Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: May 12, 2020

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Here's what you need to know...

  • The age of your vehicle is one of many determining factors when it comes to buying auto insurance
  • All states have a minimum amount of car insurance coverage required by law
  • Personal injury protection provides coverage for medical expenses and lost wages

What type of car insurance is best if you have an older vehicle? Making a decision about auto insurance can be 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 important.

Read on to learn some basics of finding the best car insurance coverage for older cars and then enter your ZIP code above to start comparing free car insurance quotes online!

Table of Contents

Minimum State Requirements and Recommended Coverage

It is important that you have at least the minimum car insurance coverage as required by your state. To find out what that amount is, you can contact your state department of insurance.

Insurance experts recommend no less than $100,000/$300,000/$100,000 liability insurance coverage for any vehicle on the road today.

That means 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. It provides medical coverage for you or anyone in your vehicle if you are involved in a car accident.

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The Age of the Car

The actual age of your car can impact the cost of your car insurance. If your vehicle is older, 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.

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 similar, you should 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 little value, the best types of car insurance to have 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. A car is considered an 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 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 or 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 among 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.

Start now with our FREE car insurance comparison tool now and get the best auto insurance for your older car quickly and easily.

References:

  1. https://www.thebalance.com/understanding-minimum-car-insurance-requirements-2645473
  2. https://www.allstate.com/tools-and-resources/videos/what-is-liability-insurance.aspx
  3. https://www.progressive.com/glossary/uninsured-underinsured-motorist/
  4. https://en.wikipedia.org/wiki/Classic_car
  5. https://www.libertymutual.com/auto/car-insurance-coverage