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Old 02-20-2018, 06:34 AM
 
Location: Illinois USA
291 posts, read 147,761 times
Reputation: 211

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Hi
I have only one possession a SUV car and nothing else no boat no RV no house no timeshare etc

I have some liquid assets I want to protect bonds stocks cash

I was debating whether I should get umbrella insurance or just increase the liability limits on my car insurance to a maximum

as really I'm only likely to hurt someone with my car and have no other posessions and liabilities

what are your thoughts ?
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Old 02-20-2018, 07:13 AM
 
Location: The Triad (NC)
26,847 posts, read 57,851,863 times
Reputation: 29261
Quote:
Originally Posted by Dad01 View Post
I was debating whether I should get umbrella insurance or...
Have you priced it (most often attached to a property policy)?
Do you have enough in assets to warrant protection?
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Old 02-20-2018, 07:20 AM
 
5,600 posts, read 4,208,217 times
Reputation: 10562
An umbrella policy covers way more than just liability coverage on car insurance.
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Old 02-20-2018, 07:25 AM
 
Location: Illinois USA
291 posts, read 147,761 times
Reputation: 211
Quote:
Originally Posted by MrRational View Post
Have you priced it (most often attached to a property policy)?
Do you have enough in assets to warrant protection?
the ones I looked at was 1 million policy

my assets are below that so I was thinking that should be enough
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Old 02-20-2018, 07:26 AM
 
Location: Illinois USA
291 posts, read 147,761 times
Reputation: 211
Quote:
Originally Posted by jrkliny View Post
An umbrella policy covers way more than just liability coverage on car insurance.
Like what else will it cover ?

I have malpractice insurance with my job so I dont think I need any coverage there
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Old 02-20-2018, 07:28 AM
 
Location: The Triad (NC)
26,847 posts, read 57,851,863 times
Reputation: 29261
Quote:
Originally Posted by Dad01 View Post
the ones I looked at was 1 million policy
According to the Insurance Information Institute, a $1 million umbrella policy typically costs
between $150 to $300 a year. Each incremental $1 million dollars of personal liability insurance...

Quote:
my assets are below that so I was thinking that should be enough
https://www.financialsamurai.com/how...-does-it-cost/
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Old 02-20-2018, 07:31 AM
 
Location: Illinois USA
291 posts, read 147,761 times
Reputation: 211
^^^ thank you very much I'll review it right now
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Old 02-20-2018, 08:24 AM
 
2,768 posts, read 1,496,259 times
Reputation: 2172
Unless you are a high net worth individual, I don’t see how you would need it.

Find a better auto insurance policy. That may be easier, more targeted for your potential needs. YMMV
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Old 02-20-2018, 09:59 AM
 
8,285 posts, read 3,454,476 times
Reputation: 1586
An umbrella can also protect and pay you for others damages to you, if they are insufficiently covered or insured.

Like if a lowly insured driver tries to kill you.
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Old 02-20-2018, 10:14 AM
 
Location: Upstate
5,489 posts, read 6,215,609 times
Reputation: 3813
Let's say you have kids that do something really stupid and you are sued. Would this type of policy protect you?
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