No matter whether you are driving an old set of wheels for monetary or sentimental motives, there are some essential things to maintain in thoughts when searching for auto insurance coverage quotes for an aging car.


You do not want more coverage than you require, but you also don’t want to be under-insured in case of an accident. Here are a handful of guidelines for insuring an older vehicle or truck:


Consider cutting coverage


The quantity of insurance coverage you purchase for an old vehicle depends on a quantity of elements, such as state laws, your driving record and the car’s value. If your vehicle is old adequate, you may be capable to drop collision and comprehensive coverage from your policy to save funds.


Collision coverage pays for repairs to your automobile right after an accident, although comprehensive coverage pays for damage triggered by fire, theft, vandalism and other elements outdoors of an accident. According to the Insurance Data Institute, this coverage may possibly not be worth the price if your car’s worth is much less than 10 occasions the annual premium.


Don’t skimp on liability insurance


That getting mentioned, every state (except New Hampshire) demands liability insurance coverage, and even the largest clunker of a car can still do a lot of harm to other automobiles or men and women.


Bodily injury insurance covers any injury your automobile does to one more person. It also covers your legal bills must that particular person sue you, so it’s not one thing you should skimp on. The exact same with house damage coverage. You do not want to be stuck with as well small coverage must an individual take you to court more than the harm you did to their garage.


What’s it worth to a thief?


Your old car could not be worth significantly when you check its worth on Kelley Blue Book, Edmunds.com or the National Automobile Dealers Association Guide.


But some are nevertheless a magnet for vehicle thieves because their parts are in demand. Obtaining a auto that is far more likely to be stolen can enhance your auto insurance coverage prices, so be positive to check resources like the National Insurance coverage Crime Bureau’s annual Hot Wheels list of the 10 most-stolen cars in the U.S. In the most recent report, 6 of the 10 cars listed were manufactured in 2000 or earlier.


Classic automobiles


Hey! That is no beater, that’s a classic! If your aging car is considered a collectible automobile, you’ll need to have to clarify that when getting an auto insurance coverage quote. Usually, coverage is primarily based on depreciating worth, so be positive to detail the rarity of your vehicle and just how a lot you have invested in it. Also, get an updated quote on how much it’s worth from Edmunds, Kelley Blue Book or the National Automobile Dealers Association guides.


You could want to consider an insurer that specializes in classic automobiles. Hagerty, Grundy Worldwide and J.C. Taylor are a couple of of the huge names, though asking fellow vehicle collectors is another excellent way to locate a specialty insurer. If one of these firms agrees to insure your automobile, you’ll most likely be expected to store it in a garage and limit your mileage every year. You could believe premiums would be pricey, but they are usually more affordable than normal insurance coverage since the vehicles aren’t on the road that considerably.


Older automobiles have history, and with that history comes a unique set of insurance coverage needs. Understanding where you can save income, and where it does not pay to cut expenses, is essential when in search of an auto insurance quote.


Sarah Cooke is a employees writer covering individual finance for NerdWallet. Stick to her on Twitter @sarah_wolfe and on Google+.


Image via iStock.