If you drive a lot of miles every year, you know how quickly the odometer can climb. High-mileage vehicles come with their own unique insurance challenges that many drivers are not familiar with. While some insurers shy away from older, high-mileage cars, others specialize in insuring them. Here’s what drivers need to know about getting the best auto insurance coverage for their high-mileage vehicles.
What Impacts Car Insurance Rates for High-Mileage Vehicles?
Insurers tend to look at mileage as an indicator of wear and tear. The more miles on your vehicle, the more prone it may be to breakdowns and repairs. Parts wear out over time, especially items like batteries, belts, brake pads, tires, and more. From an insurance perspective, higher mileage may translate into higher repair costs and more frequent claims.
Some of the factors insurers consider for auto insurance rates for high-mileage vehicles include:
- Annual mileage – Most companies will ask for your annual driving estimates. The more miles you drive, the more exposure you have to potential claims.
- Actual odometer reading – Your current mileage will give insurers a good idea of the vehicle’s condition. Cars over 100,000 miles raise more concerns than those at 50,000 miles.
- Make/model – Repair costs vary a lot by vehicle make and model. An insurer may be hesitant to take on an aging luxury or performance car versus a standard sedan.
- Age of the vehicle – Older cars generally come with more maintenance issues, even with lower mileage. Technology improvements also make newer cars safer bets.
- Claims history – Prior accidents, traffic violations, and comprehensive claims will weigh on rates. High mileage drivers file more claims.
- Garaging location – Where you live and park impacts theft rates, car vandalism, and exposure to accidents and natural disasters. High-risk areas cost more to insure.
- Safety features – Modern safety techs like airbags, traction control, and anti-lock brakes help cut collision risks. Their absence in an aging auto may worry insurers.
The combination of these factors will determine what an insurer charges to cover your high-mileage vehicle. Shopping around helps find those that are more mileage-friendly in their pricing.
Will Mileage Limits Affect Your Car Insurance?
Many insurers cap their mileage at around 12,000-15,000 per year for a standard policy. If you drive regularly for work or live far from your job, you may exceed that limit. That’s why it’s crucial to be upfront and truthful about your annual driving habits.
Here’s what can happen if you go over mileage limits with your insurer:
- Non-renewal of policy – Your provider may decline to renew your policy at the end of the term if you vastly exceed mileage caps.
- Limit payouts – Even if they don’t non-renew, insurers may impose rigid caps on claims payouts linked to excessive mileage. Read policy documents closely.
- Rate hikes – Expect significant premium increases if your mileage is well above their normal thresholds. Some may raise it by 25% or more.
- Policy cancellation – Driving 30,000 miles when you stated 10,000 is grounds for immediate policy cancellation in some cases.
To avoid headaches, disclose your accurate mileage when shopping for high-mileage car insurance quotes. Find carriers that don’t impose rigid mileage restrictions. Contact your insurer if you exceed estimates mid-policy to discuss all of your options.
How can High-Mileage Drivers Save On Auto Insurance?
Don’t assume coverage will be prohibitively expensive just because you rack up the miles every year. Here are ten smart ways high mileage drivers can save on auto insurance:
- Shop around for quotes – Compare quotes across insurers. Some specialize in auto insurance for higher mileage vehicles with better rates.
- Ask about mileage tiers – See if the insurer offers discounts for different mileage ranges. Staying in a lower tier can save.
- Drop collision coverage – For older cars worth less than $1,000 or so, collision coverage may not be cost-effective due to high deductibles.
- Raise your deductible – Opting for $500 or $1,000 deductibles lowers rates substantially compared to $250 or $500 deductibles.
- Limit comprehensive coverage – Comprehensive pays for theft and damage from weather or fire. Consider dropping it on an older low-value vehicle.
- Inquire about discounts – Ask about all possible discounts like low mileage, defensive driving, good student, etc. Multi-policy and good driver discounts can help a lot.
- Improve your credit – Insurers use credit-based scores in most states. Pay bills on time and lower debts to boost your score.
