painkiller
New member
My total net-worth is on-track to exceed $500k by the end of the year. I have car and renters insurance via Geico, with car insurance liability and uninsured motorist coverage both at $500k. So I decided to go ahead and figure out an umbrella policy
I couldn't do it online with Geico, so I called and spoke with an "Umbrella Specialist". She asked a couple basic questions and then immediately took me through a quote process for a $1M umbrella policy. With ten minutes of misc. questions she quoted me $400 / year for a $1M policy from another company, RCI.
She immediately asked if I'd be paying with card or check or yada yada. Very pushy. I told her I'd like to think it over, get a copy of the quote, and get a copy of some sort of documentation about the policy -- so I know what I'm buying. I also told her that $400 sounds high compared to what I'd heard from others. I've heard more like $150-200 for a $1M policy. She went on a brief tangent about how this policy is different. It didn't make much sense, but then again I didn't have a copy of any details. She ended up emailing me a copy of the quote, but ghosted me since I asked for a copy of the policy documentation.
So, that leads me to 3 questions:
Edit: Here's my exact quote from RLI (copy/pasted/formatted from PDF):
Limit
Policy Premium
UM/UIM
Total Annual Premium
Quotation is based on the following information:
1 = Vehicles
0 = Residential Properties
0 = Watercraft (other than Personal Watercraft)
0 = Personal Watercraft
1 = Drivers
0 = Inexperienced Drivers
0 = Drivers age 70 and older
0 = Violations
0 = At-Fault accidents
0 = Antique vehicles
0 = Drivers licensed < 1 year or non-U.S. license
0 = DUI/DWI
0 = Acres
0 = Properties outside U.S.
0 = Drivers age 21 and under and/or 80 and over with incident
No = Drivers over age 80
No = Uninsured/Underinsured Motorists Coverage
Edit 2: Based on some feedback, I did some Reddit sleuthing to find local recommendations for agents and have reached out to a few. Thanks all for the feedback.
I couldn't do it online with Geico, so I called and spoke with an "Umbrella Specialist". She asked a couple basic questions and then immediately took me through a quote process for a $1M umbrella policy. With ten minutes of misc. questions she quoted me $400 / year for a $1M policy from another company, RCI.
She immediately asked if I'd be paying with card or check or yada yada. Very pushy. I told her I'd like to think it over, get a copy of the quote, and get a copy of some sort of documentation about the policy -- so I know what I'm buying. I also told her that $400 sounds high compared to what I'd heard from others. I've heard more like $150-200 for a $1M policy. She went on a brief tangent about how this policy is different. It didn't make much sense, but then again I didn't have a copy of any details. She ended up emailing me a copy of the quote, but ghosted me since I asked for a copy of the policy documentation.
So, that leads me to 3 questions:
- Is $400 / year for a $1M policy a fair price? I have no dependents. I rent. The only physical property of any significant value I own is a vehicle valued at around $15k. Everything else is savings and stocks.
- Is it normal to purchase a policy without seeing any documentation?
- Are there any other companies where the process is less opaque? I don't want to switch car and renter's insurance, but so far Geico's process has been very opaque.
Edit: Here's my exact quote from RLI (copy/pasted/formatted from PDF):
$1 Million | $406 | $0 | $406 |
$2 Million | $739 | $0 | $739 |
$3 Million | $988 | $0 | $988 |
$5 Million | $1,300 | $0 | $1,300 |
Limit
Policy Premium
UM/UIM
Total Annual Premium
Quotation is based on the following information:
1 = Vehicles
0 = Residential Properties
0 = Watercraft (other than Personal Watercraft)
0 = Personal Watercraft
1 = Drivers
0 = Inexperienced Drivers
0 = Drivers age 70 and older
0 = Violations
0 = At-Fault accidents
0 = Antique vehicles
0 = Drivers licensed < 1 year or non-U.S. license
0 = DUI/DWI
0 = Acres
0 = Properties outside U.S.
0 = Drivers age 21 and under and/or 80 and over with incident
No = Drivers over age 80
No = Uninsured/Underinsured Motorists Coverage
Edit 2: Based on some feedback, I did some Reddit sleuthing to find local recommendations for agents and have reached out to a few. Thanks all for the feedback.