Can cars over 10 years old not be insured for vehicle damage insurance?
2 Answers
In general, private cars over 8 years old are not insured, and very few insurance companies will cover cars over 10 years old. Even if they do, compensation is usually paid on a proportional basis. Since each company has different policies, this is entirely up to the insurance company's discretion. Some companies have more lenient underwriting policies, while others are stricter. Normally, cars under 10 years old can be insured for vehicle damage, and even renewal customers with cars over 10 years may still get coverage. Insurance laws stipulate that no insurance company or institution can refuse to insure a corresponding subject (such as a car over 10 years old) under any pretext. However, for their own risk control and profit considerations, most insurance companies will refuse to provide vehicle damage insurance for cars beyond a certain age. For cars that are 10 years or older, compulsory traffic insurance and third-party liability insurance can still be obtained, but very few insurers will offer vehicle damage coverage. Additional information: 1. Introduction: Vehicle damage insurance, commonly known as 'auto damage insurance,' is the most widely used type of vehicle insurance. It covers repair costs for both minor scratches and severe damage. However, there are various exclusions, such as continued use after a collision that worsens the damage, which may lead to claim rejection by the insurer. 2. Coverage: The insurer is responsible for compensating losses to the insured vehicle caused by the following reasons when driven by the policyholder or an authorized driver: ① Collision, overturning, or falling; ② Fire, explosion, or spontaneous combustion (requires separate spontaneous combustion coverage); ③ Falling or collapsing external objects; ④ Storm or tornado; ⑤ Lightning, hail, heavy rain, flood, or tsunami.
I just renewed the collision insurance for my 11-year-old car last year. Actually, vehicles over ten years old can still be insured. However, it's important to note that insurance companies tend to apply a high depreciation rate during evaluation. My friend's 15-year-old car was valued at less than 20% of its original price, and the final premium was over 3,000 yuan. It's advisable to confirm the residual value calculation method in advance and consider the out-of-pocket repair costs. Nowadays, repairing an accident can easily cost tens of thousands, so having basic insurance is still necessary—just make sure to carefully weigh the cost-effectiveness.
