Finding auto insurance in NY can be a difficult process. Things become even more complicated when you are looking for car insurance for an old vehicle. While you might feel that having an old car is a disadvantage, there are a few things that you can do to find a good auto insurance policy, even if you have a vehicle that is over ten years old.
Research shows that, with technological advancements, more vehicles are starting to maintain their value even as they get older. As you look for car insurance for an old vehicle, assess your financial situation and the vehicle’s value. Purchasing temporary coverage may not be the best decision.
Here is a look at what your auto insurance policy may entail.
Liability insurance is significant because accidents can happen at any time. You are covered when you cause damage to other people’s property. In most states, you are required by law to have some liability insurance. Liability insurance has multiple limits; it covers an injured party’s medical bills and expenses and provides maximum coverage for each injured person. It also covers any property damage. Purchase enough liability insurance so that your assets are protected if you are involved in a serious accident.
Comprehensive coverage protects your vehicle if you are involved in a situation other than an accident. You are protected if your vehicle is stolen or damaged in unique ways, such as due to severe weather or hitting an animal. This coverage protects you if your vehicle is vandalized or accidentally set on fire. It also protects you in emergency situations. You are covered if your vehicle needs emergency assistance. You will receive urgent attention if your vehicle has a flat tire or engine failure. Be aware that most comprehensive policies include a deductible that you have to meet when filing a claim. After you meet your deductible, the insurance company will handle the rest.
Collision coverage takes care of your vehicle if you are involved in an accident. The terms of your collision coverage may differ because you have an older vehicle. You will likely only be covered through the retail value of your vehicle. Older vehicles with a lower retail value may not be eligible for a lot of coverage. If you opt to finance your vehicle, the bank will likely mandate collision coverage. If you own the car, try to avoid paying more than 10 percent of the retail value in premiums.
Other Things to Consider
If you have an older vehicle, try to watch the number of miles that you put on the car. You should also consider adding rental coverage to your policy. Rental coverage allows you to receive a rental car while your vehicle is being repaired. Consider adding storage coverage as well. Storage coverage protects your vehicle if it suffers damages while parked at a facility.
Consult with Premier Risk, LLC
While researching auto insurance in NY for your older vehicle, try to get multiple quotes before making a decision. While you may be tempted to avoid paying full coverage because you have an older vehicle, that may not be a good decision. Our team here at Premier Risk, LLC will help you find the right policy for your vehicle. Contact us today to get started!