|Financial Strength Rating||A+|
Auto-Owners Umbrella Insurance Review
Umbrella insurance is another name for liability insurance. It is designed to protect your assets when you are hit with a lawsuit judgment. Another name for it is "excess liability coverage." Umbrella insurance policies protect you when the liability coverage of your auto insurance, home insurance, or boat insurance is insufficient.
Auto Owners umbrella policy FAQ
Does Auto-Owners Insurance offer an umbrella insurance policy?
Yes, Auto-Owners Insurance offers policyholders an umbrella insurance policy. Read below how Auto-Owners Insurance compares to other insurance carriers
How does a Auto-Owners Insurance umbrella insurance work?
Let's say you are at fault in a serious car accident. The cost of the damages is $500K. However, your auto insurance liability coverage limit is $300k. If you have an umbrella insurance, it will kick in so you don't have to pay the balance out-of-pocket after your auto insurance policy maxes out.
Where does Auto Owners umbrella policy do business?
Auto Owners umbrella policy is an insurance carrier based in Lansing, MI. The insurance company was founded in 1916 and offers umbrella coverage policies in 30 states in the USA.
What types of umbrella insurance policies does Auto Owners umbrella policy offer?
Auto Owners umbrella policy provides the following protections:
- Serious bodily injury liability -- Say a guest falls on your property and requires surgery. The cost may exceed your homeowners insurance liability limits.
- Landlord liability -- If a tenant sues you for damages while renting your property and the cost exceeds the liability limits provided by your specialty homeowners insurance.
- Property damage -- Your umbrella insurance policy also helps if you are at fault in an auto insurance accident and the damages exceed your auto insurance liability limits.
- Slander or libel -- Umbrella coverage can also provide coverage if you are sued for something you wrote or said.
- Malicious prosecution -- If you are counter-sued for wrongfully prosecuting someone, you can be left holding an expensive legal bill that a personal umbrella policy can cover.
What minimum liability coverage does Auto-Owners Insurance require before approving an umbrella insurance policy?Most insurers will not allow you to buy an umbrella insurance policy unless you first purchase a substantial amount of liability coverage on your homeowners and car insurance policies.
Auto-Owners Insurance does not provide a specific minimum liability coverage.
What level of liability coverage can you get with Auto Owners umbrella policy?Most insurance companies set a minimum of $1 million in coverage.
Auto-Owners Insurance does not provide details on its liability coverage limits.
How much does Auto-Owners Insurance umbrella insurance cost?
The cost of your umbrella insurance policy will vary depending on your risk profile. Your umbrella coverage premium will probably range between $150 and $300 per year.
Your risk profile depends on factors like your net worth, where you live, your credit history, and your driving record. Owning a dog or vehicles that could damage others, such as a jet-ski or a snowmobile, can also increase your policy premium.
Does Auto-Owners Insurance offer policy discounts on their umbrella insurance policies?
Auto-Owners Insurance offers the following discounts.
|Supported Options||Unsupported Options|
Insurance companies add and change the discounts they offer regularly. Check whether you qualify for any other discounts when you apply.
What is the financial strength rating of Auto Owners umbrella policy?
The financial strength rating of an insurance company scores its ability to pay contracts and umbrella insurance policies. Each agency has its own standards and rating scale and a company's rating can change any day. It's a good idea to check the financial rating of an insurance company before you purchase a policy. There are five main rating agencies. SuperMoney's financial strength rating is based, among other factors, on the average score from available ratings.
Auto Owners umbrella policy scores an A+ financial strength rating, SuperMoney's highest available rating.
How to apply for Auto-Owners Insurance umbrella insurance?
- Visit the Auto-Owners Insurance website.
- Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
- Check the information is accurate and submit your application.
Other Services by Auto-Owners Insurance
- North Carolina
- North Dakota
- New Hampshire
- South Carolina
- South Dakota
|Min/Max Liability Coverage||Up to $5,000,000|
|Personal Injury Protection|
|Vacation Rental Liability|
|Financial Strength Rating||A+|