Do I need Auto Insurance for My Old Car?

It’s true. Even old cars need love. Old cars need the type of love that will protect them from liability and perhaps more. In truth, that old car needs love in the form of insurance. Insurance will protect you, your old car, and your wallet from the liability of causing an accident that damages someone else’s car or injures someone.  

Liability Insurance (Required in Most States)

Liability insurance is required by state law. NCIB Group Inc. of Chicago, IL understands that drivers that own older cars don’t want to pay any more than they need to protect and insure their older cars. It’s a state law in Chicago, as in most other states, that all drivers are required to carry liability insurance. Liability insurance typically covers bodily injury liability as well as property damage liability. In short, both of these coverages fall under liability. One covers injury to others in situations where you are deemed liable for a car accident or other similar circumstances. The other form of liability insurance pays for property damage when you are considered liable for damage to someone else’s property

Other Required Insurance Coverages

In addition to liability, some states might require that you carry other forms of insurance, even if your car is older. For example, some states require that drivers carry Uninsured and underinsured motorist coverage. The first coverage can help with medical bills as well as car repair. Some drivers who have liability in a car accident may be underinsured to compensate the people involved adequately. This insurance helps in situations like this. The latter form of insurance can also help with medical coverage as well as extend to cover lost wages and even childcare. However, personal injury insurance isn’t offered in all states. 

All in all, old or new, any car you drive will require some form of insurance. Insurance serves as protection in unexpected situations. Speak with one of our agents at NCIB Group Inc. in Chicago, IL, so that we can help you determine the proper coverage for your situation.