Last year I bought a $2M umbrella policy through RLI. It's up for renewal in a few days, and I have a few questions.
First of all, on the RLI site under the "get a quote" button, it's says "not available for residents of California or Florida." Was this true last year? If so, that means I paid for coverage that wouldn't have been honored in my state. If it's new this year, then wouldn't that mean they won't honor a renewal? (*Edited to add that lower on the same page it says "immediate available in all 50 states" - confusing!)
Last night I made an error on the renewal update form. One of my daughters had gotten into an accident earlier this year (her fault) so I added that. But I also added a second accident for me because I had (stupidly) made a claim with our insurance 2 years ago after scraping my car door on a pole in a parking lot. After I submitted the renewal I realized that I didn't have to report my incident when purchasing the policy last year so I didn't have to this year - now it looks like we have +2 incidents instead of +1.
Because of this reporting, our renewal cost has not suprisingly gone up - $2M umbrella for 3 people (1 under 25), 3 cars (last year 4 cars), 1 house, no watercraft. Last year $1,192. This year $1,696. A $500 increase.
After filling out the form, I opted to pay the renewal premium since the policy is due to expire in a few days. I'm now kicking myself and thinking I should have waited to pay until I corrected the error in reporting the 2nd incident. I also could have spent time this weekend researching other companies.
Questions:
1) Does anyone know whether RLI no longer issues umbrella coverage to CA residents? If they don't, then I guess the rest of my dilemma is moot.
2) If they will honor CA coverage (perhaps grandfathering in existing clients), is RLI still the way to go? An agent gave me a quote for Markel last year, and it was $200 more than RLI at that time. But I noticed that in the Markel questionnaire it only asks if anyone on the application had a "major traffic violation" in the last 5 years...not if anyone had an accident. I don't believe our daughter was given a traffic violation (she clipped the side of a car when changing lanes and immediately pulled over to talk with the other driver). So if I went back to the agent to get coverage through Markel, I could potentially save $300 (assuming the rates haven't increased too much in one year). Is this a good plan? Is Markel a solid company? I only chose RLI because of the many bogleheads who praised the company. (FWIW, we have Geico for auto and their quote was more expensive last year.)
3) Our daughter turns 25 later this year. Would that lower our premium or would that come into play next year?
4) Would RLI likely adjust the premium if I correct the error in # of accidents? Or will they assume I'm lying to get my premium lowered?
5) If I decide to cancel my renewal on Monday (the existing policy expires on Tues), would RLI likely refund the payment I made last night? It already shows pending on my Visa account.
6) Are there any other companies I should check into for umbrella coverage in California?
My husband recently lost his job, so this is weighing heavily on me. Thank you in advance!
First of all, on the RLI site under the "get a quote" button, it's says "not available for residents of California or Florida." Was this true last year? If so, that means I paid for coverage that wouldn't have been honored in my state. If it's new this year, then wouldn't that mean they won't honor a renewal? (*Edited to add that lower on the same page it says "immediate available in all 50 states" - confusing!)
Last night I made an error on the renewal update form. One of my daughters had gotten into an accident earlier this year (her fault) so I added that. But I also added a second accident for me because I had (stupidly) made a claim with our insurance 2 years ago after scraping my car door on a pole in a parking lot. After I submitted the renewal I realized that I didn't have to report my incident when purchasing the policy last year so I didn't have to this year - now it looks like we have +2 incidents instead of +1.
Because of this reporting, our renewal cost has not suprisingly gone up - $2M umbrella for 3 people (1 under 25), 3 cars (last year 4 cars), 1 house, no watercraft. Last year $1,192. This year $1,696. A $500 increase.
After filling out the form, I opted to pay the renewal premium since the policy is due to expire in a few days. I'm now kicking myself and thinking I should have waited to pay until I corrected the error in reporting the 2nd incident. I also could have spent time this weekend researching other companies.
Questions:
1) Does anyone know whether RLI no longer issues umbrella coverage to CA residents? If they don't, then I guess the rest of my dilemma is moot.
2) If they will honor CA coverage (perhaps grandfathering in existing clients), is RLI still the way to go? An agent gave me a quote for Markel last year, and it was $200 more than RLI at that time. But I noticed that in the Markel questionnaire it only asks if anyone on the application had a "major traffic violation" in the last 5 years...not if anyone had an accident. I don't believe our daughter was given a traffic violation (she clipped the side of a car when changing lanes and immediately pulled over to talk with the other driver). So if I went back to the agent to get coverage through Markel, I could potentially save $300 (assuming the rates haven't increased too much in one year). Is this a good plan? Is Markel a solid company? I only chose RLI because of the many bogleheads who praised the company. (FWIW, we have Geico for auto and their quote was more expensive last year.)
3) Our daughter turns 25 later this year. Would that lower our premium or would that come into play next year?
4) Would RLI likely adjust the premium if I correct the error in # of accidents? Or will they assume I'm lying to get my premium lowered?
5) If I decide to cancel my renewal on Monday (the existing policy expires on Tues), would RLI likely refund the payment I made last night? It already shows pending on my Visa account.
6) Are there any other companies I should check into for umbrella coverage in California?
My husband recently lost his job, so this is weighing heavily on me. Thank you in advance!
Statistics: Posted by sodastream — Sat Aug 24, 2024 2:41 pm — Replies 0 — Views 23