There are many older model vehicles on the road today due to cars are designed to last for hundreds of thousands of miles. Whether you paid cash for an affordable used car or don’t want to give up a vehicle you have come to rely on for many years, there are many reasons for continuing to put miles on an older car. Of course, you will also need insurance for any vehicle you own that is registered with the state. Continue reading to find out what to expect when getting an online car insurance quote for your well-loved vehicle.
Online Car Insurance Quotes for Older Cars are Generally Lower than New Cars
Though nothing can be said for certain, in most cases, car insurance companies quote lower average rates for older cars than they do for newer models. There are many reasons for this, but the primary cause is that older vehicles have had time to depreciate, meaning they cost less to replace or repair after a car accident or other covered claim. In general, the original equipment manufacturer parts can also be replaced with cheaper after-market parts, which reduces the cost to your insurance company.
Exceptions to the Rule
Some vehicles – even older ones – are exceptions to the rule. For example, your older, high-mileage vehicle may cost more to insure if it is often the target of thieves or if it is foreign-made and requires specialty services and parts to repair.
How Much Coverage is Right for Your Older Car?
If you are preparing to insure an older vehicle, there are many types of coverage you may wish to consider. Examples include:
Liability Insurance
This type of coverage is required by state law. When choosing your liability limits, select an amount that will help protect your income and assets if you are sued for bodily injuries or property damage after a collision.
Collision and Comprehensive Insurance
Collision insurance is coverage for damages to your personal vehicle if it is involved in a collision. Comprehensive insurance is coverage for nearly everything else that can damage your car. Depending on the actual cash value of your vehicle, you may or may not want to carry physical damage coverage.
Uninsured/Underinsured Motorist
These types of coverage helps reimburse you for your losses if you are the victim of an accident caused by an uninsured or underinsured driver.
Other Coverage Options
Talk with us about other optional coverages as well including policies that cover roadside assistance and reimburse you for rental car fees while your vehicle is being repaired after an accident.
Classic and Collector Car Insurance Quotes
If your ‘older’ car is older than most others on the road, it might qualify as a classic or even an antique. Classics are cars rare or special interest vehicle that are at least 10 years old, and antique cars are those that are at least 25 years old. If your vehicle meets these guidelines, you might qualify for classic or antique car insurance coverage based on your driving habits. Though every insurer differs in the types of insurance they offer, they might require that you have maintained or restored your classic or antique vehicle. You may also be limited in where and how often you can drive the vehicle in order to continue qualifying for specialty coverage. Limitations might include driving in a parade or exhibiting your vehicle at a car show.
