Imagine you’re driving on a rainy day in North Syracuse. You’ve had a rough week and are a bit distracted with thoughts and concerns. You suddenly run a red light and hit another car. The other driver is seriously injured, and their car is totaled. You find out that you’ve caused a lot of damage and may face a lawsuit.
How will you pay for the other driver’s medical bills, car repairs, or lost income?
This is a nightmare scenario that can happen to anyone. You may think that your auto insurance will cover it, but that may not be enough. Most auto policies have limits on how much they will pay for liability claims. If the damage exceeds those limits, you are responsible for the rest. That could mean losing
- your savings,
- your assets,
- or even your future income.
That's why you need umbrella insurance. Umbrella insurance is a type of coverage that can help pay for damages that exceed the limits of your primary policies, such as auto or home insurance. It can also cover things your primary policies may not, such as lawsuits, defamation, or invasion of privacy, subject to policy terms.
But not all umbrella insurance policies are the same. There are different carriers, features, and options to choose from. How do you know which one fits you?
That's where we come in. We are Horan, a local agency with experience in umbrella insurance. We have been serving Central New York since 2011. We know the risks, the laws, and options suitable for your situation.
In this article, we'll compare three umbrella insurance carriers in Central New York:
Each of them has distinct features and benefits that suit different preferences. We'll explain what they are, how they work, and why they might be good for you.
Let’s start with:
NYCM Insurance: Uninsured/Underinsured Motorist Coverage Option
One reason to consider NYCM Insurance for umbrella insurance is their uninsured/underinsured motorist coverage option. This feature can help you if you get hurt in an accident caused by someone who has no insurance or not enough insurance.
Let’s discuss the uninsured/underinsured motorist coverage section of your auto policy. This section compensates you for injuries that go beyond medical expenses, such as pain and suffering or long-term bodily injury. You can make a claim on your own policy if the other driver is at fault but can’t pay for your damages.
With NYCM, you can add this coverage to your umbrella policy as well. This means you can get up to $1,000,000 or whatever your umbrella limit is to cover your losses. This option is useful if your own policy isn’t enough or if the other driver has some insurance but still less than your damages.
How NYCM’s Uninsured/Underinsured Umbrella Coverage Works
To illustrate how this option works, let’s look at some examples.
Suppose you have a bodily injury limit of $250,000 per person and $500,000 per accident on your auto policy. You also have the same amount for your uninsured/underinsured motorist coverage.
Now, imagine you’re cruising along a scenic stretch of I-81–maybe near Thousand Islands. Before you make the bridge crossing, you get into an accident with another driver who is at fault and has different levels of insurance.
- If the other driver has no insurance at all, you can claim up to $250,000 from your own policy for your injuries. If that isn’t enough, you can claim up to $1,000,000 from your umbrella policy if you have the NYCM option.
- If the other driver has $100,000 per person and $300,000 per accident in bodily injury coverage, you can claim up to $100,000 from their policy for your injuries. Then, you can claim up to $150,000 from your own policy, since they have less than what you have. If that still isn’t enough, you can claim up to $1,000,000 from your umbrella policy if you have the NYCM option.
- If the other driver has the same amount as you, $250,000 per person and $500,000 per accident, you can claim up to $250,000 from their policy for your injuries. However, you can’t claim anything from your own policy, since they have the same as what you have. In this case, you can only claim up to $1,000,000 from your umbrella policy if you have the NYCM option.
So, the NYCM option can provide you with extra protection in case of a serious accident with an uninsured or underinsured driver. However, this option also comes with a cost. It can be as much as the whole cost of the umbrella policy itself, or add almost 80 percent of the premium. This means you have to weigh the benefits and the costs of this option carefully.
NYCM is one of the few companies that offer this option. This makes NYCM stand out in the umbrella insurance market, which is otherwise very similar from one carrier to the next.
If you’re interested in this option, you should consider NYCM for umbrella insurance.
Sterling Insurance: No Auto Insurance Requirement
Another option for umbrella insurance in Central New York is Sterling Insurance. What makes them different from other carriers is that they don’t require you to have auto insurance with them to buy an umbrella policy.
This means you can keep your existing auto insurance with another company and still get umbrella coverage from Sterling. This can be convenient if you’re happy with your current auto policy and don’t want to switch.
Sterling’s Umbrella Limitations
However, Sterling has some limitations as well. They only offer a maximum of $1,000,000 in umbrella coverage, which may not be enough for some situations.
They also require you to have a home policy with them, or a landlord or renters policy, to qualify for umbrella coverage. As stated, other carriers will insist you have your auto policy with them to qualify and would prefer the home too. But they’ll tack on a surcharge if the home policy is elsewhere.
Additionally, Sterling requires you to have your auto insurance with the same agency that sells you the umbrella policy, even if the policy is not with Sterling.
If you’re looking for a low-cost and flexible umbrella policy, and you don’t need more than $1,000,000 in coverage, Sterling may be a good choice for you. However, if you need more coverage, or you want to have more freedom in choosing your auto insurance, you may want to look at other options.
Erie Insurance: Simple and Affordable
Our final pick for umbrella insurance in Central New York that we will discuss is Erie Insurance. We chose Erie because they have good pricing, easy application, and simple billing.
Erie’s umbrella policies are affordable and competitive. You can also choose to pay your premium in monthly installments, which can help you manage your budget.
Erie’s umbrella policies are also simple and straightforward. Apart from that, they don’t have any special features or options that make them stand out from other carriers. They offer the same basic coverage and limits that most umbrella policies do.
Like other carriers, Erie does have one requirement that you should be aware of. They require you to have your auto insurance with them to qualify for an umbrella policy, as we mentioned above. This means you can’t keep your existing auto policy with another company if you want to get umbrella coverage from Erie. This requirement isn’t unique to them. Many carriers have the same rule in place.
If you’re looking for a simple and affordable umbrella policy, and you don’t mind switching your auto insurance to Erie, they may be a good choice for you. However, if you want more features or options, or you want to keep your auto insurance elsewhere, you may want to look at other options.
Comparing Umbrella Coverage Options in Central New York
We've reviewed three umbrella insurance carriers in Central New York: NYCM, Sterling, and Erie. Each has something distinct to offer, depending on your preferences and situation
But comparing umbrella insurance policies isn't easy. You have to weigh many factors, such as coverage, cost, features, and requirements, along with the risks of not having enough coverage in place.
You don't want to lose what you've worked hard for because of an unexpected accident or lawsuit, or face significant financial and legal exposure because of someone else's mistake or negligence.
That's where Horan can help.
We understand the situation you're in. We know the risks, the laws, and the options available for your situation.
We have a plan for you. We'll help you compare umbrella insurance policies that suit your needs, and help you get your policy in place with ease and convenience.
Click the Get a Quote button below to compare your umbrella coverage options.
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