Insurance for an Old Car

Liability coverage for an older car is typically quite affordable, especially when compared to the cost of insuring a newer vehicle. If your driving record is clean and your car is 10 or more years old then chances are your next quote for car insurance will be a reasonable one.

If you are looking for insurance for a classic or collector car try one of the following resources:

Collision Coverage for Old Cars

A lot of people with older cars won’t add collision or comprehensive coverage on those vehicles. Adding these extra coverages is always the safest bet but financially it might not be worth the investment. If you drive a car that is worth a few hundreds dollars or even a few thousand dollars then the cost of collision and comprehensive, for a year or two, might be in the range of the actual cost of your car. It might be better to save that money to purchase a vehicle in the future. Some vehicle makes and models depreciate very quickly to the point where a 10-year-old car may not hold a lot of its original value. If you are to write-off the car then the insurance company wouldn’t give you very much for it anyway. You need to weigh out the cost of this extra insurance versus the amount you would receive if you did total the car and needed a settlement from the insurance company.

Why You Might Want to Purchase Collision Coverage on an Older Car

Some examples of why you might want to consider collision coverage on an older vehicle include the following:

  • If you have taken immaculate care of your car.
  • If the car hasn’t been driven much over the years.
  • If the car is a luxury model, a sports car, or some other rare or expensive vehicle.
  • If you have a history of moving violations or at-fault accidents.
  • If another driver of the vehicle (IE. your spouse, your children) has a history of moving violations or at-fault accidents.

If you’re a great driver and you’re confident that you don’t want to purchase collision or comprehensive for your old car then you’ll be happy when it comes time to renew your insurance – you should be able to find significant savings.

Almost any auto insurance company will be able to insure your older model car. Learn about Coachman Insurance, Grey Power Insurance, Belair Insurance, The Insurance HotlineAllianz Auto Insurance, Chieftain Insurance, and take a look at our Profile page if you don’t find anything you like from those insurers.

For more information about comprehensive insurance go here. To learn more about other types of vehicle insurance then go here and if you have any questions please do not hesitate to ask.