Low resale value

[emptysea]

Your million umbrella will not kick in (in most cases) until you or the underlying insurance vehicle insurance policy pays $500,000 (sometimes it's $300,000). If you are carrying, say $25,000 liability on your motorcycle policy, you will be personally responsible for the $475,000 difference.

My umbrella kicks in as soon as the limit for the individual liability has been reached.

My umbrella kicks in as soon as the limit for the individual liability has been reached.
I am willing to bet a set of RLETs that your umbrella has a "minimum underlying liability" requirement of some amount, usually $300k or $500k. if the underlying policy is written for less than that, then you are on the hook for the difference. Same is true if the underlying policy was cancelled entirely; the umbrella kicks in only after what the underlying policy should have been written for and the insured pays the difference himself...including legal costs, by the way.