Is comprehensive insurance worth it for an older car?
Asked by: Wilhelm Fay II | Last update: March 16, 2025Score: 4.5/5 (22 votes)
Should you have comprehensive insurance on an old car?
Comprehensive coverage is usually not required by states. The value of your vehicle will dictate whether you need comprehensive coverage. If your vehicle is older and is not worth as much, you may be able to reduce your insurance premium by avoiding comprehensive and collision coverage.
What is the best insurance for old cars?
We've determined Hagerty, American Collectors, Grundy, Chubb and Safeco are among the best insurance companies for valuable older vehicles.
When should you stop comprehensive insurance?
The most repeated rule of thumb is to not have comprehensive and collision when the annual premium equals or exceeds 10 percent of your car's cash value.
Is it worth having full coverage on an older vehicle?
Full coverage is only worth having for a 15-year-old car if its market value is more than a few thousand dollars.
Auto Insurance : Collision and Comprehensive Coverages Explained
Is it better to have collision or comprehensive?
If your car is damaged in a road collision with another car or object and you're at fault, only your collision coverage can help pay to repair it. Only comprehensive coverage covers losses caused by contact with animals, civil disturbances, fires, natural disasters, theft, and vandalism.
At what age should your car insurance go down?
Experienced drivers are less likely to have accident claims, which means they cost less to insure. At Progressive, the average premium per driver tends to decrease significantly from 19-34 and then stabilize or decrease slightly from 34-75. At age 75, the average premium begins trending upward.
Is it better to have a $500 deductible or $1000?
Remember that filing small claims may affect how much you have to pay for insurance later. Switching from a $500 deductible to a $1,000 deductible can save as much as 20 percent on the cost of your insurance premium payments.
Will my car insurance go up if I make a comprehensive claim?
Comprehensive claims
Depending on your insurance company and your state, your rate may increase for damage-related incidents that were out of your control.
What happens if you don't have comprehensive insurance?
Answer: Comprehensive insurance covers your vehicle for things that are "other than collision," such as the theft of your vehicle. Unfortunately, without comprehensive coverage, there is nothing your car insurance company can do for you.
Why is my insurance so high for an old car?
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.
What age is car insurance most expensive?
18-year-old drivers on their own policy pay the highest car insurance premiums out of the age groups Bankrate analyzed. The most significant difference in premiums by gender occurs at age 18. On average, 18-year-old males cost 9 percent less to insure than their female counterparts.
Does insurance go up or down with an older car?
In general, auto insurance for older cars may be cheaper than insuring newer vehicles of the same make and model if the used car is cheaper to repair or replace. A car depreciates in value over time, which lowers the maximum amount an insurance company would have to pay in the event of an accident.
Why is comprehensive insurance so expensive?
The cost of your comprehensive insurance might increase if you file a claim, live in an area with high crime or bad weather, or if repair costs rise. Filing a claim for something comprehensive insurance covers—like vandalism or a cracked windshield—could result in higher prices.
Do I need comprehensive insurance on a financed car?
If you have an auto loan, the lender will likely require you to have comprehensive and collision coverage, in addition to liability and other legally required coverages, which your lender may refer to as "full coverage." Lenders may also require additional coverages, such as uninsured motorist coverage or gap insurance ...
Is comprehensive coverage worth it on a car?
If your vehicle's cash value is relatively low and you have a higher deductible, for example, it may not be worthwhile to carry comprehensive coverage. On the other hand, it may be worthwhile if your vehicle has a higher cash value, or you cannot afford the cost to repair or replace your vehicle out of pocket.
Why is my car insurance so high with a clean record?
The simple answer is that more factors go into the cost of car insurance than just your driving record. Your age, credit score, location, and more can all potentially influence what you end up paying for car insurance coverage, no matter how clean your driving record is.
What is a good deductible for comprehensive?
Common deductible amounts also include $250, $1000, and $2000, according to WalletHub. You can also select separate comprehensive and collision coverage deductibles. For example, you could have a $1000 collision and a $500 comprehensive policy deductible or vice versa.
Will raising my deductible lower my car insurance?
When you're choosing a deductible, keep in mind that you may be more or less comfortable with higher out-of-pocket costs vs monthly costs. A high deductible will lower your overall insurance rate, however it will increase your out-of-pocket costs if you file a claim.
Is a credit score check required to get auto insurance?
Most insurers use credit checks to create a credit-based insurance score to help set your rate. Some insurers provide auto insurance with no credit check, which might seem appealing if you have a poor credit history.
What is the cheapest car insurance for seniors over 60?
Nationwide — the most affordable company for seniors
At $77 a month, Nationwide is the cheapest car insurance company for drivers in their 60s and can cover all of your bases when it comes to coverage.
Why does Progressive keep raising my rates?
Your Progressive car insurance rates may increase as a result of a variety of factors, including accidents or traffic violations on your driving record. But rates are also increasing due to economic factors affecting the auto insurance industry.
Which gender pays more for car insurance?
On average, young men pay much more for car insurance than young women. This is because car insurance providers find men to be riskier drivers than women, especially when they are younger. When they are older, women start to pay slightly higher rates.