Personal Finance (Not Investing) • Re: Umbrella Policy - Should I keep or drop - Skyrocketing Prices

Hi,

So we all know insurance prices are going up like crazy.

I am currently paying about $6000.00 a year for car insurance on 3 cars and 4 drivers. We have to have high coverage in order to keep our million dollar umbrella policy. So we have $250,000/$500,000 bodily liability and $100,000 property liability.

Our Umbrella policy I've had for about 20 years. Think originally it was about $150 a year. Anyway - now with our young adults on our policy the umbrella policy went sky high.

Our 1 million dollar policy costs $1200 a year. Would you keep it?

Also our older son is buying himself a car - so this policy will likely go up....I am thinking of having him get his own car insurance, he would not need as high a policy as ours.

Thoughts?

Our Umbrella insurance premium dropped dramatically once our then 22 year old daughter launched and was no longer on our policy. So much so that I increased our coverage. Of course the cost of her car insurance was quite a bit higher than the incremental cost of her being on our policy.

Cheers.

Statistics: Posted by Nyc1967 — Tue Jul 23, 2024 7:54 am