Things to consider when insuring older vehicles.
Today, the average age of vehicles on the road is around eleven years old. Because insuring a brand-new car is very expensive, you might assume that insuring an older model would be more cost-efficient. Unfortunately, this isn’t always the case. Curious to learn more about your older car’s auto insurance in East Elmhurst, New York? Then here’s what you need to know.
- Are Older Cars Cheaper to Insure?
While you’d expect the cost of your auto insurance to go down along with the value of your car, this isn’t the case. In reality, car insurance premiums aren’t significantly affected by the age of the vehicle. Factors such as your driving record, your location, and the popularity of your car among thieves all have more influence over your rates than your car’s age.
- Why Older Cars Coverage Might Cost More
In some cases, older cars are actually more expensive to insure than newer models. One reason for this price disparity is the absence of anti-theft or other safety features in older vehicles. Older cars that are not equipped with alarms, or features like seatbelt alerts, backup cameras, and blind spot detection are more likely to be stolen or get into an auto accident. This increased risk translates into higher insurance costs.
Additionally, because older cars might require hard-to-find parts, repairing older cars is often very expensive. These higher repair costs are also something that your insurer will take into account when determining your premiums. Naturally, expensive repairs mean more expensive auto insurance.
This is what you need to know about insuring older vehicles. Do you have additional questions regarding your auto insurance in East Elmhurst, New York? If so, then contact the team at 01 Insurance. We are ready to assist you with all your car coverage needs today.