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Does it cost more to insure older cars?

CAR insurance is a bit expensive but when it comes to insuring an older car, you have to do your research.

Depending on the make and model of older cars, some insurance is cheaper than newer cars, but your monthly premium may still go up.

Some used cars may be cheaper to insure

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Some used cars may be cheaper to insure

Many factors affect insuring a car, whether it’s a 2022 or 1990 model.

If your car is made overseas and parts will have to be shipped if they need to be replaced, that can increase the cost of insurance.

Similarly, older cars with expensive parts that are more difficult to repair or replace can also increase coverage.

We outline what you need to know before buying a used car.

Full insurance for old cars

States do not require comprehensive coverage.

The value of your vehicle will determine whether you need this insurance.

If your car is older and isn’t worth much, you may be able to get your insurance premiums reduced by avoiding comprehensive and collision coverage.

Liability insurance, which covers damage to another driver’s vehicle if you are at fault in an accident, is required state by state.

Rates for liability insurance tend to be lower than for a full insurance policy.

How to get the best rate

The formula for getting the best ratio goes beyond the make and model of your vehicle, as well as their type of coverage.

Your driving record, claim history, age and location will count towards the cost of insurance.

The repair cost, anti-theft features and safety of the vehicle are considered.

Older cars may not have as many safety features as newer cars, which can reduce any discounts and increase your insurance costs.

Increasing your deductible can lead to lower monthly payments, but you’ll have to pay more out of pocket if you have an accident.

Classic car

A vintage car is usually 20 years old or older and has a collectible value that exceeds its original selling price.

When insuring a vintage car, you need to consider optional coverages such as spare parts and restoration coverage.

If you take your vehicle to shows, there may be extra protection and other costs may add up.

Classic car insurance is usually cheaper.

Older than Classic

Used cars that aren’t considered classic can often be part of a standard auto insurance policy.

The best way to get a good insurance rate on a used car is to ask for multiple auto insurance quotes.

A vintage car may be covered under a specialty insurance product that provides unique coverage not available in a normal policy.

By considering the value of your car compared to the coverage you have on your vehicle, you can choose the right vintage car insurance for your needs.

We explain if you need insurance before you buy a used car.

In addition, we sketch all you need to know about driving without insurance and related fines.

Martin Lewis shows motorists how to save up to £500 on car insurance

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DevanCole

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