Powered by Coverage.com (NPN: 19966249)
Advertising disclosure
This advertisem*nt is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisem*nt are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisem*nt. All offers are subject to additional terms and conditions.
Insurance disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Written by Mandy Sleight
Edited by Jessa Claeys
Edited by Jessa Claeys
Updated Mar 25, 2024
Powered by Coverage.com (NPN: 19966249)
Advertising disclosure
This advertisem*nt is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisem*nt are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisem*nt. All offers are subject to additional terms and conditions.
Insurance disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The Bankrate Promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict, this post may contain references to products from our partners. Here’s an explanation of. Our content is backed byCoverage.com LLC, a licensed entity (NPN: 19966249). For more information, please see our
On this page
The age of your car has an impact on your car insurance rates. As your vehicle ages, you may notice your car insurance premium changing. However, it’s not just vehicle age that car insurance companies look at; the make and model of your car matter, too. If you’re wondering how best to insure your older car, including if you can get full coverage on an old car and what you can do to get cheaper car insurance for older cars, Bankrate’s insurance experts have answers.
Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Insurance Disclosure
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Editorial integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
On This Page
On This Page
- Is car insurance cheaper for older cars?
- Which type of insurance is best for old cars?
- Insuring classic cars vs. older cars
- Frequently asked questions
Is car insurance cheaper for older cars?
Whether or not car insurance is cheaper for older cars depends on several factors. While new cars may be more expensive to insure due to their higher value, older cars may be costly as well. Although they may have a lower value, older cars may also have expensive parts that could make repairs expensive. The older a car gets, the harder it may be to source these parts for repair, which can also drive up the cost of car insurance for older cars. Additionally, older cars may not have as many safety features as newer cars, which might increase the cost of auto insurance and reduce available discounts.
The impact of vehicle age on your car insurance premium may depend on your car's make and model. Premiums for each make and model differ between insurance companies because each uses its own rating structure. A vehicle that holds its value over time may be more expensive to insure than one that depreciates quickly. A vehicle’s repair price, anti-theft and safety features are factors used to determine the final premium. Lastly, your coverage selection may change as your car gets older, potentially impacting your premium. In some cases, an older car may be cheaper to insure than a newer one if you choose to no longer carry full coverage or endorsem*nts like new car replacement coverage.
Which type of insurance is best for old cars?
If you are looking for older car insurance, you might wonder if it's still worth it to carry collision and comprehensive coverage. In most cases, you can choose whether you want to continue paying for these optional coverage types, but the decision may be dependent on other factors. If you have a loan on your old car, your lender may require you to carry these coverage types to satisfy the terms of your loan or lease agreement.
Comprehensive and collision coverage are physical damage coverage options that can pay to repair or replace your older car if it is damaged by a covered claim. If you can afford to fix or replace your older car without insurance, you may not need either coverage. However, if you cannot afford it, then you might consider keeping these coverage options to protect your finances. A general rule of thumb used by insurance professionals in deciding on whether to maintain physical damage coverage is the 10 percent rule. In this case, when the annual coverage costs over 10 percent of the car’s replacement value, it may not be worth keeping the coverage. Speaking with a licensed insurance professional may help you decide whether you should maintain collision and comprehensive coverage on your vehicle.
State minimum insurance
No matter how old your car is, you are required to carry state minimum liability limits or prove financial responsibility to register it and legally drive on roads. Each state has its own requirements, which must be met and maintained for as long as the car is registered. If you can afford more than the state minimum liability insurance, it can provide greater financial protection and is recommended by most insurance experts.
State minimum insurance is the least amount of liability coverage you must have to register and drive your car. Some states also require personal injury protection (PIP) or medical payments and uninsured motorist coverage.
Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers
Your information is kept secure
Powered by Coverage.com (NPN: 19966249)
Advertising disclosure
This advertisem*nt is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisem*nt are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisem*nt. All offers are subject to additional terms and conditions.
Insurance disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Insuring classic cars vs. older cars
If you are looking for old car insurance, consider whether your vehicle may actually be a classic car. While a classic car is an older car, there are key differences between the types of coverage offered for each type. Auto insurance for older cars that are not considered classic can generally be part of a standard auto insurance policy. However, a classic car may be insured under a specialty insurance product, offering unique coverage not found on the average policy.
A classic car is usually 20 years or older and has collectible value that typically exceeds its original sale price. Even with added features not offered in standard auto insurance, classic car insurance is usually cheaper, although the policy may have mileage restrictions. Some insurance companies only offer coverage as a specialty auto insurance policy, while others offer it in addition to standard insurance coverage.
Frequently asked questions
Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products.