In this post:
- GEICO - Company Overview
- Why We Like GEICO’s Umbrella Policy
- What Is Umbrella Insurance?
- How GEICO Umbrella Insurance Works
- What GEICO Umbrella Insurance Covers
- Limitations of a GEICO Umbrella Policy
- How Much Does GEICO Umbrella Insurance Cost?
- How To Get Started with GEICO Umbrella Insurance
- How To Submit a Claim
- How To Cancel GEICO Umbrella Insurance
- GEICO Umbrella Insurance Customer Service Contact Info
- GEICO Umbrella Insurance FAQ
- Is a GEICO Umbrella Policy Worth It?
Having homeowners insurance and vehicle insurance with the same insurance company is a smart financial move, as it can help you build a relationship with the company and give you blanket protection if anything goes wrong. An even better way to protect yourself is to add umbrella insurance as additional coverage to your homeowner or auto policy to extend the protections your other policies give you if an event occurs that requires more money in damages than your policies offer.
People opt to have umbrella coverage from GEICO even if they don’t have multiple assets to cover. A GEICO umbrella insurance policy provides up to $10 million in extra coverage to protect you from lawsuits or extraneous damages outside of your policy limits. Accidents can happen to anyone, and GEICO umbrella insurance is there when they do.
GEICO – Company Overview
Founded in 1936 by Leo and Lillian Goodwin, GEICO started as a modest auto insurance company in the midst of the Great Depression. With the help of financial investors, GEICO began to take off in the late 1940s, and in the 1950s, it caught the attention of famous investor and financial guru William Buffet, who chose to purchase stock in the company.
Pros
- Existing Geico policy holders can easily get a quote online
- Higher coverage limit options for select customers
- 24/7 customers service for claims and coverage questions
Cons
- Not available in New York and New Hampshire
- Does not cover liability when driving rental vehicles
Coverage Limit: $1-10 million
Multi-policy Discounts Available: Yes
Minimum Home Insurance Requirements: $300k liability coverage
Minimum Auto Insurance Requirements: $300k bodily injury liability per person, $100k property damage liability
GEICO continues to transform the insurance industry, innovating services like 24/7 customer service and making memorable commercials like those featuring the GEICO Gecko. GEICO currently operates in all 50 of the United States and has 18 major offices nationwide. GEICO also protects over 28 million vehicles.
Today, the company has an A+ rating with the Better Business Bureau and has received multiple awards, including United Way’s Million Dollar Campaign Award for donating over $1 million to the organization and WebAwards for Insurance Standard of Excellence in 2017, 2018, and 2020.
As one of the best umbrella insurance providers, competitors of Geico include:
- Allstate Umbrella Insurance
- Liberty Mutual Umbrella Insurance
- Chubb Umbrella Insurance
- The Hartford Umbrella Insurance
Why We Like GEICO’s Umbrella Policy
In addition to being one of the top insurance products companies in the United States, GEICO also has one of the best umbrella insurance policies for many. GEICO’s umbrella insurance coverage offers coverage of up to $10 million for select insureds with high-value assets while still remaining affordable.
One of the best features of working with a GEICO insurance agency for any insurance options, including umbrella insurance, is the GEICO website. The website is extremely user-friendly, so even people who aren’t necessarily tech-savvy can log into their account with ease to view their policy, print proof of coverage, or submit and track claims. Plus, GEICO offers 24/7 customer service — a rare feature for insurance companies — to help customers who have additional questions or can’t get the help they need from the self-service areas of the website.
Although GEICO umbrella insurance has a few limitations, like not offering general liability coverage when driving rental vehicles, its exclusions are relatively standard in the umbrella insurance field.
What Is Umbrella Insurance?
Umbrella insurance isn’t required by law, but it’s a type of additional insurance that homeowners, landlords, or renters should consider. Umbrella insurance adds another layer of protection to insurance policies you already have, like homeowners insurance or car insurance, each of which has their own limitations as to how much they’ll cover per claim. If an event occurs that costs you more than what your insurance policy covers, you’ll be responsible for the extra costs.
That’s where umbrella insurance comes in. An umbrella policy generally allows between $1 million and $10 million in additional coverage above your homeowners or car insurance coverage. So, say your homeowner's policy allows up to $500,000 to settle a lawsuit, but you become involved in one with estimated costs of $750,000. In that case, your umbrella insurance may cover the extra $250,000 that your home insurance didn’t cover.
