Can a car older than eight years be insured for vehicle damage insurance?
2 Answers
Vehicle damage insurance can be provided for cars older than eight years, but the insured amount may be lower, and some insurance companies may refuse to underwrite the policy. The compensation for vehicle damage insurance is closely related to the condition of the vehicle. Older vehicles are more likely to be damaged in accidents, and the extent of the damage is often more severe. To control risks, insurance companies depreciate the insured vehicle based on its age. Vehicles older than eight years will have a higher depreciation rate, resulting in a very limited insured amount. Coverage of vehicle damage insurance: Collision, overturning, falling, fire, explosion, spontaneous combustion (requires additional spontaneous combustion insurance), falling or collapsing of external objects, storm, tornado, lightning, hail, heavy rain, flood, tsunami, ground collapse, ice collapse, cliff collapse, avalanche, landslide, mudslide, extreme weather affecting the ferry transporting the insured vehicle (limited to 58 Auto drivers and accompanying personnel). Compensation standards for vehicle damage insurance: If the insured amount is higher than the actual value of the insured vehicle at the time, compensation is calculated based on the net value at the time of the accident. Compensation = (Actual value of the vehicle at the time - residual value) × (1 - deductible rate for vehicle damage insurance). If the insured amount is lower than or equal to the actual value of the vehicle at the time, compensation is calculated based on the insured amount. Compensation = (Insured amount - residual value) × accident liability ratio × (1 - deductible rate).
I've been driving an old car for over a decade, and comprehensive insurance isn't an absolute must. Insurance company policies vary significantly—some outright refuse coverage for older vehicles, while others accept but impose numerous conditions. Last time I renewed insurance for my 10-year-old car, they required a full inspection first, especially checking the chassis and electrical system, then calculated premiums based on depreciated value, which cost much more than when it was new. Honestly, with older cars you need to weigh costs—repair bills might be cheaper than insurance. But for long trips, I'd recommend getting coverage as a safety net. The most reliable approach is taking your vehicle license to compare quotes from several insurers—online comparison tools make this easier now, so don't shy away from the hassle.
