Cheap Car Insurance for Older Vehicles in 2024 (Save Money With These 8 Companies)

The top picks for cheap car insurance for older vehicles are Auto-Owners, Geico, and Erie.

The best type of car insurance for older cars depends on the overall value of your vehicle and whether it’s a classic or not. You will always need to carry liability car insurance on your older car. Still, optional car insurance coverages like collision coverage or comprehensive coverage aren’t always necessary on an older vehicle that has significantly depreciated in value.

Our Top 8 Company Picks: Cheap Car Insurance for Older Vehicles

Read on to learn more about older car insurance. We’ll cover everything about older car insurance, such as required coverages, classic car insurance, optional coverages, and more. You can also get free quotes by entering your ZIP code into our tool. 

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#1 – Auto-Owners: Top Pick Overall

Pros

• Custom Coverage: Auto-Owners offers custom coverage for classic cars or modified cars.
• Roadside Assistance: Great for older cars that might break down. Discover more coverages in our Auto-Owners review.
• Discount Variety: Auto-Owners offers discounts for paying in full, going paperless, and more.

Cons

• Availability: Unfortunately, coverage is not offered in every state.
• Virtual Tools: There may not be as many online tools and resources offered as at other companies, such as a UBI tracking program for adults.

#2 – Erie: Best for Great Service

Pros

• Great Service: Erie is highly rated by customers for its service. Learn more in our Erie review.
• Multi-Policy Discount: Erie also sells home, life, and business insurance.
• Classic Car Insurance: Get specialized coverage if you have a classic or collector car.

Cons

• Availability: There are only a few states that carry Erie auto insurance.
• Agent Claims Only: You can’t file online.

#3 – Geico: Best for Online Experience

Pros

• Online Experience: Geico has one of the best online experiences due to its user-friendly app.
• Roadside Assistance: Great for older vehicles. Learn about Geico’s coverages in our Geico review.
• Classic Car Coverage: Get specialized collector or classic car insurance from Geico.

Cons

• Local Agents: Geico’s local agent locations are limited.
• Coverage Availability: A few add-on coverages may not be sold at some locations.

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#4 – State Farm: Best for Agent Network

Pros

• Agent Network: Local agents are near most customers. Read more in our State Farm car insurance review.
• Financial Reputation: Your older car insurance will be backed by a financially sound company.
• Classic Car Insurance: Vintage car insurance is available at State Farm.

Cons

• DUI Rates: Expensive rates for high-risk DUI drivers.
• Accident Forgiveness: Most drivers won’t be able to qualify for State Farm’s accident forgiveness.

#5 – Country Financial: Best for Customer Satisfaction

Pros

• Customer Satisfaction: Country Financial’s customer satisfaction is higher than other companies (learn more: American Family vs. Country Financial Car Insurance Comparison).
• Multiple Discounts: There are plenty of earning opportunities, such as loyalty discounts.
• Roadside Assistance: Country Financial offers roadside assistance and towing coverage.

Cons

• Availability: Country Financial isn’t available in all states.
• High-Risk Rates: Other companies may offer more competitive rates for high-risk drivers.

#6 – Nationwide: Best for Nationwide Coverage

Pros

• Nationwide Coverage: Auto insurance is available in all but a few states.
• Classic Car Coverage: Coverage for classic and collector cars is available at Nationwide.
• Roadside Assistance: Add to your older vehicle insurance policy.

Cons

• Bundling Choices: Bundling discounts are limited to specific combinations. Learn more in our article on Nationwide discounts.
• Claims Processing: There have been some reviews stating there are delays with processing.

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#7 – Travelers: Best for Coverage Options

Pros

• Coverage Options: There are plenty of different options to add to an older vehicle insurance policy.
• Roadside Assistance: A great coverage for your older vehicle policy.
• Multi-Policy Discount: Travelers also sells home insurance, business insurance, and more.

Cons

• IntelliDrive Program: The program raises rates for unsafe drivers.
• Customer Reviews: There are a few complaints about customer service. Learn more in our Travelers review.

#8 – American Family: Best for Discount Variety

Pros

• Discount Variety: There are plenty of discounts that can be applied to an older car insurance policy.
• Customer Service: Highly rated by most customers. Learn more in our American Family car insurance review.
• Roadside Assistance: Add for towing and repair help with your older vehicle.

Cons

• Availability: A few states don’t carry auto insurance.
• High-Risk Rates: Rates aren’t as competitive for high-risk customers.

