If you take good care of your old car and don't require many repairs for it, you may choose to drop some of your auto insurance coverage for it. Although older cars can be cheaper to insure over time, they can still become damaged on the road. If you don't have the right coverage for your older car, you may need to pay for the repairs yourself if the need arises. Learn more about insurance coverage for older cars and what you may need to keep or drop for your older car below.
What Type of Coverage Do Older Cars Need?
Some states such as Arkansas currently require you to maintain liability coverage with a minimum of $25,000 for bodily injury and $25,000 for any property damage other drivers may incur if they engage in an accident with you. You must also carry and maintain coverage of $50,000 for each accident you may encounter on the road. If you live in a high-traffic or busy city that experiences a high number of accidents each year, you may wish to increase the liability coverage for your vehicle.
Extra liability coverage may protect you against any issues that may arise if you total or completely damage your car in an accident. An insurance company will generally pay for the depreciated value of a car if it becomes inoperable. If you spent a great deal of money on your car's upkeep and maintenance over the years, you may want to recoup some of the money you invested in it in the future.
If you think obtaining extra liability coverage for your vehicle is a wise thing to do, reach out to an auto insurance agency soon.
Where Do You Find Your Insurance Coverage?
An auto insurance agency will need to look over your current liability coverage to see if increasing your limits will be a good option for you. If your limits seem too low for the area you live in, an agency may go ahead and increase the limits for you. An agency may base the increase on your car's age, depreciated value, and overall status.
If increasing your liability coverage isn't feasible for you, an agency may suggest you add comprehensive and/or collision coverage to your policy. Both types of coverage protect your vehicle from unexpected expenses if someone else damages or totals it. The coverage may cost more but may be the best option for your older car in the long run.
Learn more about insuring older cars by calling an auto insurance agency today.
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