When insuring an older vehicle, you may be able to adjust your policy in ways that could save you money on your car insurance premium. Some options include:
- Lowering your insurance limits—If your vehicle has a low value, you may be able to lower your insurance limits, which in turn reduces your insurance premium costs.
- Increasing insurance deductibles—You may choose to increase your insurance deductibles to lower your premium costs. Although, older vehicles tend to undergo more repairs, so having a higher deductible may cause you to pay more out of pocket.
- Dropping certain coverages—You may decide to drop comprehensive and collision coverage from your policy if the value of your car is substantially less than the cost of coverage. However, doing so will leave you almost entirely unprotected if your car becomes damaged.
Other factors such as higher repair costs and outdated safety features may result in an increase to the costs of your insurance policy—talk to your broker to decide on the best options for you and your vehicle