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    1. Home
    2. Learning Center
    3. Understanding Insurance
    4. Insurance coverage
    5. Old car insurance: effective coverage for your aging vehicle
    • Learning Center
      • Auto
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      • Disaster Preparedness
      • Understanding Insurance
        • Insurance coverage
          • What Does Home Insurance Cover?
          • Roof coverage
          • Is an umbrella insurance policy right for you?
          • 4 questions to ask about car and home insurance when you move
          • Home market value vs. replacement cost
          • Homeowners insurance declaration page
          • Actual cash value of a total loss vehicle
          • Insurance for college students
          • Old car insurance: effective coverage for your aging vehicle
          • Understanding property damage mitigation
          • Understanding replacement cost coverage
          • Home Insurance deductible
          • Understanding your car insurance deductible
          • Water damage insurance claims vs. flood claims
          • Understanding negligence and liability
          • What to know when shopping for car insurance
          • Car storage insurance
          • Become street savvy: earn a defensive driving discount
          • Utility trailer insurance
          • Auto insurance for your rental car
          • How to add a driver to car insurance
          • Do you need rental reimbursement coverage?
          • A drive-by look at CONNECT roadside assistance
          • What does car insurance cover?
          • Understanding excluded drivers and your auto insurance policy
          • Am I insured if I borrow a car?
          • Tips for working with your insurance adjuster
          • Understanding electronics insurance
          • Condo insurance vs. townhome insurance
          • Liability car insurance: understanding liability limits
          • Medical payments to others vs. personal liability coverage
          • Personal property insurance
          • Solar panel insurance FAQ
          • Water backup coverage and how to fortify your home
          • Do I need an umbrella policy?
          • International car insurance
          • Scheduled personal property
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          • What is umbrella insurance?
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    Old Car Insurance: Effective Coverage for Your Aging Vehicle

    Is your ride getting older? You aren’t alone. The average age of vehicles on the road in the United States continues to rise. At the end of 2016, the average car age was 11.6 years. With more aging cars on the road, we are often asked whether it’s less expensive to buy old car insurance. Simply put, it depends on your vehicle and your insurance coverage. While there are no automatic discounts for driving an older car, you may be able to adjust your insurance coverage for your older vehicle and see some savings.

    Insurance Premiums on Older Cars

    Why don’t insurance premiums naturally drop as a car ages? When it comes to car insurance for older cars, it’s a little more complicated than that. There are a number of factors that affect premiums for old vehicle insurance. Older car parts may be more difficult to locate because they are no longer in production. When it takes longer to find a replacement part or the part is more costly, the overall cost to repair the vehicle increases. Higher parts and repair costs coupled with the ever-rising cost of general vehicle labor may keep old vehicle insurance premiums the same, even as a car spends more years on the road or decreases in value.

    Removing Physical Damage Coverage: Cost vs. Risk

    To help reduce insurance costs, owners of older cars often ask about removing Physical Damage coverage from their auto insurance policies. Physical Damage coverage (often referred to as Comprehensive coverage or Collision coverage) helps protect your vehicle if you are found to be at-fault in an accident or if your vehicle is stolen, vandalized or strikes an animal. Without it, you are responsible for costs to repair or replace your vehicle.

    While there is no magic answer for when to remove Physical Damage coverage, some clients will make this change to their policy when their vehicle is 10 years old. Others remove Physical Damage coverage when the value of the car is less than the cost of the coverage. It’s important to understand the regulations in your area, because some states require coverage, and there could be penalties if you remove car insurance for older cars. Check with your local Department of Motor Vehicles to be sure.

    Removing Physical Damage coverage may reduce your rates, but it also makes you responsible for repairs if you cause an accident. If you remove the coverage, you may want to set up a small savings account to cover repair costs if you have an accident. That way, you are prepared if something happens to your older car.

    For more information on old car insurance for your aging vehicle, talk to your agent or give us a call at 888-239-9953.

    A.M. Best, the leading independent rater of insurers in the country, has rated the companies within the CONNECT group “A” (Excellent), the third highest of their 15 ratings, for financial strength, stability and soundness of operating performance. Better Business Bereau Accredited Business

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    CONNECT, powered by American Family Insurance, is the brand name of American Family Connect Property and Casualty Insurance Company and American Family Connect Insurance Company, Madison, WI. Depending on the state, auto policies are underwritten by either company, or by an affiliate, Midvale Indemnity Company, Madison, WI. Property policies are underwritten and issued by affiliates based in Boston, MA, including: Homesite Indemnity Company, Homesite Insurance Company, Homesite Insurance Company of California, Homesite Insurance Company of Florida, Homesite Insurance Company of Georgia, Homesite Insurance Company of Illinois, Homesite Insurance Company of New York, Homesite Lloyd’s of Texas, and Homesite Insurance Company of the Midwest. The American Family Connect Insurance Agency, Inc., places policies with related and unrelated companies. Each insurer is solely responsible for the claims on its policies and pays the Agency for policies sold. In Texas, certain property coverages may be underwritten by Ranchers & Farmers Mutual Insurance Company. Prices, coverages and privacy policies vary among these insurers. Each company has sole financial responsibility for its products. Some products, discounts, benefits, and savings may vary, may not be available in all states, and are subject to limitations.

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