Does anyone know if there is a cooling period to purchase Umbrella policy after a car accident for future coverage? I was in a car accident. Policy report stated I am not at fault but the injured party is claiming against my policy and obtained a lawyer. Suit has not filed. This got me thinking that I should get an umbrella policy for future coverage. My agent think there I have to wait until this is resolved. Is it true? If not, I am thinking of getting Umbrella with other Insurance company.
Is There a Cooling Period to Get an Umbrella Policy?
- Thread starter seekout
- Start date
- 15,041
I wouldn't say there is a cooling off period... However, companies are generally very reluctant to issue policies when there are pending claims. Even though there wouldn't be coverage, it doesn't stop people from trying to drag them into it.
Also, umbrella policies have underwriting, just like home and auto. They will look at how many claims you have had in the past. In the past I had difficulty getting an umbrella policy as my wife had too many accidents. All minor, but enough that the company which issued our home and auto policy would not offer an umbrella policy.
Also, umbrella policies have underwriting, just like home and auto. They will look at how many claims you have had in the past. In the past I had difficulty getting an umbrella policy as my wife had too many accidents. All minor, but enough that the company which issued our home and auto policy would not offer an umbrella policy.
- 2,621
If you want one now, tell your agent to apply for one now. He works for you. If he won't do it, find another agent.
Just keep VolAgent's comments in mind so you won't be too disappointed if you get turned down.
BADTROUT
Guru
Agreed Jack, but I don't have patience for that kind of ignorance from an agent... a statement like maybe you shouldn't get this coverage or you should wait should rarely if ever come out of an agents mouth...
I would seek a new agent now... like right now. If you have one ignorant enough to make a bad call like that in the first place when you are asking about the coverage, I wouldn't necessarily have confidence in their other work.
I am all for opinions, and he is entitled to his, but risk doesn't sleep just because you have a claim...
- 15,041
A lot of assuming going on. The agent can probably read his underwriting guides as well as anyone else. He may be captive or his carriers simply may not offer one based on past claims and the potential claim.
There is certainly no harm in reaching out to another agent to apply, but as has been said a few times, don't be disappointed if the answer is no. I would definitely ask the agent to clarify if you are ineligible at this time or if he simply thinks you should wait.
There is certainly no harm in reaching out to another agent to apply, but as has been said a few times, don't be disappointed if the answer is no. I would definitely ask the agent to clarify if you are ineligible at this time or if he simply thinks you should wait.
