Compare Older Vehicle Insurance Rates [2023]
Insurance for older cars may need more coverage than the minimum requirement depending on the state. Older cars are often good choices for teen drivers, so insurance is especially important.
Free Car Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management degree with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Au...
Insurance Operations Specialist
UPDATED: Nov 15, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Nov 15, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Should you get full coverage on an older car? Every state requires some type of car insurance, but you may need more coverage than the minimum requirement
- If you get into an accident without insurance, you can be sued, and in some cases, ruined financially
- Older cars are good options for teen drivers who are just learning how to drive, but you always need insurance
Car insurance is needed for many reasons. By understanding these reasons, you can find affordable car insurance for your older car.
To find good rates and car insurance quotes, enter your zip code now!
Legal Requirements for Insurance
All 50 states require some type of car insurance or proof of financially ability to pay large amounts of damage as a requirement to drive. Some states are stricter than others about required amounts of coverage.
Requirements for insurance are determined by statistics within your state about:
- drivers
- accidents
- violations
Ignoring your state’s law because you drive an older vehicle is not wise. The penalty for driving without insurance can range from a ticket to loss of license to jail time for repeat offenders.
No matter how old your car is, you still have to have the required amount of car insurance as indicated by your state.
Most states require some type of bodily injury and property damage coverage. Other car insurance features that are not required by law such as comprehensive coverage can be dropped on an older vehicle.
Most drivers have comprehensive coverage on their vehicle when it is newer or when they still owe money on a car loan. However, once your car is paid off, you have the option to drop comprehensive coverage.
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
Insurance Protects Your Finances
No matter how old a vehicle is, it can still do damage in an accident. The damage can be to the driver, passengers, other vehicles, people outside the vehicle, or to someone’s property. If you don’t have insurance, you can be sued by the injured or damaged party.
Lawsuits can ruin you financially by causing you to lose your savings, home, or wages. Carrying car insurance is the only way to ensure that you will be protected financially.
You can still be sued for more than the amount of your insurance policy, but at least having some coverage will help you in a court case.
Bodily injury insurance will cover any injuries done to you or your passengers while driving the vehicle. Property damage covers any damage done to another person’s property or another vehicle.
Insurance protects you from having to pay too much out of pocket.
Older Cars are Good for Teens
Many older cars are obtained by teenagers either from a parent or relative. If you have a teenager driving an older car, insurance is necessary. Teens have seven times more accidents than adults. As they are learning to drive, accidents are bound to happen.
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 air bags 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.
Finding cheap car insurance for young drivers is not easy. Older cars for teens make sense because they will often cost less to insure than newer models.
Teenagers need to be protected by insurance not just to protect their parent’s finances but to protect themselves are well. Anyone 18 or older can be sued if they are the cause of an accident or property damage.
Having the right insurance coverage for a teen driver is important to protect that teenager’s future.
Even on older vehicles, you may want to add collision insurance in case your teen gets into an accident that is the older driver’s fault. Collision will provide money for the repairs.
Should I buy car insurance for my antique car or should I use homeowners insurance?
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.
When looking for car insurance for an older car, the best place to find a good deal is online. Enter your zip code now to find affordable car insurance quotes!
Frequently Asked Questions
Are insurance rates generally higher for older vehicles?
In general, insurance rates for older vehicles tend to be lower compared to newer ones. This is primarily because older vehicles typically have lower market values and are often less expensive to repair or replace. As a result, insurance companies usually consider them to be less risky to insure, leading to lower premium rates.
What factors determine the insurance rates for older vehicles?
While older vehicles generally have lower insurance rates, several factors still come into play when determining the specific premium for a particular vehicle. These factors may include the vehicle’s make, model, year, mileage, safety features, and the driver’s personal factors such as driving history, age, and location. Insurance companies evaluate these variables to assess the overall risk associated with insuring an older vehicle.
Do older cars require more insurance coverage than the minimum requirement?
Insurance coverage for older cars may need to exceed the minimum requirement depending on the state. This is particularly important when the car is driven by teen drivers.
Why is insurance important for older cars driven by teens?
Insurance is crucial for older cars driven by teens because teen drivers have a higher accident rate. Insurance provides financial protection for both the driver and any potential damages or injuries caused.
How can I compare insurance rates for my older vehicle?
To compare insurance rates for your older vehicle, consider the following steps:
- Research insurance providers: Look for reputable insurance companies that offer coverage for older vehicles.
- Provide accurate information: Gather all the necessary details about your vehicle, including its make, model, year, and any safety features it has.
- Request quotes: Contact multiple insurance companies and request insurance quotes specifically tailored to your older vehicle.
- Compare coverage options: Review the quotes and compare the coverage options, deductibles, and premiums offered by different insurance providers.
- Consider additional factors: Evaluate factors beyond price, such as customer service, reputation, and any additional benefits or discounts offered by the insurance companies.
- Make an informed decision: Based on your research, choose the insurance policy that best suits your needs and offers the most competitive rate for your older vehicle.
Can I lower my insurance rates for an older vehicle?
Yes, there are several ways to potentially lower insurance rates for an older vehicle:
- Increase deductibles: Opting for a higher deductible can lower your premium. However, ensure you can comfortably afford the deductible amount in case of an accident or damage.
- Drop unnecessary coverage: If your vehicle has significantly depreciated in value, consider dropping collision or comprehensive coverage, especially if the cost of the coverage exceeds the potential payout in the event of a claim.
- Take advantage of discounts: Inquire about any available discounts, such as safe driver discounts, multi-policy discounts, or discounts for safety features installed in your older vehicle.
- Maintain a good driving record: Avoid accidents and traffic violations, as maintaining a clean driving record can contribute to lower insurance rates.
- Consider usage-based insurance: Some insurance companies offer usage-based insurance programs that track your driving habits. If you are a safe and low-mileage driver, you may qualify for discounted rates.
Should I consider specialized insurance for classic or vintage cars?
Yes, if you own a classic or vintage car, it is generally advisable to consider specialized insurance coverage. Standard auto insurance policies may not adequately cover the unique needs of these vehicles, which often have higher values and require specialized maintenance and repairs. Classic car insurance policies are specifically designed to protect against the risks associated with owning and maintaining vintage vehicles, including coverage for agreed-upon values, restoration costs, and coverage for events like car shows and parades. Speak with insurance providers who specialize in classic car insurance to understand your options and obtain appropriate coverage.
Are there legal requirements for car insurance?
Yes, all 50 states have some form of car insurance requirements or proof of financial responsibility to drive. The required coverage amounts vary from state to state.
Can comprehensive coverage be dropped on older vehicles?
Yes, comprehensive coverage, which is not legally required, can be dropped on older vehicles once they are paid off.
How does insurance protect your finances?
Carrying insurance ensures financial protection in case of accidents or damages. Without insurance, you can be sued and face significant financial loss, including the potential loss of savings, home, or wages.
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management degree with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Au...
Insurance Operations Specialist
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.