Merrill Burchell, Car Insurance Writer
Geico’s umbrella insurance policy will cover claims that are beyond the financial limits or scope of your existing policies. It can add up to $1 million in additional liability coverage to car, boat, homeowners or professional insurance policies.
The average cost of a $1 million policy is less than $300 per year. If you can take advantage of Geico’s multi-policy discount, or other discounts that you might be eligible for, you could bring the annual cost down to $100 or less.
Why Geico Umbrella Insurance Is Worth It
The Geico umbrella policy’s additional liability coverage can protect you from a serious financial hit. If you injure someone or damage their property, your liability insurance pays the claim up to the limit written in your policy. But if the loss exceeds the limit and you don’t have umbrella coverage, you’ll have to pay the rest yourself.
For example, if someone gets hurt falling down your porch steps and wins a claim against you for $800,000, and your homeowners liability limit is $300,000, you may have to pay $500,000 out of your pocket. If you have Geico umbrella insurance, however, the policy would cover the difference.
Other Risks Covered by Geico Umbrella Insurance
Geico’s umbrella insurance also covers your defense costs in case of a lawsuit and pays for many kinds of damages other policies don’t. Examples include mental anguish, injuries caused by a pet, libel, injuries on a rental property, or even false arrest by a police officer.
Geico umbrella insurance offers generous coverage at a relatively low cost. You can get a personalized quote at (866) 272-5192 or on the Geico website.
People also ask
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I just called GEICO today and they stated that there is no longer (since early 2020) a multi-policy discount. For policies which previously had this discount, it will stay. Unfortunately, for new policies, there is no discount.
Hello, I have a quick question about this Geico umbrella policy. I have 2 vehicles insured with Geico and I purchased their umbrella policy also. Now I bought my 3rd vehicle, but I found if I insured this new vehicle with other company will be a lot cheaper than with Geico, my question is if I choose other company to insure my new car with the same coverage with my other two vehicles, will my Geico umbrella policy cover my new car? I've looked into the terms in Geico website and it doesn't say all vehicles have to be insured with Geico, as long as you have auto policy with Geico which I have. What do you think?