Why Is My Old Car Still Expensive to Insure?

WV & OH ONLY

"My car is 15 years old and worth maybe $3,000. Why am I still paying so much for car insurance?"

It's hard to pay real money to insure a car that isn't worth much.

Because most of what you're paying for may have nothing to do with your car's value: liability pays for the damage and injuries you cause to other people, and those costs are the same whether you're driving a new truck or an old sedan. On top of that, the car you might hit is probably newer and more expensive to repair than ever. An old car can save you money on the coverage for your own car, but it won't do much for the coverage that protects you from everyone else.

Coverage on an older car ought to be dirt cheap, and sometimes it just isn't. That's why we dig for the best rate we can get you.

Whether it's time to drop collision or comprehensive is a real decision, and the answer changes with your deductible, your loan and what the coverage costs you. We can run it both ways with 13 companies so you can see what you'd actually save.

Plainly put, I'd like a shot at your quote. Bring me your old car and your current bill. Let's see what you're really paying for.

WV & OH ONLY

Often, yes. That's the part of your bill that can shrink, the collision and comprehensive coverage on your own car. It's the other part that surprises people.

West Virginia and Ohio both require at least $25,000 per person, $50,000 per accident and $25,000 in property damage (Ohio's is here). None of that is about your car. It's about the other guy's.

Your 15-year-old sedan can do just as much harm to a person or a brand-new SUV as any other car on the road.

Partly because of what's built into them. The Insurance Commissioner's office put it about as plainly as you can in its 2024 auto report: sensors and control modules built into bumpers and exterior panels can make a simple fender bender a potential several-thousand-dollar repair.

The Insurance Institute for Highway Safety says, citing the Bureau of Labor Statistics, that the average price of vehicle repairs has risen more than 40% since 2020, faster than inflation. Sensors are only one reason. IIHS also points to fancier headlights, more SUVs and pickups, and luxury features in ordinary cars.

And it's still moving. The Bureau of Labor Statistics showed motor vehicle body work up 6.0% in the 12 months through September 2026.

AAA looked at three 2023 models, a pickup, a small SUV and a sedan. It's only three vehicles, so it's a look and not an average. Replacing the driver assistance parts ran about:

• $1,540 in a minor front collision
• $684 in a minor rear collision
• $1,067 for the camera in a side mirror

In fairness, those systems also help. In one comparison of otherwise identical 2017 to 2022 models, IIHS found collision claims cost about 10% more on the equipped cars but happened about 10% less often.

It does when you hit a car that has all of it. That's your property damage liability. And it's one reason I wouldn't sit at the bare minimums just because your car is old. If you cause a serious wreck, the bill doesn't care what you drive.

Maybe it's time. Neither one is required by West Virginia law, but a lender usually requires them, so check that the car's paid off first.

Then ask two questions:

• If the car were totaled tomorrow, could I replace it without this coverage?
• What am I paying per year to protect how much car, after the deductible?

If the car's worth $3,000 and you've got a $1,000 deductible, the most you'd collect is about $2,000. Now compare that with what the coverage costs you.

Keep in mind that comprehensive is what pays for a deer, a falling limb or a stolen car. Around here, that can be a reason to keep it longer than collision. And if something minor happens on an older car, read these tips on filing a claim before you call it in.

Your price isn't really about the car alone. Your record, your address, who's in the household and, where it's allowed, your credit all count. An old car doesn't get you out of any of that.

Got an old car and a bill that doesn't make sense? Let me look at it.

WV & OH ONLY

Next in the series: Part 21, Which Cars Cost the Most to Insure, and How Do I Check Before I Buy?