A Progressive umbrella policy covers claims beyond the limits of an existing auto or home insurance policy, adding up to $5 million in additional liability coverage. Progressive umbrella insurance may also cover claims that aren’t covered by a standard liability policy, like slander, libel, and psychological harm.
What Progressive Umbrella Policies Cover
Personal liability lawsuits such as libel, slander, and defamation of character
Liability incidents that happen abroad
Vacation rental liability
Defense coverage for legal fees and court costs
Progressive’s umbrella policies are a good choice for customers with a high net worth who want extra coverage for property damage, injuries, and possible lawsuits that could result from various types of incidents. To be eligible, you will also need an auto, home, renters, or condo insurance policy from Progressive.
You can get a quote for Progressive umbrella insurance by calling (877) 777-1783.
Progressive’s multi-policy discount is 5% off one of the policies’ premiums, on average. Customers can earn the Progressive multi-policy discount by bundling any combination of two or more insurance policies from Progressive, such as auto, home, renters, boat, motorcycle and RV insurance policies.
For example, if you start with home insurance, you can add auto insurance or any other policy at a later date to qualify for Progressive’s multi-policy discount. Just keep in mind that the discount will only appear on one of your policies.… read full answer
The Progressive multi-policy discount does not require an auto insurance policy. But if you bundle home and auto insurance with Progressive, you could be eligible for a discount that’s twice as large.
Multi-Policy vs. Multi-Car Discounts From Progressive:
Progressive’s multi-policy discount is different from its multi-car discount. The Progressive multi-car discount allows you to save a maximum of 12% on your auto insurance premium when you insure two or more vehicles with Progressive.
If you don’t have more than one car and don’t need more than one type of insurance policy, however, Progressive offers plenty of other discounts that could help you reduce the cost of your coverage.
Umbrella insurance covers injuries, property damage, certain lawsuits, and personal liability situations that exceed your home and auto liability coverage. An umbrella policy extends your liability insurance limits and offers protection for situations not covered by a standard liability policy, such as libel or slander.
On the other hand, umbrella insurance does … read full answernot cover claims that are excluded outright from liability insurance, such as intentional damage or damage to your own property.
What Umbrella Insurance Covers
Liability in excess of auto/home insurance policy limits
Libel and slander
Psychological harm and mental anguish
Legal defense costs related to liability claims
Liabilities when traveling overseas
Umbrella insurance is typically recommended for individuals who have a high net-worth that can’t be covered by a standard liability policy. To learn more, check out WalletHub’s guide to umbrella insurance.
You need enough liability insurance to cover your net worth. Having coverage equal to the value of the assets you own and all the money you have, minus your debt, protects you financially in case of a serious car accident.
When to Carry Only the Minimum Liability Coverage
Although almost every state requires drivers to carry liability insurance, the minimum coverage is not always enough to cover the cost of an accident. It’s always best to carry as much liability coverage as you can afford, especially if you have a high net worth. You can generally get away with a lower property damage liability limit if you want to save, however, since property damage liability claims are usually less expensive than bodily injury liability claims.… read full answer
If you don’t have many assets or think the risk is worth it, you might be comfortable with carrying only the minimum coverage. But no matter what, make sure you’re carrying enough insurance to comply with state law and avoid paying fines for driving uninsured.
Liability Limits on Auto Insurance
Liability limits on auto insurance are the maximum amount that your insurance company will pay for injuries and property damage in accidents that you cause. Liability limits are typically written as three numbers divided by slashes.
For example, Arizona’s liability coverage requirements are 50/30/10. That means drivers need to carry $50,000 in bodily injury liability coverage per person, $30,000 in bodily injury liability coverage per accident, and $10,000 in property damage liability coverage overall.
Why You Need More Liability Insurance Than the State Minimum
Your insurance company will never pay for anything beyond the limits of your policy. Using the Arizona example, if you cause an accident that leads to $70,000 in medical bills for the other driver, you will have to pay for $40,000 if you are only carrying the minimum insurance required. And if you can’t afford to pay the full amount, the other driver can sue, and you can have your assets seized or wages garnished to cover the remainder.
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