Do you need full coverage on a 20-year old car?

Do I need full coverage for my 2001 Honda Accord? Right now I have liability only.

Answer provided by
Emily Maracle
Answered on Jul 14, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
“Based on the age of your vehicle, you likely won’t need comprehensive insurance and collision insurance unless your vehicle is financed.
Both collision and comprehensive insurance protect your vehicle from damage.
If your vehicle was totaled, you’d be paid out the actual cash value. In most cases with older vehicles, the cost of maintaining full coverage is more than the value of the vehicle itself.
Additionally, many carriers do not offer full coverage on vehicles that are 20 years or older unless the vehicle is considered a classic car. Even then, you’d likely need to insure it through a classic car policy.
If you’re still considering full coverage, you’ll likely need to shop around to see what carriers will offer it.”

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