My car is old, why do I need vehicle insurance?
For those who have just bought a car, vehicle insurance is practically mandatory, especially if they did it through a vehicle loan. Protecting our new acquisition is of vital importance and we do not want the possibility of any scratch.
This feeling continues during the first months
The first year, second, third … will it be worth spending or what happens when the fifth, sixth and more arrive? When our car is not so “new”, we begin to wonder if it is really worthwhile to continue investing in buying this insurance year after year. What is the answer to this question? That we must take into account some points.
The fact that your car is older does not make it less vulnerable to any accident. You can be driving around and still be the victim of a crash, collision or other type of accident. On the other hand, if you are involved in an accident, the costs to repair your car will have to leave your wallet and will also involve an unexpected expense that could destabilize your budget.
While you have a car
The risks are. And it is that only in some cases where the model is really old is it possible to say that fixing it would be more expensive than buying a new one.
So, will there be any difference between buying vehicle insurance for a new car than for an old one? Something you can keep in mind is that the theft risks are present, but in smaller quantities, so if you need to save, one of the coverages that you might consider to ignore is Total Theft.
Insurance company has particular conditions
This is because most other friends prefer new cars rather than one with more years. However, nothing is guaranteed, so it will always be better to be protected.
Remember that each insurance company has particular conditions and these will also depend on the age of the vehicles. To get more light on prices and features, compare the alternatives in Good Finance.