Is insuring an old car worth it?

When does insurance for an older vehicle make sense?

Is insuring an old car worth it?

Car insurance is an essential safety net against accidents. Most new car owners are advised to get it for their vehicle, but what about older cars? Some of them are ten, twenty, even thirty years old and still kicking it. If your car is getting up there in years, it may be worth asking whether or not it's still worth insuring.

Is insuring an older car more expensive?

Many people believe that car insurance can be more expensive for older cars. The truth is, newer cars cost more to replace. That means aging cars are typically cheaper to insure. 

There are exceptions, however. Some older cars, particularly those with expensive replacement parts or are challenging to repair, can come with a hefty insurance bill. More than that, newer cars are usually eligible for insurance discounts, especially if they're equipped with advanced safety features.

Get quotes from multiple insurance providers

Insurance rates can vary from provider to provider. This rings particularly true with older cars, as companies may not have standard policies prepared for them. The best thing to do is approach several insurance companies and ask about available policies for aging vehicles. By getting multiple quotes, you'd be more likely to land a policy that's cheaper and works best for you.

How much are you willing to spend?

Talking to a variety of insurance companies isn't enough. You also have to consider how much you're willing to spend on insurance for your old car. Ask yourself how much you're driving the vehicle. Do you use it as your daily driver? If so, a comprehensive insurance plan may be worth the look. On the other hand, if you're only using the old car as a weekend ride, then a minimum plan might be enough. 

Are there other factors that affect an old car's insurance rates?

The car's age isn't the only factor that ultimately determines how much you pay for insurance. There are other things to consider, like your age and driving history. Providers may also look at your employment, credit history, and how much you've driven the car.

When deciding on getting insurance for an older vehicle, you should consider more than just the vehicle's age. There's a bigger picture that you may not see if you fail to think about other factors.


Getting insurance for an old car can be worth it, but it depends on the factors we covered above. If you're using an older vehicle regularly, like for your daily commute, then it still might benefit from comprehensive insurance coverage. If you don't use the car that often, then you may not need an expensive plan. You could avail a minimum coverage plan instead.

Most car enthusiasts don't consider a vehicle's age when gauging its value. If you love the car and it matters to you, it might be a good idea to protect it with insurance. Whether or not it's worth the money is up to you. Remember that an insurance plan can offer the same level of protection for older cars as well as newer ones.