Owning and driving an older vehicle definitely has its benefits, from knowing its unique quirks to cost savings if the vehicle is paid off. When it comes to auto insurance, an older vehicle will have some different insurance needs than a brand new ride. Read on to learn what makes insuring an older vehicle unique, and how it might be able to save you money!
Old Car vs. Classic Car
Classic cars may qualify for special insurance rates; however, just because your car is old doesn’t mean it’s “classic”. Classic or vintage car insurance policies are made for vehicles that are over a certain age, have a high value and aren’t used very often. For vehicles that are used day to day, you’ll need to have a standard auto insurance policy in place.
Coverage Adjustments For Older Vehicles
An older car can have a couple of different effects on the type and amount of auto insurance coverage you decide to carry.
Comprehensive & Collision
While you want to make sure you’re protecting your vehicle, many drivers don’t realize they might be over-insuring their vehicle based on its value.
When dealing with older vehicles, sometimes the premium and deductible you pay for comprehensive and collision coverage may exceed the value of the vehicle itself. In the event of a total loss, your reimbursement would be equal to the value of the vehicle, so it might not make financial sense to add these coverages.
Emergency Road Service
Older vehicles can be prone to frequent breakdowns, so it can be a good idea to add some sort of roadside assistance coverage to your policy. This way, you’ll know you’re covered for services like towing, jump-starting, oil delivery and more.
Coverages That Aren’t Affected By A Vehicle’s Age
Liability Coverage
Your liability coverage helps to pay for damage and injuries for others after at-fault accident. How old your car is has no effect on how much damage it can cause, so don’t skip out on this coverage!
Driving An Older Car?
If you’re looking to save on auto insurance, chat with a broker at Capital Insurance. Our team will be able to make sure you get the right coverage for your needs at a competitive price. Give us a call or get a free quote today!
