Are older cars cheaper when it comes to auto insurance?
I want to buy a car that's about 20 years old. It isn't a sports car, and the main reason I'm buying it is to save money on the price and insurance. Is it true that older cars are cheaper to insure?
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Answered on Apr 23, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Whether an older car is cheaper to insure relies on a number of factors. One factor going against you is the safety of the vehicle. In the past decade or so, safety features have become far more advanced—and this isn’t something you’ll find on older models.
However, the price to insure your car might be cheaper, especially if you go without collision coverage and comprehensive coverage.
The only surefire way to know is to run the numbers and get car insurance quotes online before you buy. That way, you can set an approximate budget and choose your car accordingly.”
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