Surprising though it may seem, the cost of availing auto insurance coverage for cars that are older is slowly trending northward. One of the main reasons for this is the fact that car burglars find it easier to steal older vehicles as compared to the ones that are new to the market. This fact was revealed by one of the most recent studies conducted in the auto insurance sector.
According to this new study, cars that were over twenty years old were the ones that were the most susceptible to theft followed by the cars that were between fourteen and twenty years old. Though the market value of these cars is surely questionable, opting for just the liability insurance coverage on these cars is not enough anymore. Owners of these old cars, if they have opted for just liability insurance, should ensure they have enough money to replace these cars if they get stolen, or should change their policy to a collision or comprehensive auto insurance policy that offers coverage in case the cars get stolen. If you are still unsure about the coverage to opt for, ensure you work smart while purchasing a policy for your car.
Experts in the field of auto insurance say that one of the most common mistakes that people make while choosing policies for old cars is not comparing the quotes available in the market. Most of the car owners assume that since their car is old, they need just a liability insurance coverage which can be easily obtained from any provider. It is important to know that the cost of the simple liability coverage also varies from one vendor to the other. To ensure good value to money comparing quotes is a wise move.
Answering certain critical questions before signing up for just liability insurance coverage is a must. If the answer to the question “Can I easily replace my car if it gets stolen?” is a yes, then a liability coverage will suffice. But, if the answer is in negative it is time to evaluate the other types of coverage available. Most car owners who old cars over 20 years old miscalculate the cost of replacing their old car and stick to basic liability coverage which can eventually prove to be expensive. Irrespective of the type of car, setting aside funds on a regular basis to cover emergency car related expenses is also a good idea.