Best Type of Car Insurance for Older Cars

When considering the best old vehicle insurance, determine the insurance requirements in your state (learn more: Minimum Car Insurance Requirements by State). Then, you need to check its overall value and whether it counts as a classic. We’ve outlined how to pick the best car insurance for your older vehicle below.

Required Car Insurance for Older Cars

Almost every state requires drivers to carry liability insurance for older cars. The coverage amount varies from state to state, but no matter how old your car is, you need to have liability insurance on it. Liability insurance often includes bodily injury and property damage. These liability coverages pay for the other driver’s repairs and medical bills up to a certain amount.

No matter what type of older vehicle you drive, it’s best to have higher liability coverage than the minimum required amount, as full coverage car insurance for old cars will better protect you if you cause an expensive accident.

Classic Car Insurance for Older Cars

Generally, when buying insurance for cars older than 20 years, your insurance company will likely consider cars this old a classic car. Older cars may be worth more than the depreciated value, especially if they are classic collector cars. 

However, you must also meet the driving requirement for your car to be considered classic.

You can’t use your classic car for everyday driving. Instead, classic car insurance is for rarely used older cars. Since older cars use a lot of gas and are less dependable on the roads, most drivers don’t use their older cars frequently if they’re classics.

Suppose you qualify for a classic car insurance policy. In that case, you should purchase it over regular car insurance, as a classic car policy better considers your car’s actual value, especially if you’ve had work done to it. The best classic car insurance also offers total protection for your vehicle, including liability, collision, and comprehensive coverage.

Optional Coverages for Older Cars Not Depreciated in Value

If your car hasn’t significantly depreciated in value, it’s usually worth carrying more than the minimum coverage. Wondering can I get full coverage on an old car? Absolutely. Higher coverage levels ensure you’ll receive your car’s value after an accident, rather than just being protected from liability issues.

If your car still has good value, you might want to consider the following insurance for older cars. Most of these coverages will protect your assets in a car crash, whereas roadside assistance is good for breakdowns:

• Collision Coverage: If you crash into another car or object, collision coverage will pay for repairs to your older vehicle.
• Modified Car Coverage: You should get modified car insurance coverage if you’ve had any work done to your older car, such as adding tinted windows or a custom paint job (read more: Does car insurance cover paint jobs?).
• Comprehensive Coverage: Comprehensive coverage helps pay for repair costs from several non-collision incidents, such as vandalism, natural disasters, animals, and more.
• Roadside Assistance: Older cars may break down more often. Roadside assistance helps with towing, jump-starts, and more.

So, should you have full coverage on a 10-year-old car or older? If your vehicle is worth a lot or you’ve had expensive modifications done to make your car a hot rod, you should consider adding on some or all of the above coverages (read more: Best Hot Rod Car Insurance). Otherwise, if your older vehicle is in an accident, you’ll have to pay for repairs yourself or consider totaling the car.

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Coverages to Consider Dropping for Greatly Depreciated Cars

If your car has depreciated in value so much that it is worth very little, you should consider dropping optional coverages and carrying only liability insurance. 

The Insurance Information Institute recommends the following rule of thumb: If your vehicle is worth less than 10 times your vehicle’s premium, you can consider getting rid of extra coverages like collision and comprehensive insurance. The Institute recommends this because what you’re paying for monthly rates will likely equal the car’s value in a few years.

If you have a lease or loan on your vehicle, you’re probably required to have comprehensive and collision coverages. The company that gave you the lease or loan wants to protect its assets, so there’s usually a requirement in your contract to carry comprehensive and collision coverages, as these coverages will pay for vehicle collisions and damages from natural disasters. 

Read more: Compare Car Insurance for Natural Disasters: Rates, Discounts, & Requirements

You can only consider dropping additional required coverages once you fully pay off your vehicle. However, you should only do this if you meet the 10% above rule. 

How to Find Cheaper Insurance for an Older Car

There are numerous ways to reduce your rates on car insurance for an older car outside of dropping optional car insurance coverages. To start, take advantage of all available car insurance discounts, from paperless discounts to safe driving discounts.

If you don’t want to drop coverages, the following tips can help you get cheap old car insurance:

• Raise deductibles. Raising your deductible will reduce your overall rate, but you’ll want to ensure you’re willing to pay the deductible if you get into an accident.
• Shop around. One of the best ways to find cheaper rates is to shop around and get quotes from different insurance providers.

