This study analyzes the limitations of the low-frequency EIS impedance modulus as a tool to describe the protective properties of organic coatings subjected to accelerated aging tests. Acrylic clear-coated steel and hot-dip galvanized steel were exposed to accelerated test methods such as the neutral salt spray chamber and the Prohesion test for up to 2000 and 3000 h, respectively. During exposure, the protective properties of the coatings were monitored by EIS and visual inspection. We observed a significant discrepancy between the measured impedance modulus in the low frequency range (|Z0.01Hz|), and the actual deterioration of the metal–paint interface. The degradation of the two painted substrates is independent of the accelerated test considered. The |Z0.01Hz| values do not represent the actual degradation state of the metal–polymer interface. The manuscript discusses the reasons for the lack of agreement between EIS and visual inspection. The limitations of using the low-frequency EIS impedance modulus to describe the protective properties of organic coatings are highlighted, and several cautions for interpreting the raw EIS data are suggested. The reliability of possible thresholds of |Z0.01Hz| (e.g., failure below 106 ohm∙cm2) to define the protective performance of the coating turned out to be misleading.