After a while you get used to your car and even get attached to it. Many people cannot easily give up their old ride. They may still keep it even when they buy a new one. However, you should take the steps to find cheap insurance for older cars. There are a few points to consider in order to achieve good coverage and low premium.
The Difference between Classic and Older Car Insurance
Keeping a vehicle for a long time does not qualify it as classic. There are a few things that separate vintage automobiles. First of all, classic cars gain this status by being sought after. If you look after a classic automobile, it gains value because of scarcity. However, your old Chrysler may just be old with only sentimental value to you. No matter how well looked after there wouldn’t be many people wanting to buy it from you.
Secondly, vintage cars are not for driving every day. They are usually insured as occasionally used second cars. Most of the other times, they are well kept in the garage. For example, 1960s Chevy Impala would be a good example for a classic automobile. Read about insuring classic cars and find out how it is different from older car insurance.
Cheap Insurance for Older Cars
If you have a well-made older vehicle you can probably insure it at a reasonable price. If they were the top of the range back in the day they probably have good security, airbag and smart seat belts. Then you may be able to find affordable insurance for used cars. If it is extinct now that you cannot find parts (or expensive), it is easy to break into and one of the most stolen automobiles you may find that premium costs are higher.
Insuring Older Cars the Right Way
Liability Coverage: As a general rule you should buy sufficient level of liabilities coverage regardless of what type of automobile you drive. This coverage pays for injuries and damages you cause to third parties and therefore, it doesn’t matter what is your ride.
Collision and Comprehensive Coverage: Your old vehicle may not be worth as much as you think, so check Kelley Blue Book or Edmunds for its current value. This would help you avoid over-insuring older cars. The maximum amount you can be paid if your vehicle is totalled is its market value. When you take this, deductibles and insurance premiums into account you may find that it is alright not to include Collision and Comprehensive Coverage in your old car insurance.
Generally you should consider dropping these covers if your automobile is below $5,000. Another option is to increase deductibles so that you can bring down the premium to affordable levels. You would pay more out of pocket money if you have a claim with higher deductibles but this option may allow you to keep your coverage.
If you still have a loan on it, you may be required to pay it off so that you can drop Gap insurance, Collision and Comprehensive Coverage or increase your deductibles over $500. Otherwise, you could talk to your lender and see if they would allow you to reduce coverage.
Roadside Assistance Coverage: Some roadside assistance providers insure the driver not the car. So, if you buy roadside assistance you may use it for all your cars. When you have an older vehicle you don’t know what can go wrong with it and where. You may find that a belt of hose has gone and it may be repaired temporarily on the roadside so that you can drive it home and order the part. A good roadside recovery service provider with well-equipped vans to sort most of your problems on the road would be a good idea.
You can keep your favorite auto even though it may be old. But you need to make sure that older car insurance don’t become too burdensome to a point that you may have to sell it. Hopefully the above tricks will help you. Here is another trick for you. Take advantage of our free auto insurance quotes and see who is going to offer cheap insurance for older cars you own. This is a simple but effective way of reducing your premiums. If you are looking for information on new car insurance follow the link.