What type of car insurance is best to have for an older vehicle? Making a decision about auto insurance is rather complex. There are a variety of variables that must be considered. One person may opt to carry full coverage on an older car, while others will carry the absolute minimum. However, knowing what type of auto insurance is best for older cars is very valuable. Read on to learn some basics of finding the best car insurance coverage for an older car and then enter your zip in above to start comparing free car insurance quotes online!
Minimum State Requirements and Recommended Coverage
It is important to make sure that you carry at least the minimum car insurance coverage as required by your state. To find out what that amount is for where you live, you can contact your state department of insurance. However, it is important to be aware of the fact that all states, without exception, have unrealistically low amounts of coverage as their required minimum. If you were to be involved in a serious accident, you would be underinsured.
Insurance experts recommend no less than $100,000/$300,000/$100,000 liability insurance coverage for any vehicle on the road today. That will mean that you have $100,000 bodily injury protection per person, $300,000 bodily injury protection per accident in total and $100,000 property damage protection.
In some states other types of coverage may be required. Personal injury protection provides coverage for medical expenses, lost wages, rehabilitation costs and much more. It is mandatory in states with no-fault insurance. Medical payments coverage covers certain medical costs also but is more limited that PIP coverage.
Uninsured or underinsured motorist coverage is also mandatory in certain states but available in all. It provides medical coverage for you or anyone in your vehicle if you are involved in a car accident with an uninsured or underinsured driver.
The Age of the Car
The actual age of your car greatly impacts the cost of your car insurance, and the type of insurance that is best for you to carry. If your vehicle is an older car, but not quite yet an antique, you will find that car insurance is more affordable than for a newer model car. When the value of a vehicle decreases, the cost to insure it goes down too. It will cost less to replace or repair your older vehicle; therefore if a loss occurs the insurer will have a lower claim to pay out than for a newer vehicle.
On an annual basis you should look at the value of your car in order to decide whether you should stop carrying collision and comprehensive coverage. These two types of property damage protect your vehicle. However, if your car’s value and the deductible you have on the car are too close, you should definitely look at dropping those types of coverage in order to save money. Be sure that your vehicle is paid off before dropping any coverage.
If your car is older and has a low value, your best types of car insurance to carry include: bodily injury and property liability; personal injury protection, medical payments and uninsured/underinsured motorist coverage.
Classic and Antique Cars
When a car is 25 years old, it is officially considered a classic car by most definitions. A car earns the title antique at age 45. However, for registration and insurance purposes the definitions may be different or the terms used interchangeably. A classic or antique car is typically valued greater than a car that is almost that age. Therefore, insurance rates for such automobiles are higher. Scarcity of parts is one of the biggest factors in the cost of insuring such vehicles.
Antique and classic cars are typically rather costly to run. Often they are gas hogs and are best saved for special occasions. In addition, because of their value, most owners do not want to risk using them in poor weather or in driving conditions that may increase the risk of damage. Insurance companies realize this and consequently offer insurance policies based on the number of miles you plan to use your vehicle in a year. Certain companies will even offer daily coverage for those vehicles that are used extremely rarely.
Even if your antique or classic car is rarely used, it is extremely important to have comprehensive coverage on it. This will protect it from the losses that are most likely to occur with vehicles that are usually stored. Vandalism, theft, fire and water damage are amongst the perils covered by comprehensive coverage.
When you are looking for auto insurance for an older car, the best place to begin is by getting a car insurance quote using an online quote tool that gives multiple price quotes at once. You simply provide your information and the tool does the work for you. Start now with a car insurance comparison quote tool now and get the best auto insurance for your older car quickly and easily.