We added a teen driver and were quoted $700 for an addition $1 million umbrella policy. We thought it seemed high, but seems like it may be in line with what others are being quoted.

Anonymous wrote:Our umbrella insurance breaks it down into separate costs - it's an additional $800 for one teen driver, so your numbers sound about right for two teens.

I would shop that around— that’s seems crazy high to me.

Anonymous wrote:What? Umbrella covers auto accidents. Ours went up as well when we added our teen to auto insurance (no new car).

Umbrella only kicks in after your auto policy limits are exhausted and usually they require you to have pretty high limits on the auto policy so the implication is that not only is your teen more likely to get in an accident but they are more likely to get in accident that results in a payout over $500k. No reason that adding a teen should result in doubling tripling the umbrella premium.

Our umbrella insurance breaks it down into separate costs - it's an additional $800 for one teen driver, so your numbers sound about right for two teens.

What? Umbrella covers auto accidents. Ours went up as well when we added our teen to auto insurance (no new car).

Anonymous wrote:

Anonymous wrote:Adding two teen drivers and a new car? You had it coming . . .

Yeah not sure why OP is surprised

For auto insurance it would make sense but not for umbrella.

Anonymous wrote:Adding two teen drivers and a new car? You had it coming . . .

Yeah not sure why OP is surprised

Our $2 M policy is under $400. I would shop around— does State Farm have both your auto and home?

Dont have the exact numbers on me but my 1mm policy went from about 200/year to 600/year with State Farm (with no other changes). The main things I've seen from my research is the aforementioned law suits and with general inflation the policy limits are my much easier to hit and trigger the umbrella policy, so the rates are going way up.

Please update if you find a more reasonable policy elsewhere. I've been meaning to rate shop, but... I'm a lazy man.

250 to 1800 is like 7 times more. That is insane. Why don’t you drop the umbrella and just increase the coverage on the cars. Don’t put the names of the teens on the new car.

The jump is from the drivers. Our State Farm home, car and umbrella (several million) is $500/mo. It hasn't gone up in years, but our kids are small and don't drive much.

Adding two teen drivers and a new car? You had it coming . . .

Anonymous wrote:It's the teen drivers. More cars, too?

No additional car an older one was traded in for a 2025, so the definitely the value of the car doubled or maybe even tripled.

It's the teen drivers. More cars, too?

Any one's Umbrella Insurance jump this year? I'm with State Farm and have a $2M policy and it went from $250 a year to $1800. I added a two teen drivers this year and they said with lawsuits rising in this area they needed to raise the rates.