How GEICO Umbrella Insurance Works
GEICO’s umbrella insurance works just like traditional umbrella policies from other insurers. To get a policy, you’ll need a homeowners, auto, or boat insurance policy through Geico. Furthermore, your policy needs to meet minimum coverage limits before you can add on an umbrella policy:
- Home insurance: Homeowners policies must have a minimum of $300,000 in general liability coverage
- Auto insurance: Liability insurance for auto policies must be $300,000 per person and $300,000 per occurrence with $100,000 in property damage coverage or $250,000 per person and $500,000 per occurrence with $100,000 in property damage insurance
- Boat insurance: Boats under 26 feet and under 50 horsepower need at least $100,000 in liability coverage; Boats 26 feet or longer or 50 horsepower and up need at least $300,000 in liability coverage
As long as these coverages are maintained on your policies, your umbrella policy can be in effect. If an event occurs that requires you to submit a claim outside of your coverage limits for these policies, your umbrella policy covers the extra costs up to the limit you purchased, which can be between $1 million and $10 million in coverage.
| Type of Coverage | Liability Information |
|---|---|
| Auto Insurance | |
| Bodily Injury | $300,000/person $300,000/occurrence or $250,000/person $500,000/occurrence |
| Property Damage | $100,000 |
| Homeowners Insurance | |
| Liability | $300,000 |
| Boat Insurance | |
| Boats under 26 feet & under 50 hp | $100,000 |
| Boats 26 feet or longer, or 50 hp and up | $300,000 |
What GEICO Umbrella Insurance Covers
GEICO umbrella insurance can cover the following incidents:
- Injuries you caused: Say you’re driving to work and accidentally rear-end another car at a red light. Two people in the car you hit seek medical attention for neck and back pain. Your umbrella insurance can cover any additional costs left after you’ve exhausted your car insurance coverage limits.
- Damages you caused: If the car you hit was totaled or had extensive repairs that went beyond the limitations of your auto insurance, your umbrella coverage could also help cover the amount needed to repair the vehicle. Umbrella coverage can also protect you if you’re a landlord who rents your home and your tenants cause extensive damage to your property.
- Lawsuits you’re involved in: If you’re ordered to pay costs relating to a personal lawsuit you’re involved in, such as your dog biting another person or defamation suits, your umbrella policy can help.
Limitations of a GEICO Umbrella Policy
As with most insurance policies, a GEICO umbrella insurance policy has some limitations and exclusions that you should be aware of before deciding if it’s the right choice for you.
Most importantly, GEICO umbrella insurance won’t be an allowed addition for you if you don’t have the minimum coverage set for your other policies. GEICO requires at least $300,000 in liability coverage for homeowners and $300,000 per person and $300,000 per occurrence in bodily injury liability coverage for auto policyholders, plus $100,000 in property damage coverage. Auto policyholders can also opt for $250,000 per person with $500,000 per occurrence for bodily unjust liability coverage.
If you do have at least these coverages, you’re able to get an umbrella policy added to your list of coverages. Still, there are a few things your policy won’t cover, which are typically listed as “Exclusions” in your policy document. For instance, your umbrella policy won’t cover any liability claims against you if you already agreed to assume liability for those events under a contract. You also can’t get coverage to damages you caused to your own property or damages or injuries to someone else’s property or person if you did so intentionally or under criminal action.
How Much Does GEICO Umbrella Insurance Cost?
While most umbrella policies range between $150 and $300 a year, on average, GEICO’s pricing may range a bit higher than usual for some policyholders. Our research indicates that for a $1 million coverage policy, you’re likely to pay between $200 and $400 a year, on average.
Of course, umbrella policy pricing varies by policyholder. Where you live, the amount of risk you have, and how much coverage you have on your other policies can all affect your pricing. Additionally, opting for a $10 million policy will cost much more than a $1 million. GEICO also quotes from other partnered insurance agencies when it can’t extend you a policy, which can also affect your pricing.
Fortunately, you can get a quote from GEICO before ever locking into an umbrella policy. Call GEICO to speak with a representative who can also help you tweak the terms of your umbrella insurance to fit within your budget.
