Geico
Umbrella Insurance - Geico
- Details
- Category: Geico
- Published on Thursday, 15 July 2010 12:15
Cover Your Rainiest Days with Personal Umbrella Insurance - No, we’re not asking you to take out a policy on your soggy-weather gear. Yet much like an umbrella, this aptly-named insurance provides you with a canopy of protection against catastrophic financial events. Picture this:
- Your neighbor slips in your yard and successfully sues you for $2 million. But your homeowners insurance tops out at $500,000.
- Your teenager is at fault in a major car accident, harming several people and causing damage well in excess of your $300,000 car insurance coverage limits.
- Your dog bites and seriously injures a child. You are liable for the extensive medical expenses.
These are just a few unfortunate (aka: nightmare) situations in which a personal umbrella policy could come to the rescue by providing additional coverage up to the limits of your umbrella policy.
In other words, once your primary insurance coverage runs out—whether it’s your homeowner’s insurance, car insurance, or boat insurance—your personal umbrella policy kicks in. Plus, umbrella insurance covers many situations that typically aren’t covered by other liability policies.
And don’t worry—it’s not bad luck to open an umbrella policy indoors.
How Much Umbrella Insurance Coverage Do You Need?
You can take out an umbrella policy with coverage limits of $1 million to $10 million. Can’t imagine that you would need that much coverage? You might be surprised. Follow these three quick steps to get an idea of how big an umbrella you may need:
Step 1: Add up your assets (including the worth of your home, money in the bank, stocks, bonds, 401(k) funds and other retirement savings, and other assets—maybe you have a collection of rare lunchboxes?)
Step 2: See how much liability coverage you have on your homeowners, auto, and boat policies.
Step 3: Determine if your current liability policies cover your assets.
If you don’t have protection that exceeds your assets, you owe it to yourself to consider a personal umbrella policy. For an affordable premium, you can protect yourself against a financial tsunami.
We’re Here to Help
We welcome your questions about umbrella insurance. Our professional insurance counselors can:
- Help you determine your optimal coverage levels
- Discuss exactly what your personal umbrella policy would cover
- Answer questions about premiums and payment options
- Provide you with any additional information you require
- Help you get a free quote for a personal umbrella policy
Affordable Premiums, Many Payment Options
Discover how little it takes to get a lot of coverage for your assets.
Once you purchase your policy, you can choose from many convenient payment options:
- Web-Pay – Register your account online using your auto policy number or log into your existing GEICO account. Then, simply provide your checking account, debit card, or credit card information, and submit your payment instantly.
- Automatic Payments – Never worry about missing a payment. Enroll in electronic funds transfer (EFT) to have your payments automatically deducted from your checking account. (Note: This option is only available to you if you pay your GEICO car insurance via EFT.)
- Traditional Payment Methods – Pay the old-fashioned way! Just mail us a check or money order.
About Umbrella Insurance
Are you not really sure what an umbrella policy is? Certainly it doesn't protect you from the rain, right? So, what is it exactly? Well, umbrella insurance is extra liability insurance. It is designed to protect you from major claims and lawsuits and as a result it helps protect your assets and your future. It does this in two ways:
- Provides additional liability coverage above the limits of your homeowners, auto, and boat insurance policies. This protection is designed to kick in when the liability on these other policies has been exhausted.
- Provides coverage for claims that may be excluded by other liability policies including: false arrest, libel, slander, and liability coverage on rental units you own.
What Does Umbrella Insurance Cover?
Still a bit hazy on what an umbrella policy covers? Well, let's dig into the details a bit. Umbrella insurance provides coverage for injuries, damage to property, certain lawsuits, and other personal liability situations listed below. "That's all well and good," you're thinking, "but I have auto and homeowners insurance that covers some of these situations." True! But, umbrella insurance insures you above and beyond the limits of those policies and, in addition, it covers some situations that aren't covered by the other types of policies you have.
Here are examples of the types of coverages provided by an umbrella policy and how they protect you:
Bodily Injury Liability – covers the cost of damages to another person's body. Examples include the cost of medical bills and/or liability claims as a result of:
- injuries to other parties due to a serious auto accident where you are at fault,
- harm caused to others as a result of your dog (yeah, you probably should have taken him to obedience school),
- injuries sustained by a guest in your home due to a fall, or
- injuries sustained by a neighbor's child who falls while playing in your yard.
Property Damage Liability – covers the cost of damage or loss to another person's tangible property. Examples include the cost associated with:
- damage to vehicles and other property as a result of an auto accident where you are at fault,
- damage claims incurred when your pet rips a friend's priceless oriental rug to shreds, or
- accidental damage to school property caused by your child (hey, you can't disown them).
Owners of Rental Units – protects against liability that you may face as a landlord. Examples include the cost of liability claims as a result of:
- someone tripping over a crack in the sidewalk of your rental property and suing you for damages, or
- your tenant's dog biting someone and you being held responsible for the injuries.
Coverage is also provided should you be sued for:
- slander – injurious spoken statement,
- libel – injurious written statement,
- false arrest, detention, or imprisonment,
- malicious prosecution,
- shock/mental anguish, and
- other personal liability situations.
Need An Example?
So, let's look at an example to help you better understand how an umbrella policy would work to protect you. Let's say you cause an auto accident and the cost of the injuries you cause to others is $500,000. Let's further say that the Bodily Injury limit on your auto insurance is $300,000. Your auto policy will cover $300,000 of the injuries. But who will cover the remaining $200,000? Your umbrella policy will. It will cover the amount above the limit set in your auto policy, up to the limit you choose for your umbrella policy. Now, isn't that peace of mind?
So, in the event of a loss, you would first use your home, auto, or boat liability coverage (if they cover the situation), and then the umbrella policy would begin providing coverage. For a relatively modest cost, the GEICO Personal Umbrella Policy provides the extra layer of liability protection that is so vital to protecting your assets, your family, your lifestyle, and your future. That's a lot of protection!
How Much Coverage Is Available?
Coverage limits start at $1 million and can go as high as $10 million for qualified applicants. And rates are lower than you may think.
Is An Umbrella Policy Right For Me?
Still not sure you need an umbrella policy? Learn more about why you should consider purchasing an umbrella policy and answer some basic questions to help further determine if you should purchase one.
Do I Qualify For An Umbrella Policy?
To be eligible for umbrella insurance, you must carry certain required limits of coverage on your homeowners, auto, and boat (if applicable) insurance policies.
So, Why GEICO?
Why should you buy an umbrella policy from GEICO? Low rates, great service, and exceptional financial strength—that’s why!
Umbrella policy rates are lower than you may think. With one quick phone call, you could get the protection and peace of mind that you need. We promise the same great customer service that you expect from your GEICO auto policy. And, due to GEICO’s financial strength, we’ll have the resources to pay your claims. GEICO is a wholly owned subsidiary of Berkshire Hathaway, Inc. and has assets of over $28 billion. We'll be here when you need us.
Source: Geico