Author Topic: Insurance Limits  (Read 1046 times)

Darrell Terry

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Insurance Limits
« on: December 02, 2022, 12:36:47 AM »
Renewing my RV insurance.

Currently have combined single limit of 500K /500K/ 500K with a 1,000,000 Umbrella.

 Am I over - insuring ?

Have a quote that saves me quite a bit if I lower to 250/500/100 with a 1,000,000 Umbrella

2004 Monterey
350 Cummins ISC

David T. Richelderfer

  • David, Leslie, Jasper, & JoJo
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Re: Insurance Limits
« Reply #1 on: December 02, 2022, 02:26:03 PM »
Our auto insurance rate for one coach, one pickup, and three cars is tolerable and has higher limits on its coverage compared to yours.  One car stays in Oregon while the other two cars stay in Arizona - all three having about six months per year of suspended insurance.  In addition, until last summer's annual renewal date, we also had a $1 million umbrella but during a telephone discussion, I asked about the umbrella coverage in the event of a claim due to my small percentage ownership of two farms located in Oregon.  My cousin's son does the farming on one farm and the other farm is custom-farmed by a neighboring family.  Because I could be named as an additional "defendant" in the event of an accident causing liability on either farm, the umbrella was discontinued by the insurance company.  If memory serves, the umbrella's cost was $200 to $250 per year while the five vehicles' cost is about $1,500 per year with a $1,000 deductible, and includes glass coverage.
2004 Beaver Marquis Sapphire

I had a dream... then I lived it!

Roy Warren Co-Admin

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Re: Insurance Limits
« Reply #2 on: December 02, 2022, 10:24:28 PM »
Try contacting Ron Jarvie at Overland Insurance.  He is one of BAC's sponsors.  Mention you are a BAC member and he will give you a quote and answer any questions you might have.  He has helped many members in lowering their costs.  Phone 800-677-4037.
Roy Warren
Roy Warren
2005 Patriot Thunder
Cat C-13

Dan Murphy

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Re: Insurance Limits
« Reply #3 on: December 04, 2022, 06:46:48 PM »

The answer lies in the underlying limits clause of your Umbrella Policy! If your Umbrella will respond when your underlying limit is exhausted you are fine as long as 1.25 mil is adequate to cover your assets!
Dan and Kris Murphy
2009 Beaver Contessa
Cat C-9 425hp
2018 Ford Flex