If your vehicle is paid off — in other words, if the car's title is in your name —some insurance coverages are optional. (Lenders typically require collision coverage and comprehensive if you're still paying off your vehicle, the NAIC says.) Depending on your needs and your budget, adjusting these coverages might be an option for your older car.

Collision coverage and comprehensive coverage help protect your car. Collision may help pay to repair your vehicle if you hit a stationary object, like a fence or a tree, or if you're involved in an accident with another vehicle. Comprehensive, on the other hand, may help pay to repair your car if it's stolen or damaged by something other than a collision (such as a falling object or a fire).

Both collision coverage and comprehensive coverage typically come with a deductible that you may be able to adjust. Keep in mind, however, that while a higher deductible can lower your premiums, you'd likely end up paying more out of pocket toward a covered claim.

Additionally, the III suggests that if your older car is worth less than 10 times the annual premium you pay for collision and comprehensive coverage combined, these coverages might not be a cost-effective option for you. In other words, you might want to talk to your insurance provider about whether it makes sense to drop these coverages from your older vehicle's policy. But keep in mind, if you drop coverage and your car is damaged in an accident, your policy won't pay for the damage.

Towing & labor cost coverage may help pay for services associated with roadside breakdowns, which may include towing, jumping a battery, changing a tire or assisting with a lockout. While this coverage is optional, it might come in handy in case you have problems with your older vehicle.

Of course, price should never be the only factor in choosing what kind of auto insurance you need for your "seasoned" car. Your insurance provider can help you choose affordable coverage that still helps protect your car and your family.