Most states require that every car, no matter how much or how little you drive it, must carry some type of insurance on it. This insurance requirement is put in place to protect other people in case of injury and/or to protect your car from vandalism and any potential damage. The problem most people run into with this requirement is if you own a collector car or older model car, you don’t need full insurance on it. Luckily, car owners in this situation might be eligible for an old car insurance discount.
To be eligible for the discount on old cars, you must be able to meet certain criteria. Here’s a look at some of the basic criteria insurance companies look at to determine if you are eligible to receive a discount insurance rate on your old car.
A Secondary or Collector Car
Your older car cannot be used primarily as your main car. It must be considered a secondary or a collector car. If you plan on using an order car as a main form of transportation you will be required to carry full insurance on it, and the rates will be higher than the average car.
Mileage Requirements
Some insurance companies will have certain mileage requirements your car must meet in order to qualify for the old car insurance discount. These mileage requirements can range from a couple thousand miles a year, to unlimited miles. If you go over the mileage you may be required to pay for extra insurance or could lose your discount.
Certified Historic or Classic Car
Some classic or historic cars will receive certification to prove that they are actually classic cars. This certification can help you receive the old car insurance discount. In fact, many car insurance companies require some form of proof that the car is authenticated in order to receive your discount.
Carry insurance on every car you own can be a pain but with the old car insurance discount you may be able to save yourself hundreds of dollars. If you meet the requirements set forth by your chosen insurance company you could receive drastic insurance rate discounts that not only help you meet the insurance requirements set forth by your state but help you save money.