand: Thor Motor Coach
Model: Thor Magnitude XG32 4x4,
State: Utah
Posts: 192
THOR #19682
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Quote:
Originally Posted by Bob Denman
The only problem with an onboard camera... is that it will only show what happens in front of it. If you're at fault: that's what the evidence will show.
(Never get hung with your own rope... )
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Yes, it is a two edge sword, but if you are at fault, you are at fault. Even if you got hit from behind and the camera didn't catch the act, it could show you maintained your lane, your speed, the color of the light and a lot more. I actually run front and rear cameras. I keep running into big rigs that lane wander, and when I look over the driver is on the cell phone.
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02-17-2021, 07:46 PM
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#19
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Senior Member
Brand: Thor Motor Coach
Model: Freedom Elite 23H
State: Virginia
Posts: 250
THOR #19277
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Umbrella policy
I'm not an insurance agent, but I've done a lot of shopping.
The great thing about an umbrella policy is that it effectively raises the liability limits of all your other policies. Those might include your house, vacation house, renters, boats, cars, motorhome, off-road vehicles, or others. This can be a great deal if you have a bunch of policies.
Most umbrella policies require the underlying policies to have a minimum liability limit, probably between $100,000 and $500,000.
However, if you have only one or two policies, it might actually cost less to raise your existing policy limits and skip the umbrella. That's how it worked out for me. If you're a full-timer and you only have a MH and a toad, that could be your best option.
How much insurance do I need? At least enough to get your insurance company to show up in court with you. That's probably between $1M and $2M.
When you talk to your agent, you will want to ask these questions: Which of my existing policies will be covered by the umbrella?
What is the minimum amount of underlying coverage needed on my existing policies and what will that cost me?
How does the cost of the umbrella compare to simply raising the limits on my existing policies?
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02-17-2021, 08:03 PM
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#20
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Junior Member
Brand: Thor Motor Coach
Model: Magnitude RB34
State: Utah
Posts: 2
THOR #20806
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We are currently shopping insurance as well and looking to add an umbrella policy. One thing we were told to ask is if the umbrella covers under or un-insured, as we were told most do not. Something to think about.
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