Car Insurance for Older Cars

Car insurance for older cars doesn’t need to have the same level of coverage as a newer vehicle, which can help lower your auto insurance rates. But don’t sacrifice coverage just to save money. Follow our guide to learn which is the best auto insurance for older cars and where you can find the policy that matches your needs. Enter your ZIP code below to start comparing older car insurance quotes for free.

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Tonya Sisler has a Bachelor’s Degree from the University of South Carolina in Journalism and has worked for 15+ years in management. She has also completed a proofreading certification and is currently a professional writer.

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Brad Larson has been in the insurance industry for more than a dozen years. He started out as a claims adjuster for a national carrier. He has since switched to the agency side of the business. Brad is licensed in all P&C lines.

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Reviewed by Brad Larsen
Licensed Auto Insurance Agent

UPDATED: Oct 27, 2020

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Things to know...

  • There’s a difference between purchasing coverage for a brand new car and insuring an older vehicle
  • Buying an auto insurance policy for an older car can feel like a waste of money since the car would be easier to replace in an accident, but insurance protects more than just your vehicle
  • An older car certainly doesn’t need the same level of car insurance as a brand new car, but don’t be too hasty to drop coverage
  • There are special auto insurance considerations for older cars that may be considered classics, get in touch with an insurer/agent that specializes in special cars for details

There are so many reasons to continue putting miles on an older vehicle. It could be that you don’t want to give up a car you have come to rely on for a long time, or you paid cash for an affordable used car.

From the potential savings in cost of owning the vehicle outright to its nostalgic value, driving an older car has its perks.

Any vehicle, old or new, that has been registered with the state and is operated on public roads has to be insured.

One of the biggest upsides to driving an older vehicle is that it gives you some leeway to adjust your coverage and save a few bucks on auto insurance. But that’s not always true.

However, you can always compare auto insurance quotes from several providers to increase your chances of getting better rates. Enter your zip code above to get started.

Insuring an Older Vehicle

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There are a few important things you need to understand when buying auto insurance for an older car, whether you are driving it because it has sentimental value or because it’s cheaper. Well, first of all, an older car doesn’t need the same amount of coverage a brand new car needs.

Careful though, you don’t want to wind up without adequate coverage. You also don’t want to end up paying for coverage you don’t need.

Dropping or adding coverage options to your policy is a big decision. You need to make a few considerations before you make any changes to your policy.

Rushing into the decision may put you in a precarious situation in the future, leaving you in a state of financial devastation. What’s the current value of your vehicle? How much are you paying for insurance right now?

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Must Have Coverages

There are many coverage options in auto insurance. The amount of coverage you need is largely contingent by your state’s auto insurance requirements as well as the value of your car. Cars depreciate with time.

An older car is easier to replace or repair and doesn’t need a lot of coverage.

However, even a clunker of an automobile can inflict massive damages on other cars, people, and property. Therefore, it’s prudent to maintain the coverages that protect you from such losses.

These are:

Property damage liability

Liability coverage is mandatory in most US states and pays for damages you might cause to other people’s property, including vehicles.

However, the limits may be low, and you will probably need more coverage in that area after meeting your state’s auto insurance requirements.

If you damage other people’s property, you will be sued, and if you don’t have sufficient property damage liability, the lawsuit could leave you bankrupt.

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Bodily injury liability

This type of auto liability coverage is also mandatory in most states, but just like with property damage liability, you will probably need to purchase more than the stipulated amount.

Bodily injury liability pays for bodily injuries arising from an accident deemed to be your fault. The policy will also cover the payments if the other driver files a lawsuit against you.

Supplemental Auto Insurance for Older Cars

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Other coverages such as uninsured/underinsured motorist protection, physical damage, medical payments, etc. are very important too.

Liability coverage doesn’t pay for the damages to your car or the injuries that you or other occupants in your car might sustain during the accident. These coverages can provide sufficient protection for you and your family.

Don’t waste your money over-insuring your car. If the cost of insuring your car is more than its value — according to the insurer — then you need to drop the associated coverages. These are:

  • Collision coverage — Just as the name suggests, collision coverage is designed to protect you from losses arising from collision-related incidences.
  • Comprehensive coverageComprehensive coverage covers the costs of damages arising from non-accident related factors such as vandalism, colliding with animals, natural disasters, theft, and fire.

If your car is old and probably cheaper to fix or replace, having collision and comprehensive policies does not make financial sense. If your vehicle is valued at an amount higher than what you are willing to pay out of pocket, don’t be too hasty to drop these coverages.

Older Car Insurance Considerations

In some cases, you can’t drop certain coverage types. For instance, if your car isn’t fully paid for, the bank won’t allow you to drop collision and comprehensive coverages, no matter how old it is.

Also, if you drive a leased car, you don’t have a choice. Collision and comprehensive coverage is a must.

There is no reason to worry, though. If you do a good job at comparing quotes from various auto insurance providers before you purchase coverage, you can reduce your auto insurance rates significantly.

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Your Car Could Be a Classic

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The general definition of a classic car is any vehicle that is 25 or more years old and is in a mint condition. Your aging set of wheels could be a classic. If you think that your old car meets the criteria of a classic, consult a specialist insurer and get special consideration.

Cars lose value as they age. Some insurance coverage options would be unnecessary as the car gets older. Don’t over-insure your car, make the necessary considerations and drop some coverages if need be.

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