New Mooney Buyer Needs Insurance Suggestions

[KLRDMD]

As an example, for $125k hull value on my M20K.

$1,000,000 smooth coverage was $2,050.

$1,000,000/$250,000 would have been $1,825

$1,000,000/$100,000 would have been $1,695

All with $0 deductible and a bunch of other stuff.

[RobertGary1]

Does anyone know if usaa umbrella covers private aircraft? I’ve asked a couple times and gotten different answers. Seems when you say aircraft most assume commercial. I’ve seen some claim they do cover aircraft but not sure if that’s a sales job. 

-Robert

[HRM]

1 hour ago, RobertGary1 said:

Does anyone know if usaa umbrella covers private aircraft?

 

26 minutes ago, bluehighwayflyer said:

USAA solicited me a few years ago about adding umbrella coverage to my policies.  I asked.  My GA activities were excluded.

Same here (GA excluded) and I am a 45 year member. USAA seems to avoid aviation, I originally went to them for coverage on my E and they shunted me to a broker.

[RobertGary1]

3 hours ago, HRM said:

 

Same here (GA excluded) and I am a 45 year member. USAA seems to avoid aviation, I originally went to them for coverage on my E and they shunted me to a broker.

They do that for certain things. They sent me to a "USAA trained" broker for my boat and my motorcycle. So I have 4 different insurance companies if you count the airplane. The selling point is that you can reduce your liability coverage for your vehicles if you get the umbrella but they require you to maintain a minimum coverage. I only keep high liability on my boat during boating season. When its stored for the winter I don't see the need to have a million dollar limit. So after factoring that in it didn't save me any money. But if the could smooth my aviation policy it would be worth it.

 

-Robert

[Hank]

The umbrella may not cover aviation, but it covers everything else. Just saying, ya know?

[RobertGary1]

2 hours ago, Hank said:

The umbrella may not cover aviation, but it covers everything else. Just saying, ya know?

But does it really cover much else that your homeowners doesn’t already cover? Homeowners goes beyond just the house.

-Robert 

[neilpilot]

Just now, RobertGary1 said:

But does it really cover much else that your homeowners doesn’t already cover? Homeowners goes beyond just the house.

-Robert 

Umbrella insurance is EXCESS liability coverage.  It typically kicks in at the upper limit of your Home and Auto policies to cover excess liability.  So while it covers liability areas already covered by your homeowner policy (as well as other forms of liability), it extends your coverage to a higher limit.

[RobertGary1]

20 minutes ago, neilpilot said:

Umbrella insurance is EXCESS liability coverage.  It typically kicks in at the upper limit of your Home and Auto policies to cover excess liability.  So while it covers liability areas already covered by your homeowner policy (as well as other forms of liability), it extends your coverage to a higher limit.

Right that’s why it’s not such a great deal. They have you reduce your homeowners liability and use umbrella to bring it back. So same net coverage. They say it can save money but in my case it wasn’t much. 

 

-Robert

[neilpilot]

16 minutes ago, RobertGary1 said:

Right that’s why it’s not such a great deal. They have you reduce your homeowners liability and use umbrella to bring it back. So same net coverage. They say it can save money but in my case it wasn’t much. 

 

-Robert

Same coverage; not even close.  Hope you never rear end someone and get sued for $2M. Not only will your auto coverage be maxed out, but you may end up paying for a legal team since your auto insurer can settle for their $300K limit and leave you hanging for the rest. Most umbrella coverage, which is relatively cheap, provides legal in addition to it's coverage limit.  My $2M costs under $250/yr.  Odds are I'll never need to use it, but it's worth it in my opinion.

[RobertGary1]

Just now, neilpilot said:

Same coverage; not even close.  Hope you never rear end someone and get sued for $2M. Not only will your auto coverage be maxed out, but you may end up paying for a legal team since your auto insurer can settle for their $300K limit and leave you hanging for the rest. Most umbrella coverage, which is relatively cheap, provides legal in addition to it's coverage limit.  My $2M costs under $250/yr.  Odd are I'll never need to use it, but it's worth it in my opinion.

But if I already have $2m on my cars and homeowners it’s the same thing  it didn’t save me much

-Robert

[neilpilot]

Almost the same.  If you carry umbrella- minimum coverage, say $300k home & auto, then with $2M excess liability you have $2.3M coverage.  However it would surprise me if the higher auto & home limits wouldn't cost significantly more than an excess policy.  In my case, I checked in 2015 and using my existing carriers the umbrella cost me around $780 less than raising my policy limits.

[Jerry 5TJ]

I was offered up to $2M smooth liability coverage on the 2000 Mooney Ovation.  

I have never been able to obtain more than that for a piston single.  

Interesting: it is easy to get $5M on a turboprop single. 

Edited November 4, 2017 by Jerry 5TJ

[HRM]

1 hour ago, RobertGary1 said:

But does it really cover much else...

Although hardly a one-percenter, I was told by an attorney friend that I was wise to have an umbrella. I don't care what I do, if it starts raining litigators it's amazing how a good defense attorney can interpret an insurance policy.

[Hank]

3 hours ago, HRM said:

Although hardly a one-percenter, I was told by an attorney friend that I was wise to have an umbrella. I don't care what I do, if it starts raining litigators it's amazing how a good defense attorney can interpret an insurance policy.

Me, too.

[HRM]

1 hour ago, bluehighwayflyer said:

 I would imagine that plaintiff’s attorneys love it, though.

Jim

What attorney doesn't love deep pockets?

[RobertGary1]

2 hours ago, bluehighwayflyer said:

I think the value of most forms of insurance is directly proportional to it’s cost.  Umbrella liability coverage is pretty cheap.  I would imagine that plaintiff’s attorneys love it, though.

Jim

But like I said for me it was within a couples dollars of just havjng the exact same coverage on my Home/vehicle policies. 

I have a lot of vehicles For reasons I don’t  understand the more vehicles I included then higher then umbrella cost  As if more vehicles suggest more driving  

-Robert