What is umbrella insurance? This is a question that many consumers are asking when they look at alternative ways to cover the various drivers and vehicles in their households. Umbrella insurance coverage is an overall plan that includes more than one single element into one policy. Umbrella insurance plans sometimes allow you to cover more for less money. Here are some auto insurance options for saving with an umbrella policy.
Insure Multiple Vehicles – If you are one of those households with a fleet of vehicles, you may be able to get umbrella savings by joining all of them together under one comprehensive policy, even if they're not registered under the same name. Always look at consolidating your auto policies for potential savings on your annual premiums.
Join a Household Policy to a Small Business Policy – If you have residential property and a small business, with vehicles that may double as personal and business transportation, you may be able to put your house, cars and business under the same comprehensive policy. Ask your insurance agent about how umbrella policies can put all of your assets "in the same tent" and eliminate redundant coverage.
Group Auto – Some states are experimenting with group auto policies, where group umbrella coverage can help some drivers out. Research how your state deals with group auto and other umbrella policy options.
The above applies differently to each driver. Umbrella insurance is by nature a customized policy. Ask your agent about how using one of these policy options could benefit you.