Cheaper Auto Insurance Coverage for Older Cars

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Here's what you need to know...

  • The value of your vehicle will be a big determining factor in the cost of your auto insurance
  • Safety features make a big impact on premiums
  • Teen drivers can expect to pay much higher premiums than older, experienced drivers

In general, you will find that car insurance is cheaper for older cars.

However, if you are driving a car that is considered to be unsafe to drive, you may find that you cannot get car insurance or that it will be much more expensive because of the risk involved while driving the car.

Another exception is if you drive a registered classic or antique car. Once you do this, the Kelly Blue Book value will have no impact on the cost of your insurance. Instead, it will be based upon the market value of the car.

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If you do happen to have a classic or antique car, then you may want to consider using a specialty insurance company rather than a regular insurance company.

The reason for this is that specialty insurance companies often have stricter criteria for their drivers, which means that you could get a lower rate than you would from companies like State Farm, Allstate, and so on.

Should I buy car insurance for my antique car or should I use homeowners insurance?

new house

This is actually a very good question because you don’t want to pay for car insurance that you don’t need. However, if your antique car is a registered vehicle, you will be required to carry at least liability coverage when you drive.

Another option to consider is that your car may be protected under your homeowner’s insurance. It is important to note that a standard homeowners policy does not cover antiques—you will need to specifically name your car and its value on such a policy.

If you aren’t certain about which course you should take, you should consider speaking to an antique car insurance specialist.

They should be able to give you the answers you need to make an informed decision about what type of insurance to purchase.

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I thought that newer cars with better safety features were less expensive to insure—isn’t that the case?

Here is the thing that you have to understand.

A major part of how much you pay for your insurance depends on how much the insurance company would have to pay out if you made a claim on your vehicle if it were totaled in an accident or stolen.

What this means is that a $1,000 old hunk of junk vehicle is going to cost far less to insure than a $35,000 car, even if the car has airbags, anti-theft devices, and every other safety feature in the book.

The bottom line is that a more expensive car is more expensive to insure.

Now, if you were talking about two cars with the same dollar value, you could expect to pay less for your insurance if you were to have great safety features as part of your vehicle.

It is important to note that with the exception of a car alarm, many insurance companies do not give discounts for after-market safety devices added to a vehicle.

When a vehicle has safety features straight from the factory, the insurance company can be sure that the features meet all of their qualifications as a safety device, including how it was installed.

When installed at an auto shop, the insurance company doesn’t have any sort of guarantee about the quality of the product or the way it was installed.

Is an older car a better choice for a teen driver?

Young woman on a road trip.

According to the Insurance Information Institute, teens have the highest risk of being the cause of an accident. What’s more, teen drivers also have the highest risk of causing an accident that can lead to death.

A teen with a brand new car with all of the bells and whistles will have to pay, at least, double or even triple of what an adult with driving experience would pay for the same vehicle.

That means if you have a comprehensive and collision plan for yourself that costs $1,076 a year, then you can expect to pay more than $2,100 a year for your teen driver.

For an older car, especially one that isn’t financed, you could spend only $800 to $900 a year for your teen’s insurance.

Many cars, even as far back as from the 1990s, have modern safety devices, such as airbags and anti-lock brakes.

Choosing a car like this would prove to be financially beneficial and you wouldn’t have to worry about your teen wrecking a car that is worth a lot of money.

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