Should I insure my older vehicle?

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Vehicle Insurance: Should I insure my older vehicle?

You may be driving a car that some would deem unroadworthy or a pile of junk, but you simply cannot afford to buy a new vehicle right now. Should you insure it anyway? The answer is absolutely, yes.

If you were involved in a car accident tomorrow that may or may not be your fault, would you be able to afford the cost of fixing your vehicle? Worse yet, if your car is a complete write-off, could you afford to go out and buy a new one, cash? If your answer is no to both of these questions, then you need insurance.

You may be concerned about the premiums being high on an older vehicle, and while this may be true in some instances, it is not necessarily always the case. It is best to talk to your insurance provider about your vehicle, its history, and every important detail so that they can ascertain the value of your car and its risk factor.

It may seem daunting to have to fork out money every month for insurance on a vehicle that you think is not really worth it, but in the case of an accident or theft, you will be grateful that you did.

There are a few things that you can do in your day-to-day to try to keep your vehicle insurance costs down.

  1. Drive Safely. This is something every driver should do regardless of what vehicle they drive, but it is even more important as a driver of an older vehicle. Your risk of something going wrong is higher with an older vehicle, so driving carefully can help in preventing any serious accidents, which would inevitably push your premiums up.
  2. Drive Slowly. It can be tempting, especially when you are late for something to speed up on the road. This can, however, lead to some serious problems, particularly with an older vehicle. Pushing your car’s engine to a higher speed could put it at-risk of failing or overheating.
  3. Reduce Mileage.The higher the mileage on your vehicle, the lower its value. Try to reduce the mileage of your older vehicle by not traveling long distances in it, or walking to places that are within walking distance. The higher the mileage, the higher your risk of an accident occurring as well, because higher mileage cars are more prone to parts failing due to their age and use.

It is possible to keep a car for many years if it is well looked after and properly insured. Speak to one of our consultants to help you choose the right insurance for your vehicle.

Happy and safe travels!

“The article should not be considered legal or financial advice and is for information purposes only. You should consult with a professional financial advisor to determine what may be best for your individual needs.”