- Enroll in telematics – Usage-based programs that track driving habits can lead to significant discounts for less mileage and good driving.
- Reduce coverage – Eliminating rental, towing, or other add-ons you may not need cuts premiums.
- Maintain your car – Fix any minor issues immediately, keep up with maintenance, and retain evidence. Reducing risks can help lower insurance rates over time.
Finding the right insurer for high-mileage vehicles takes some extra effort. But with smart shopping and policy tweaks, savings are definitely attainable.
What are the top insurers for high-mileage vehicles?
Here are ten top picks for auto insurance companies that cater well to high-mileage drivers:
- State Farm – No strict mileage limits and low usage discounts available. It also offers discounts for taking defensive driving courses.
- Geico – Popular for high mileage drivers thanks to usage-based savings opportunities and no mileage restrictions.
- Allstate – Mileage tiers allow good rates for drivers up to 30,000 miles per year. Gives discounts to low-mileage drivers.
- Progressive – Allows drivers to self-report annual mileage and offers discounts for every 5,000 miles less than the average.
- Travelers – Bases rates more on vehicle condition and provides a new car replacement option. Mileage is not a huge factor.
- AAA – Caps mileage at 15,000 per year for a standard policy, but higher tiers are available. Extensive discounts are given to AAA members.
- The Hartford – Specifically excludes mileage from rating factors and focuses more on driving history. Higher rates for luxury or sports cars.
- Metromile – Perfect for extremely high mileage drivers thanks to rates based on actual mileage driven. Only pay for what you use.
- Mile Auto – Built policies around high mileage drivers. Low fixed rates plus a small per-mile fee. Caps extra fees at a set amount per year.
- Clearcover – Rates not impacted by annual mileage estimates. Online quotes promise savings of up to 25% compared to major insurers.
Don’t assume high mileage vehicles are uninsurable. Do your homework and you can find an auto insurance company willing to work with your driving needs. Compare several free quotes to start saving.
Tips for Getting Cheaper Car Insurance For High-Mileage Vehicles
Beyond shopping around for providers open to high mileage vehicles, there are many other ways for drivers to cut their insurance costs:
- Optimize your deductibles – Raise deductibles on both collision and comprehensive to at least $500 or $1,000 to reduce premiums.
- Drop unnecessary coverages – Reconsider towing, rental reimbursement, and other add-ons if you can cover costs yourself.
- Take a defensive driving course – Many insurers provide a discount for completing an approved safe driving program.
- Inquire about discounts – Ask about every possible discount, including low mileage, good student, safety features, anti-theft devices, and more.
- Improve your credit – Insurers favor customers with excellent credit. Pay bills on time and pay down debts.
- Reduce driving risks – Avoid claims by driving safely. Add safety features to your vehicle. Install anti-theft deterrents.
- Ask about usage-based programs – Letting insurers monitor driving habits can lead to significant rate reductions for safe, low-mileage driving.
- Compare quotes frequently – Shop at least twice a year for better rates as new insurers enter the market. Loyalty often costs more.
- Choose a lower-risk vehicle – Insurers favor used models with great safety ratings and low theft rates.
- Make Strategic Moves – Add the right drivers to your policy carefully. For example, add a teen to the parent’s policy at 18, then take them off at age 20.
Take a multipronged approach to cutting auto insurance costs. Small tweaks add up, so take advantage of every discount and strategy you can.
Drivers who are worried about finding cheap high-mileage car insurance coverage for older automobiles driven a lot can rest assured some affordable providers will cover them.
Insurers like State Farm, Geico, Allstate, and others cater to drivers that have 100,000+ driven miles on their vehicles. Shop around for quotes, look for mileage tiers or low usage discounts, raise deductibles, and employ other savings strategies.
To find the cheapest auto insurance for high-mileage vehicles where you live, you need to compare at least ten quotes. Enter your zip code and fill out a five-minute application online. Get quotes from both national and regional providers in minutes. Get the best coverage you need today for less.