Is it cheaper to insure an older car or newer?

Even if your oldest car is considered a classic car, you might be able to save on your insurance rates. As noted by The Balance, Progressive found that classic car insurance costs, on average, 36 percent less than a traditional policy. Many classic car policies are designed based on the driver's needs. If you have a classic car, it's even more important to research and identify the best insurance provider.

Classic cars can be difficult to replace and you need to find the right insurance coverage provider. When it comes to cars that are really old, let's say, at least a couple of decades, then things get a little more complicated. Coverage and other features vary between insurers, vary by state, and are not available in all states. Thus, while the saying “the older the car, the lower the insurance” generally depends more on the coverages, the location and the make and model of the car than on its age.

Combining your car coverage with your homeowners or renters insurance can help you get discounts and lower your insurance premiums. Whether you already have an old car or are thinking about buying one, estimating the cost of insuring it can be difficult. Be sure to compare these quotes with the insurance minimums in your state to ensure that you have the correct level of insurance legally required for your vehicle. However, with an older car that you own, you have more options and you may be able to significantly reduce or eliminate certain types of coverage.

The best way to calculate your car insurance rates is to compare quotes from several insurance providers. Car insurance for a 10-year-old car, or a car of any age, that you drive every day works just like for any other car, with the added advantage that it can be cheaper than for a new model. If you're a homeowner, you may be able to get a discount for multiple policies if you combine your car insurance with other types of coverage. While the saying “the older the car, the lower the insurance” generally depends more on coverage, location, and the make and model of the car than on how old it is.

Other add-ons may also be available, such as emergency roadside service, trailer coverage and car rental coverage.