I’m torn on collision insurance for my old car. It’s a trusty but let’s be honest, it’s seen better days. Gas prices are brutal, so I get the appeal of keeping it on the road. But is it worth paying for collision insurance on a car that’s not exactly a shiny new model anymore? Does collision insurance even make sense for an older car with a lower value? Are there any situations where collision coverage might still be a good idea for an older car?
Collision insurance is usually more beneficial for newer cars, but it can still be worthwhile if your car’s value justifies the cost and you heavily rely on it.
Hello Jackson, Deciding on collision coverage for an older car depends on its value and your financial situation. Here’s a quick guide:
Collision coverage pays for repairs if your car is damaged in a collision.
For older cars (typically 5+ years old or low value), collision coverage may cost more than the car’s worth.
Consider dropping collision coverage if repairs wouldn’t be a financial burden and the car’s value is less than the deductible.
Keep comprehensive coverage for protection against theft, fire, and other non-collision events.