How To Get Started with GEICO Umbrella Insurance
Visit the GEICO website to begin a quote for umbrella insurance. Click the “View more insurance types” link to open a pop-up box with all insurances GEICO offers. Find “Umbrella” to begin your quote online. It takes just a few minutes to go through the process. Alternatively, you can call a representative at 1-800-207-7847 to get an umbrella insurance quote, which is a good idea if you have questions about what your policy entails.
How To Submit a Claim
GEICO allows online claim submissions through the online account portal. To access the claims center, log into your account, complete the two-step verification process, and find the claims section in the menu. You can add details about your claim and submit the required documents right in the portal.
You can also submit claims via the GEICO mobile app, which is available on the App Store and Google Play. This is a convenient way to track your claims, too, and find out whether GEICO needs any more information from you to process your claim.
Finally, call GEICO at 1-800-207-7847 if you need assistance filing a claim against your personal umbrella policy.
How To Cancel GEICO Umbrella Insurance
You can’t cancel your policy online through your GEICO account. If you need to cancel your GEICO umbrella insurance, call 1-800-207-7847 to speak with an agent. The line can direct you to the correct place after using the automated system. Have your policy number ready, as the automated line may ask you for it before connecting you to a representative.
There are no cancellation penalties involved with terminating your policy, but you won’t be able to cancel if a current claim is being processed under your connected policies.
GEICO Umbrella Insurance Customer Service Contact Info
Log into your online account to get personalized customer service information for your umbrella insurance policy.
Otherwise, you can contact GEICO’s customer service about your policy using any of the following methods:
- Phone: 1-800-207-7847
- Complaint email: [email protected]
- Report a claim: https://claims.geico.com/ReportClaim
- Online contact center: https://www.geico.com/contact-us/
GEICO Umbrella Insurance FAQ
The following questions are some of the most common that people ask about GEICO umbrella insurance, whether they’re considering signing up for a policy or have questions about accessing and maximizing their current policy.
How can I view my GEICO umbrella policy?
The easiest way to view your GEICO umbrella policy is to log into your online account and click on your policy section. Here, you can download your full policy, view your coverages, and print a proof of coverage. GEICO also emails you your policy when you first become approved, so it’s a good idea to save it in a safe spot on your computer for reference.
Is it difficult to submit a GEICO umbrella insurance claim?
No — GEICO makes submitting a claim against your umbrella insurance simple by offering an online claims service. Simply sign into your online account and navigate to the claims section to begin your claim. You can also call a representative at 1-800-207-7847 if you need more help.
Does GEICO umbrella insurance have jewelry insurance coverage?
No, jewelry coverage is a separate coverage you can buy from GEICO, like overseas insurance or collector auto insurance. While your homeowners' insurance may cover your personal belongings, high-value jewelry may not be protected, depending on your coverage limits, which is why some homeowners choose to add extra jewelry coverage.
Will a GEICO umbrella policy work with business owners insurance?
No, Geico’s umbrella policies only cover personal insurances, such as auto insurance and home insurance, rather than professional liability insurance. If you want extra protection for your business, look into GEICO’s business insurance options.
What information do I need to get an umbrella insurance quote from GEICO?
To get a GEICO umbrella insurance quote, you’ll need your auto insurance or home insurance policy number and, if available, their coverage limits.
How long does it take to get an umbrella insurance quote from GEICO?
In most cases, you can receive an umbrella insurance quote in about 15 minutes from GEICO. Customers who already have other GEICO policies may receive a quote even quicker, as GEICO already has their policy information available.
Is a GEICO Umbrella Policy Worth It?
Only you can decide whether an umbrella policy is something you truly need, although, in most cases, drivers and homeowners can benefit from one. An unexpected accident can happen at any time, and umbrella insurance helps protect you against the extraneous costs that are often attached to those accidents.
When considering if GEICO is the right company for you, think about your other policies. Do you currently have them through GEICO? If so, adding umbrella insurance could provide you with a multi-policy discount. It can also make it easier for you to manage your policies when they’re all under the same company.
Although GEICO’s quotes are sometimes above average for an umbrella policy, they’re usually $400 or less every year, or about $33 a month for $1 million in coverage — a small price to pay for that amount of extra protection.
Take advantage of the free quotes GEICO and other insurance companies offer, and take some time to compare each one to find your best match.
