All You Need to Know About Old Car Insurance: Overview

You may believe that buying insurance coverage for an old car is not costly, but this is not necessarily true. In some cases, there is a discount while in others no discount is possible.

When zeroing in on the right way to cover an old car, look at it the same way you would when choosing a normal car insurance plan, considering your preferences and the regulations and policies in your jurisdiction.

However, purchasing insurance for an old car differs from purchasing insurance for your regular vehicle. When we talk about old cars, there are many factors to consider, including the age of the vehicle, its intended use, and mode of registration.

Before moving any further, we need to determine when to consider a car as old.

All You Need to Know About Old Car Insurance: OverviewAll You Need to Know About Old Car Insurance: Overview

When Is A Car Considered Old?

There is no known standard definition to describe an old car. What constitutes an old car varies by region, as do the rules and standards that govern it. Old cars are termed with various names, which are mostly used interchangeably. These names are classic, vintage, and antique cars.

There are various definitions of classic cars, and these definitions are quite different. In Canada, a classic car has to be at least 25 years old. 

In most situations, a classic car must be a minimum age of 20 years and not older than 40 years for the purpose of insurance coverage.

Do you need to speak with a trusted insurance agent to find out more about classic car insurance? Learn more.

Best Methods to Insure an Old Car

If you own an old car, it must have probably crossed your mind what kind of insurance is needed for the car and how to save costs on it.

When it comes to insuring an old car, you should ensure that you have enough coverage, and obviously, you don’t want to incur huge costs as there are several other bills to settle. Auto insurance, on the other hand, can be very costly.

Cost of Your Premium

When people think about the price of insuring an old car, the main thing that comes to mind is the monthly payment they pay to an insurance provider. Although this is not the only factor to consider, it is always at the core of people’s thoughts and should be addressed.

The easy explanation and truth are that auto insurance rates do not go up or down solely because a car is old. While you can change your policy options if you want to reduce your premium fee, there is little correlation between the car insurance premium and the car’s age.

Your rates will almost certainly increase if you drive a vehicle with a high rate of reported theft cases, if you are a reckless driver, or if you do not have the safety precautions and security features that an old car often lacks.

Some other parameters that are considered when determining a premium, such as location, age, and driving background, would affect insurance premiums on both new and old cars.

Know the Cost of Repairs and Spare Parts

If you purchase a car and have been using it for a long time, you’ll almost certainly need to fix it at one point or the other. However, If you own an old car, those chances are much higher.

If you have to repair an old car, finding the required spare parts will be more complicated than finding spare parts for a new car, and if you eventually find the parts, it may be at an expensive rate.

The maintenance costs are a crucial factor to consider when planning a car budget, and in cases of old cars, this is very important.

Cut Your Cost

If you’re searching for old car coverage, you might assume that you’ll have to spend a lot of money. That is not always true and not how old car insurance operates.

Since premiums are customized to individual preferences, according to statistics, covering old cars cost roughly 36% less than that of a modern car.

You should speak with a good and trusted insurance agent who will direct you on which coverage to purchase for your old car. This coverage should be one which you can afford.

When it comes to old auto insurance, you’re not dealing with a car that can be quickly, easily, or cheaply repaired or replaced, so choosing the right coverage is important.


Consider Dropping Some Coverage

Since we are dealing with old cars, it will be smart to drop some coverage based on technical reasoning. Some coverages such as collision and comprehensive coverages cover damages to your car if you are at fault or responsible for the accident.

If you have an accident and damage your vehicle in which you are the cause of the accident, you need to bear in mind that the older the vehicle you are driving, the less compensation you will get back.

Dropping some coverage is certainly a smart choice if you don’t drive recklessly and can set aside an amount for repairing your car in the bank. However, if you are susceptible to accidents or are short on cash, it is highly recommended not to. 


Driving an old car isn’t an excuse to not purchase specific insurance coverage. Even though the car is old, you need to consider the cost of repairs and parts.

However, getting the right and affordable coverage for your old car will save you lots of money. You can also lower your rate by driving carefully, combining your home insurance with your old car insurance, informing your insurance provider of your car security features, etc. Do not forget to speak to an insurance professional before making a decision.