GEICO's umbrella policy costs an average of $300 per year for up to $1 million in coverage. If you qualify, the umbrella policy protects you from paying out-of-pocket for expenses that go beyond the coverage limit of your basic auto and home insurance.
What is GEICO's umbrella policy?
GEICO is a leading insurance provider, known for its competitive rates and excellent 24-hour service. One of their best features is the umbrella policy. It's an added policy that goes over and above your existing auto and homeowner insurance, like an umbrella.
This feature kicks in when you make a claim that goes beyond your insurance policy limits.
By adding umbrella coverage, you don't have to pay out-of-pocket for a major accident or an unforeseen lawsuit.
What does GEICO's umbrella policy cover?
Accidents are sometimes more costly than what your insurance covers, therefore having extra coverage saves you money and gives you peace of mind. GEICO's umbrella policy provides coverage for expensive accidents, such as the following:
- Injuries to other people: All medical attention is covered. Hospital bills are paid for in the event of expensive surgery or extensive care. Including accidents that happen to a guest at your home (such as harm caused by your dog).
- Damage to other people's property: This policy pays for repairs to fix the damage done to somebody else's home, car, or building.
- Injuries or damage caused by your renters: If an accident happens and your entire property's destroyed by your residents, the umbrella policy pays for the full repair.
- Certain lawsuits: Attorneys and legal protection for lawsuits of slander, defamation, false arrests, detention, imprisonments, malicious prosecution, and mental anguish are covered.
Why should I buy GEICO's umbrella policy?
There are some things to consider that help you decide on how valuable this extra feature is for you. The umbrella policy is essential if you fall under any of the following categories:
- You're a homeowner
- You have an investment or retirement savings account
- You own a car
- You own any lucrative assets
- Your assets need as much protection as possible.
How much umbrella coverage do I need?
GEICO's umbrella coverage reaches between $1 million to $10 million in coverage. Deciding how much of this coverage you need can be tricky.
Thankfully, there's a simple 2-step formula for you to use to get an accurate understanding of how much you need.
1. Add up the sum total of your assets, such as the following:
- Retirement funds
- Bank accounts
2. Have a look at the amount of coverage you qualify for from your insurance policies. The gap in the amount that your assets come to and the amount that your coverage protects you for is how much umbrella coverage you need. E.g., You need $1 million in umbrella coverage if your assets come to $1.5 million, and your coverage is only for $500,000.
How do I qualify for GEICO's umbrella policy?
Clients need to meet specific requirements to be suitable for the umbrella coverage policy. This includes already having a certain amount of liability coverage for your home and car (if you own a boat, you need to have liability coverage for it too).
Requirements are generally the following minimums:
- Auto insurance policy: $300,000 person/$300,000 occurrence (bodily injury) $100,000 (property damage). Or $250,000 person/$500,000 occurrence (bodily injury) $100,000 (property damage).
- Home policy: $300,000 Liability
- Boat policy: $100,000 Liability (boats under 26 feet & under 50 hp). Or $300,000 liability (boats 26 feet or longer/50 hp and up)
3 Things to consider before getting GEICO's umbrella policy
- You don't need to have your car or home insured with GEICO to apply for the umbrella policy. However, you get a discounted rate if your policies are also insured by GEICO.
- GEICO umbrella insurance policy's not available to everyone. Look at adding more insurance policies to your auto insurance if you want more protection.
- If you damage a person's property or injure someone, you can't be sure that you're able to cover the expenses with your current policies alone. The only way to have 100% coverage is to add the umbrella policy.
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