Yes, it usually is. For older model vehicles, insurance premiums tend to be lower because of the car's age and depreciated value (which usually 10% each year), which means less financial risk for the insurer.

Why does car insurance tend to cost less:

• Lower car value due to depreciation, which reduces the payout in case of total loss.
• There is less need for high-end coverage like agency repairs.
• Cheaper spare parts, especially for older models.
• Fewer optional extras are required, which can reduce your premium.
• Third-party coverage is more common, and it's usually more affordable.

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