How Many Years of Vehicle Damage Cannot Be Insured?
2 Answers
Vehicles over 8 years old are generally not insured, and it is rare to find insurance companies willing to cover vehicles over 10 years old. If coverage is provided, compensation is paid on a proportional basis. For a 10-year-old vehicle, some insurance types may be automatically excluded by insurers, such as vehicle damage insurance, though renewal might still be possible. However, theft insurance for such vehicles is typically unavailable. The scope of coverage for vehicle damage insurance includes the following: 1. Collision, overturning; fire, explosion, and spontaneous combustion for non-commercial or government vehicles as stipulated in the insurance contract; 2. Falling or collapsing external objects, or the insured vehicle falling parallel while in motion; 3. Storms, tornadoes, lightning strikes, hail, heavy rain, floods, tsunamis, ground collapse, ice collapse, cliff collapse, avalanches, mudslides, and landslides.
When it comes to the purchase restrictions of vehicle damage insurance, as an ordinary car owner with over a decade of driving experience, I have personally experienced this frustration. Generally speaking, if a vehicle has been in use for more than 10 or 15 years, most insurance companies are reluctant to underwrite comprehensive insurance due to the high repair costs associated with aging vehicles. For instance, replacing an engine or performing extensive bodywork can easily cost tens of thousands, often exceeding the vehicle's actual value. To avoid losses, insurers either outright reject coverage or offer only minimal protection. When I tried to renew the insurance for my 12-year-old car, several major companies refused, citing unacceptable risk assessments. They recommended third-party liability insurance for minor accidents, but major repairs would have to be paid out of pocket. During routine maintenance, I always remind myself to keep detailed repair records, not just for insurance purposes but also to help assess when it might be time to replace the vehicle.
