The Best Way to Insure an Old Car

You may think it ’ s cheaper to buy car policy for an older car, but that ’ s not always the subject : There are no discounts merely for driving an older vehicle. Or you may suspect it could cost more because a authoritative car has so a lot respect. Wrong again .

When you ’ ra looking for the best way to insure an older car, you should think about it the lapp way as when you choose a standard policy policy, in regards to both your own needs and your state ‘s laws. here we cover the many factors at dally, and why the age of your car is not a major one .

Key Takeaways

  • While older cars may need niche insurance, it doesn’t always cost more than it would to insure a standard car, and in many cases, it may be cheaper.
  • There are specific features that dictate whether a car is “classic,” so don’t assume your car needs classic car insurance just because it’s old.
  • Parts and repairs for classic cars can be quite costly, but the costs may not align with the price you pay for premiums.
  • Extra coverages might be worth the higher monthly price, but with a classic car, you should assess the full scope of risks before you enroll.

Is Your cable car a “ classic ” ?

The policy industry ’ s barroom for what counts as a classic car is pretty high, and the beloved 1980s hot rod that you ’ ve driven into the ground might not meet the mark .

When one thinks of a “ authoritative ” car, what comes to mind is a cable car that gets lots of looks ( possibly the envy of collectors ), stored in a garage ( or another safe manner ), driven rarely ( tied then lone by identical safe drivers ), and is not used as your independent manner to get from here to there. In other words, it ‘s a cable car you own more for prove than for any useful function .

The Risks of Owning a classic car

now let ‘s think like an insurance company. Your classical car may hold a fortune of measure, and it may be dearly-won to replace, but is it hazardous ? In other words, how does it compare to other cars on the road in terms of risk ? Since it ‘s not driven besides much and kept locked up most of the clock time, the swerve amount of time it is on the road is reasonably small. This works in your favor. What about larceny ? There ‘s a gamble, but it ‘s a pretty little chance if your car is kept in a garage at home and parked in the public eye while out. now you start to see why the age and value of your car are lone a piece of the perplex. The gamble to insure the respect behind a classic car is balanced these other factors that limit exposure to risk of wrong .

How much Does It Cost to Insure an Older car ?

The first thing most people think about when gauging the cost to insure an older car is the actual sum they pay an indemnity company each month. While this is far from the lone factor at hand, it is at the top of most people ’ south minds, and worth looking into .

The simpleton answer is that car indemnity premiums do not go down or up just because a car is older. In fact, there is very little campaign or consequence between the long time of the car and the monetary value to insure it on a monthly footing. Of course, you can constantly adjust your coverage levels if you would like to lower your monthly requital .

Simply put, premiums tend to be higher when your car presents a greater risk of price. This might be if, for example, you have a car that is beloved by thieves, if you ’ re an insecure driver, or if you don ’ t have the best safety and anti-theft features. Older cars do tend to fall into some of these categories, such as lacking modern features, and so your premiums may be higher for any of these reasons, but not because your car is old .

The rest of the factors that go into the price of your premium, such as your long time, localization, and driving history, will have an shock on rates for old and new cars alike .


If you ‘re will to put in the excess attempt, there may be hidden ways to lower your car indemnity premium that may not constantly be stated in plain terms or out in the open, such as paying in bulk, or good driver discounts.

The cost of Repairs and Sourcing Parts

If you own a car for long enough, the chances that you ’ ll have to repair it at some point are pretty high. If you have an older cable car, the chances are even higher .

If you need to make a repair and your car is an older model, it will most frequently be harder to find the proper parts than it would be for a newer model. They may no longer be made in any act manner. When you do find true parts, they may need to be extra ordered, shipped from some distant retail store ( or private owner ), or found in a salvage quarrel yard. For all of these reasons, older parts that you do find can be quite dearly-won .

The price of repairs is an authoritative musical composition of any prudent car budget, and this is even more genuine for an older car.

Comprehensive and Collision Coverages

In many cases, and for most drivers, springing for comprehensive and collision coverages is a bright idea. Whether or not they suit your older cable car ‘s needs is up for argument. First, it ‘s important to know how they differ and what each one covers. comprehensive policy pays for rectify to your car from damage due to a number of events that are out of your control, but not for crashes. Think larceny, bad upwind, cracked windshield, or a deer running out onto the road. Collision insurance covers the costs of any damage done to your car as a resultant role of a crash. There are many nuances to each, but this is the grating breakdown .

Do You very Need the Extra Coverage ?

Dropping either or both of these coverages from your policy is a quick way to save on the price of agio costs, so you may be thinking : Why not ?

For some, it ’ s a fresh idea : Collision only kicks in to cover your car if you cause a crash, be it with a car, pole, tree, or railing. The older your car is, the less money you are probable to get back should you crash and damage it. If you are a safe driver and can set aside the cost to replace ( not repair ) your car in savings, then dropping this coverage is about always a good idea. But if you ’ re prone to accidents or strapped for cash, it may be better not to. And of class, if you ’ re however paying off your car lend, dropping this coverage is not an choice .

comprehensive coverage is more of a bonus, but the entirely drawback of skipping it is that you wo n’t be able to protect against a wide range of types of damage that come with a wide range of costs .


Some states require drivers to have both comprehensive and collision coverage ( or one or the other ) by law, so shuffle sure you check the laws in your own department of state before making any drastic moves.

How to Choose a policy

If your car is a legit antique, you may be bracing yourself to pay a batch. But that ’ s not always how antique car indemnity works. Data provided by Progressive found that classic cars cost about 36 % less to insure than a standard advanced cable car because policies must be tailored to your car ‘s particular needs by nonpayment .

Do n’t Pay More Than You Need To

That said, put in the basis to make indisputable you have coverage that fits your car ‘s needs, without much supernumerary. Get the best coverage you can afford and speak to a entrust professional : When you ’ re dealing with a classical car, you ’ re not talking about something that you can well ( and cheaply ) replace, so finding the best policy is critical .

There are many indemnity providers for classical cars, such as Grundy Worldwide, Hagerty Insurance Agency, and Heacock Classic, just to name a few. You can besides find classical car insurance through traditional providers ( or through their partners ) like Hartford, Farmers, Allstate, and Geico .

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