If your car is street legal, it’s probably insurable. Insurance companies aren’t going to drop your car only because it’s an older model, whether it’s an 80’s Chevy or an original Model T. If it runs, if it’s safe, if it’s street-legal, you can insure it.
That said, there are some considerations that you need to make when insuring an older car:
- You’re going to pay more in car insurance premiums when your car lacks safety features. A lack of full airbags and anti-lock brakes won’t have your insurer dropping your coverage, but you are going to be paying higher premiums.
- Older cars might not be worth more than liability insurance. Experts advise that you drop comprehensive and collision coverage if your monthly payment comes out to more than a tenth of the car’s value. At that point, you’re paying enough in insurance each year that you could go ahead and put that cash in your pocket and pay for the damages yourself should you be in an accident. Obviously, exceptions will be made here for classic cars, which, with proper maintenance, tend to appreciate over time rather than depreciate.
- Make and model may have a bigger impact on your premiums than age alone. An older made with common components is typically going to cost you less when it comes to comprehensive and collision because it will be easier to repair. Older foreign cars are typically more expensive to insure because they have so many parts that need to be special ordered.
- If you have an old car that doesn’t run anymore, but which you want to keep, you can cancel your insurance on it, but you will also need to cancel your registration. Most states require that any registered vehicle be covered by an auto insurance provider whether it still runs.
If you just can’t part with that old car, whether it’s a classic or you just happen to have some sentimental attachment to it, there’s no reason you can’t keep driving it for as long as you can keep it running, and keep it street-legal. But you probably don’t want to bother with full coverage if it’s not worth nearly what it used to be worth. Sadly, car insurance generally doesn’t cover sentimental value, but then, you can’t really put a price on that.