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Do you need full coverage on a 20-year old car?
My Toyota is over 20 years old, and I’m not really seeing the point of paying such high car insurance rates on what’s practically an antique car—and I don’t mean that in a “collector car” kind of way. Do I still need to carry comprehensive and collision coverage on it, or is liability-only okay?
Sarah Gray · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Liability coverage
may be all you need for cars older than 20 years. But choosing whether to keep physical damage auto insurance
is about more than just your vehicle’s age. The decision to keep or remove
comprehensive insurance
and collision coverage
should be based on your own personal risk tolerance level, your vehicle’s condition, and your individual financial situation. Insurance experts typically recommend dropping full coverage once the cost of your car insurance premiums exceeds the actual cash value of the vehicle. But before you
drop full car insurance coverage
, make sure you’re financially equipped to cover repairs or replacement costs if your car is stolen or totaled—if you can’t foot that bill, it makes sense to continue carrying the coverage you need, regardless of your car’s age. If you shop for insurance with the
Jerry
app, you can compare insurance costs for coverage options that fit your car’s age and your budget, or to lower deductibles. Plus, if you can’t find insurance providers that will cover your old car, you can use the Jerry app to compare car insurance quotes
on a policy for a newer car.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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