How to Compare Car Insurance Rates 2024
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Car Insurance for Older Cars

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Content was accurate at the time of publication.

Erie and Westfield have the cheapest car insurance for most older cars, but you may need classic car insurance if your older car is a collectible. Getting the right coverage is important for a car of any age. Here’s what you need to know about car insurance for older cars.

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Savings Tips

On average, you can pay 14% less for car insurance on a 2010 model compared to a 2015 model.

You may not need collision and comprehensive coverage for an older car.

Customers with Westfield and Erie pay under $50 a month on average for liability coverage.

Find the Cheapest Car Insurance Quotes in Your Area

What you pay to insure an older car depends on factors such as your driving record and ZIP code, as well as your vehicle’s age and value.

That said, the average cost of car insurance for 2010 model year vehicles with full coverage is $180 a month. That’s 14% less than the average cost of full coverage for 2015 models and 26% less than it is for 2020 models.

Older car insurance rates by model year

Model yearMonthly insurance rateAverage vehicle value
2020$245$17,949
2015$210$10,785
2010$180$4,767

Full-coverage rates are for a 30-year-old male with a clean driving record and good credit. Your rates may vary.

Erie and Westfield have the cheapest insurance rates for older cars, based on our analysis of vehicles from the 2010 model year.

Erie’s full-coverage rate for 2010 models averages $109 a month, which is the cheapest in the nation. Westfield has the cheapest rates on liability-only coverage for 2010 models, $48 a month.

Erie and Westfield are midsize companies that are only available in a limited number of states.

Among widely available large companies, State Farm has the cheapest full-coverage and liability-only insurance rates for older cars.

Full coverage includes liability, uninsured motorist, collision and comprehensive (comp) coverage. A liability-only policy is the same policy without collision and comp.

Cheapest full-coverage car insurance for older cars

CompanyMonthly rate
Erie$109
Westfield$114
Auto-Owners$117
American Family$124
Country Financial$133
State Farm$145
Geico$169
Travelers$177

Rates are for a 30-year-old driver with a clean driving record and good credit. Your rates may vary.

Cheapest liability-only car insurance for older cars

CompanyMonthly rate
Westfield$48
Erie$49
Auto-Owners$61
American Family$68
State Farm$73
Country Financial$73
Geico$98
Travelers$102

Rates are for a 30-year-old driver with a clean driving record and good credit. Your rates may vary.

You may not need collision and comp, or full coverage, for an older car, but the rest of your car insurance needs are mostly the same for older and newer models.

Collision and comp cover your car for damage or theft, up to your vehicle’s value. Neither is required by law, but lenders typically require both for a loan. This makes them optional for an older car you own outright.

Your car’s age does not affect the rest of your insurance needs.

For example, most states require you to have liability coverage to legally drive a car of any age on public roads. Some states also require uninsured motorist coverage and/or personal injury protection.

For these coverages, the minimum limits your state requires are just a starting point. Depending on your financial situation, you may need higher limits and/or additional coverages.

Car insurance needs for an older car

CoverageRequired or optional
LiabilityRequired by law in most states. Consider higher limits for more financial protection.
Uninsured motoristRequired in more than 20 states, optional in most others.
Personal injury protectionRequired in more than a dozen states, optional in most others.
CollisionOnly required if you have a car loan. Worth it for any car valued at more than $5,000.
ComprehensiveOnly required if you have a car loan. Worth it for any car valued at more than $5,000.

It’s usually worth dropping full coverage on an older car if its value is less than a few thousand dollars, as long as there’s no loan on it.

The more your car depreciates, the less you’ll get from the insurance company after an accident or theft.

For example, if your car is valued at $3,000 and you have a $1,000 deductible, the most the insurance company pays to repair or replace it is $2,000.

The exact cutoff point for dropping full coverage depends on how much you’d be able to afford to repair or replace your car on a moment’s notice.

For some people, spending $5,000 to replace a car with no assistance from their insurance company is not a big deal. For others, getting an insurance company’s help to replace a car valued at $3,000 may avert a financial hardship.

If your car’s value is less than your deductible, or only slightly more, it’s definitely time to drop the full coverage.

You can find your car’s approximate market value online on sites such as kbb.com. However, insurance companies use different sources to determine your car’s value.

How much can I save by dropping full coverage for an older car?

The good news about dropping full coverage on an older vehicle is that it can nearly cut your car insurance rate in half.

For example, the average price of car insurance for 2010 model year vehicles drops from $180 a month to just $97 a month by removing collision and comp. That’s a savings of 46%.

Monthly car insurance rates for 2010 vehicles

VehicleFull coverageLiability onlySavings
Chevy Equinox$175$9546%
Ford F150$177$10044%
Honda Civic$185$10245%
Toyota Camry$184$10344%
Volkswagen Passat$191$9749%
Average$180$9746%

Rates are for a 35-year-old male with a clean driving record and good credit. Your rates may vary.

Find the Cheapest Car Insurance Quotes in Your Area

Classic car insurance is a specialized insurance product created for older and modified cars that are only driven occasionally.

You typically need to have a separate car for daily use and park your older car in a garage or carport to get it.

Some classic car insurers require the car to be at least 25 years old. Others insure older cars of any age that have been restored or modified.

Classic car insurance providers often insure your vehicle at a value that you and the insurance company agree upon. A vehicle’s agreed value is usually higher than its standard market value.

For example, the market value of a convertible 1992 Chevrolet Camaro Z28 is $3,600, according to Kelley Blue Book. However, if you’ve restored and/or customized your 1992 Camaro, you may be able to sell it for $10,000.

If your Camaro is stolen or damaged, standard car insurance only covers it at the lower amount. Classic car insurance covers it at the higher amount.

Hagerty and Grundy are among the best-known classic car insurance providers. An agent from most standard car insurance companies can usually get you a classic car insurance quote.

Depreciation is the main reason why older cars are cheaper to insure. As a car loses value, it reduces the amount an insurance company may have to pay to replace it if it is totaled or stolen. This makes it less risky, or cheaper, to insure.

Yes. Full coverage is available for older cars. However, if your older car has a low market value, you won’t get much from the insurance company if it’s totaled or stolen. This is the main reason to drop full coverage for an older car with a low resale value.

Maybe. Full coverage is only worth having for a 15-year-old car if its market value is more than a few thousand dollars. Otherwise, you may be better off dropping full coverage and using the money you save on car insurance to buy your next car.

Standard car insurance covers cars of just about any age driven for regular or semi-regular use. Classic car insurance is designed for collector cars that are only driven on an occasional basis, such as to car shows or on pleasure drives.

Methodology

LendingTree uses rate data from insurance company filings reported to Quadrant Information Services.

Rates shown for older vehicles are based on an analysis of quotes provided for 30-year-olds in California, Illinois and Ohio with a clean driving record and good credit.

Quotes were obtained for the following vehicles from the 2010, 2015 and 2020 model years:

  • Chevy Equinox
  • Ford F150
  • Honda Civic
  • Toyota Camry
  • Volkswagen Passat

Vehicle values were obtained from Kelley Blue Book.

Insurance rates reflect the average costs of policies with the following coverages, limits and deductibles:

  • Bodily injury liability: $50,000 per person/$100,000 per accident
  • Property damage liability: $25,000
  • Uninsured motorist bodily injury: $50,000 per person/$100,000 per accident
  • Collision: $500 deductible (full coverage only)
  • Comprehensive: $500 deductible (full coverage only)

Rates are for comparative purposes only. Your rates may vary.