I was waiting to hear from you Ed-) So no limit to "pleasure driving"?

 

All they said was I can’t use it for business, as a rental or drive it to work…at my age, none of those things are a problem…

 

Umbrella policies are fir people who have alot of policies in effect. The umbrella covers anything not covered by existing accounts..

I had one for decades 1,000,000 to cover any loose ends..now retired with simple living, NO BUSINESS, do not have one..

 

@HealeyJag That's not an accurate description.

An umbrella policy (also known as excess liability insurance) is a separate insurance policy that provides additional liability protection that kicks in after the limits of your underlying policies (auto or homeowners insurance) have been exhausted.

Recent years have seen more people buy umbrella policies as the value of their homes, retirement plans and other assets has grown. To protect their new wealth, their umbrella policies have also grown to larger coverage amounts due to risks, soaring claim costs, and aggressive jury awards.

For more information, Google "have umbrella policies grown in recent years and why?"

 

Ha! I shouldn’t have put the question mark after umbrella policy. I know what it is. The question related to multiple perspectives muddying up the thread. I also have google search.

 

Thought thats what i said in simpler terms

 

Thanks Sean!!!!

 

With regards to umbrella, for what it’s worth.

I’ve had an umbrella since my late 20s in my road warrior big 5 consulting days.

I originally got it so that if I beat up a guy in a bar and he sued me, I was covered.
Then I had kids and kept it in tact in case a kid got hurt and my house and the parents sued me.

I almost dropped it but it felt good to have it. Covers over and above the other policies. And for a few bucks.

These days I keep the umbrella so if a guy comes out to clean or replace my gutters and falls off a ladder, I’m covered.
And, honestly, my neighborhood is newly riche kids with their Lamborghinis and Porsche GT3s I like the extra coverage.

But I am seriously interested in the Agreed Amount coverage policies.
I don’t want to pay and have the risk that I’ll get half of what I paid if something happens.

 

Had my 07 XKR insured w State Farm. Called my agent and asked how much the settlement would be if the car were totaled. Comps? KBB? He had no idea. Talked to some other vintage car owners at the last car show. All pleased w Hagerty. I talked to Hagerty and agreed on replacement value of 30k. If the car is totaled, I get a check for 30k. If it's not totaled, then repairs covered w a deductible. When my 03 XK8 was hit, I decided not to repair. State Farm gave me a check for 9k. I don't know if Hagerty's gives me the option to not repair. I should check. Hagerty's 500/yr is less than 1/2 the price of State Farm. You do have to store it in a garage or secured building. I am technically limited to 3k miles/yr for going to "car related" events. Agent assured me that mileage really isn't limited as long as it's recreational ("car related") use. Great customer service. Also have an 2M umbrella to limit my personal liability.

 

Yep..that's the way it should work!

My experience says they will cut u a check regardless if u have it fixed.

But may drop u or require you to insure at a lesser value!