We have three autos, but one of them, an older Toyota Camry, is rarely driven; it averages maybe 15 miles a week, all on low-speed streets near our home.
I would like to lower the liability coverage on the seldom used Camry, and also exclude it from our umbrella policy, to reduce our insurance bill. It seems unnecessary and foolish to maintain such high liability coverage on the Camry, and pay so dearly for it, when the chances of it being involved in a serious accident are vanishingly small.
Our agent (State Farm) says we cannot lower the liability coverage or exclude the Camry from the umbrella policy. He says that, even if I go to another company and insure the Camry there, I would still have to maintain $500k/$100k coverage on the Camry, or else State Farm will cancel our umbrella policy.
Is this correct? What are my options, if any, to lower what I pay to insure the lightly used Camry while still maintaining the umbrella policy on our other autos??
Excluding auto from umbrella policy?
byu/DavidinMandeville inInsurance
Posted by DavidinMandeville
5 Comments
SF agent is correct. Personal umbrellas is an all or nothing thing. You can be in a major accident in the Camry just as easily as with your other cars.
Yes, any automobile you own must have the underlying limits ($500k/$100k in your case) or they can and will cancel the umbrella. Your best bet is to shop all your coverage for a better deal. Even high liability limits on such a seldom used car should not be prohibitively expensive. I pay $397/yr for my extra vehicle (‘02 Tacoma) in Georgia for 500/500/100 liability.
Your agent is correct. Any vehicle you own must be included.
The only option is to sell the car.
If money is tight get rid of the umbrella and lower your limits
Get rid of the umbrella.