If you don’t feel comfortable dropping optional coverages on your car, even if it’s no longer worth much, you can still save while keeping full coverage on your older car. If you think you’ll end up paying more than your car’s worth in insurance rates over a few years, it’s probably best to eventually cut your coverages or raise your deductible.

Compare Older Vehicle Insurance Rates

Insurance for older cars may need more coverage than the minimum requirement depending on the state. Older cars are often good choices for teen drivers, so insurance is especially important. What insurance should you get for an old car? Old cars that are worth less can get just minimum coverage, while more valuable cars will benefit from full coverage.

Car Insurance for Older Vehicles by Coverage Level & Provider

When you own an older car, insurance is still necessary. Even though you may not feel like your beat up car is worth a whole lot, you still need to have some type of insurance coverage.

Car insurance is needed for many reasons. By understanding these reasons, you can find affordable car insurance for your older car. To find good rates, get quotes from the cheapest companies like Auto-Owners, Erie, or Geico.

Legal Requirements for Old Car Insurance

All 50 states require some type of car insurance or proof of financial ability to pay large amounts of damage as a requirement to drive. Some states are stricter than others about required amounts of coverage.

Requirements for insurance are determined by statistics within your state about:

• drivers
• accidents
• violations

Ignoring your state’s law because you drive an older vehicle is not wise. The penalty for driving without insurance can range from a ticket to loss of license to jail time for repeat offenders.

No matter how old your car is, you still have to have the required amount of car insurance as indicated by your state.

Most states require some type of bodily injury and property damage coverage. Other car insurance features that are not required by law such as comprehensive coverage can be dropped on an older vehicle.

Most drivers have comprehensive coverage on their vehicle when it is newer or when they still owe money on a car loan. However, once your car is paid off, you have the option to drop comprehensive coverage.

How Old Car Insurance Protects Your Finances

No matter how old a vehicle is, it can still do damage in an accident. The damage can be to the driver, passengers, other vehicles, people outside the vehicle, or to someone’s property. If you don’t have insurance, you can be sued by the injured or damaged party.

Lawsuits can ruin you financially by causing you to lose your savings, home, or wages. Carrying car insurance is the only way to ensure that you will be protected financially.

You can still be sued for more than the amount of your insurance policy, but at least having some coverage will help you in a court case.

Bodily injury insurance will cover any injuries done to you or your passengers while driving the vehicle. Property damage covers any damage done to another person’s property or another vehicle.

Insurance protects you from having to pay too much out of pocket.

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Older Cars For Teens

Many older cars are obtained by teenagers either from a parent or relative. If you have a teenager driving an older car, insurance is necessary. Teens have seven times more accidents than adults. As they are learning to drive, accidents are bound to happen.

According to the Insurance Information Institute, teens have the highest risk of being the cause of an accident. What’s more, teen drivers also have the highest risk of causing an accident that can lead to death. A teen with a brand-new car with all of the bells and whistles will have to pay, at least, double or even triple what an adult with driving experience would pay for the same vehicle.

 

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That means if you have a comprehensive and collision plan for yourself that costs $90/mo then you can expect to pay more than $175/mo for your teen driver. For an older car, especially one that isn’t financed, you could spend only $67 to $75/mo for your teen’s insurance.

Many cars, even as far back as the 1990s, have modern safety devices, such as airbags and anti-lock brakes. Choosing a car like this would prove to be financially beneficial, and you wouldn’t have to worry about your teen wrecking a car that is worth a lot of money (For more information, read our “Compare Best Car Insurance Companies for Financed Cars“).

Finding cheap car insurance for young drivers is not easy. Older cars for teens make sense because they will often cost less to insure than newer models.

Teenagers need to be protected by insurance not just to protect their parents’ finances but to protect themselves as well. Anyone 18 or older can be sued if they are the cause of an accident or property damage.

Having the right insurance coverage for a teen driver is important to protect that teenager’s future. Even on older vehicles, you may want to add collision insurance in case your teen gets into an accident that is the older driver’s fault. Collision will provide money for the repairs.

The Final Word on the Best Type of Car Insurance for an Older Car

The best car insurance type for your older car depends on whether it’s a classic and its overall value. If your vehicle isn’t worth much, you may be able to carry the bare minimum coverage. However, if your car is classic or still worth a significant amount, such as a car you bought at a classic car auction, you should carry full coverage to avoid a financial loss after an accident (learn more: Cheap Insurance for Car Auctions). 

If your car is worth more and needs fuller coverage, shopping around for insurance quotes can help you find a better rate for your older car. Enter your zip code now to find affordable car insurance quotes.

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