Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
After I sold my rental properties, then sold my car and now gave up my driver's license, sold my gun, and never have visitors inside my condo, I canceled my umbrella policy. I think it is highly unlikely I would be sued for any substantial amount of money unless perhaps I have some sort of freak accident (like falling down the steps) where I get tangled up with someone else, causing them injury. I'm also on Medicare with a Medigap supplement, so I should have my major medical covered with no limit; although rehab care may not be.
Your decision is one I understand and respect.
I am going give you a couple of examples though of how umbrella coverage with a UIM and UM endorsement could still potentially benefit you.
1.You are walking across a street in a pedestrian lane when a car collides with you and causes you severe leg and knee injuries. You need lots of home health assistance that isn't all paid for by health insurance. The driver of the car had minimum limits of insurance which in this case amounts to $20,000. You need both UIM coverage and the add on you get from umbrella coverage to pay all your out-of-pocket expenses.
2. You are riding as a passenger in a friend's car. The friend runs a red light and has a t-bone accident with another vehicle. Let's assume your injuries are similar to those in the first example and you have the same need for home health care.
In no way am I suggesting any of this is likely. I am suggesting though that these are not "freak occurrences" like your example of injuring someone on a staircase. Terrible car accidents happen all the time and are frequently overlooked as being the huge source of injuries and deaths that they really are.
I am going give you a couple of examples though of how umbrella coverage with a UIM and UM endorsement could still potentially benefit you.
1.You are walking across a street in a pedestrian lane when a car collides with you and causes you severe leg and knee injuries. You need lots of home health assistance that isn't all paid for by health insurance. The driver of the car had minimum limits of insurance which in this case amounts to $20,000. You need both UIM coverage and the add on you get from umbrella coverage to pay all your out-of-pocket expenses.
2. You are riding as a passenger in a friend's car. The friend runs a red light and has a t-bone accident with another vehicle. Let's assume your injuries are similar to those in the first example and you have the same need for home health care.
In no way am I suggesting any of this is likely. I am suggesting though that these are not "freak occurrences" like your example of injuring someone on a staircase. Terrible car accidents happen all the time and are frequently overlooked as being the huge source of injuries and deaths that they really are.
As I had previously posted, at the time of of near fatal head on wreck 1/1/17, I had no idea I had coverage that paid out to me because the deceased offending driver only had minimum coverage.
After I sold my rental properties, then sold my car and now gave up my driver's license, sold my gun, and never have visitors inside my condo, I canceled my umbrella policy. I think it is highly unlikely I would be sued for any substantial amount of money unless perhaps I have some sort of freak accident (like falling down the steps) where I get tangled up with someone else, causing them injury. I'm also on Medicare with a Medigap supplement, so I should have my major medical covered with no limit; although rehab care may not be.
My SF agent explained it's mostly an extension of your car insurance.
I am going give you a couple of examples though of how umbrella coverage with a UIM and UM endorsement could still potentially benefit you.
1.You are walking across a street in a pedestrian lane when a car collides with you and causes you severe leg and knee injuries. You need lots of home health assistance that isn't all paid for by health insurance. The driver of the car had minimum limits of insurance which in this case amounts to $20,000. You need both UIM coverage and the add on you get from umbrella coverage to pay all your out-of-pocket expenses.
2. You are riding as a passenger in a friend's car. The friend runs a red light and has a t-bone accident with another vehicle. Let's assume your injuries are similar to those in the first example and you have the same need for home health care.
In no way am I suggesting any of this is likely. I am suggesting though that these are not "freak occurrences" like your example of injuring someone on a staircase. Terrible car accidents happen all the time and are frequently overlooked as being the huge source of injuries and deaths that they really are.
I don't see how your umbrella covers either of these. Pedestrian is a separate line item. I'm sorry to say I experienced #1 myself (and lived to tell about it.)
I'm thinking of letting the neighbor kids use my pool.
I have the umbrella policy but only up to $2.5mil.
It's probably a really bad idea anyway to even let them look at it.
This. We have everything from tractors with live power and PTO shafts, brush hogs, sickle mowers, rippers, oil field equipment, we blast post holes with more or less ammonium nitrate and diesel, two boats, four cars, two jet skis and three swimming pools not to mention mules, bulls and studs I also have a business with battery powered fork lifts, order pickers etc. and keep in mind all of the farm stuff is handled by cowboys many of whom are borderline illiterate. I have a monster umbrella policy that costs me less than $25 a day AND it provides legal services if I'm sued (most don't or the legal benefits are very limited).
My general business lawyer works at V25 or so firm....he told me the policy is legit.
This. We have everything from tractors with live power and PTO shafts, brush hogs, sickle mowers, rippers, oil field equipment, we blast post holes with more or less ammonium nitrate and diesel, two boats, four cars, two jet skis and three swimming pools not to mention mules, bulls and studs I also have a business with battery powered fork lifts, order pickers etc. and keep in mind all of the farm stuff is handled by cowboys many of whom are borderline illiterate. I have a monster umbrella policy that costs me less than $25 a day AND it provides legal services if I'm sued (most don't or the legal benefits are very limited).
My general business lawyer works at V25 or so firm....he told me the policy is legit.
Did he also tell you that you should probably investigate farm and ranch insurance/AG and/or GL insurance? Your umbrella isn't going to protect all this stuff.
I don't see how your umbrella covers either of these. Pedestrian is a separate line item. I'm sorry to say I experienced #1 myself (and lived to tell about it.)
By both policy language and statute it covers both of the accidents I've described in most states.
Did he also tell you that you should probably investigate farm and ranch insurance/AG and/or GL insurance? Your umbrella isn't going to protect all this stuff.
Oh yea we have all that actually the umbrella policy requires all of that and things like high liability coverage auto and water craft insurance etc. The umbrella is an extra layer over all the other insurance not a substitute.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
