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.
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.
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:
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:
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:
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.
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:
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