You need liability insurance for an old car. Liability coverage is a requirement in most states, regardless of the car's age.
Some states also require you have uninsured and underinsured motorist coverage, medical payments coverage and personal injury protection (PIP). It's best you check with your insurer to see if you need to carry those in your state.
If your car is paid off, that is all the insurance you are required to have. If you're still making payments on your car, you will also be required to carry comprehensive and collision coverage.
Consider 100/300 property damage/liability, no collision, and a $500 comprehensive deductible. Here's the issue. Collision is great to have, but it can be expensive, making it not worth the expense. For an older vehicle (10 years+), the cost of collision, the deductible, and the amount the insurance company will give you if the vehicle is totaled all play a role in making the decision to drop or keep collision coverage. When the dust settles, you could end up with a small amount of money if your vehicle is totaled, making collision a bad investment. If you are not carrying collision, then you should have cash on hand to buy another vehicle if something happens to yours. Comprehensive covers theft, storm damage, etc. and is generally inexpensive.
Comprehensive and collision applies to the car you are insuring, if you have an older car with low value you may not need it (it is certainly not required). Just make sure that you have adequate coverage for Bodily Injury Liability, Property Damage Liability and Uninsured Motorist.
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