Mustang Insurance

[w3rkn]

WARNING though, the more you demand a car insurace quote will or can affect your credit in turn also getting a decent rate. During my comparisons... about a week up to 2 my quotes for exactly the same thing there was a difference as much as 50 bucks or more... so you really gotta watch that. Safest thing for me to do after that fiasco is to just add my insurace for the car to a current policy. You can always change that later on. I checked USAA and Geico. Their rates were not even in comparison to my current insurance even with a military discount. Including homeowners insurance if that says anything. But hey, there is a small trick, get renters insurance if renting a place, apt, whatever, you should also qualify for a multipolicy discount. Renters insurance is fairly cheap just like boaters insurance... 138 a year, give or take a few.. hope that helps you out a little....

I would check into that, if true... sounds like collusion if rates when up just because you are looking around.

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[NorthernProducer]

I'm with Farm Bureau Insurance and their rates couldn't be beat by any of the competition, but that is because they also have my homeowners and business. There is a lot rating factors that go into setting a premium...age, driving record, where you live, the "class" of the car you are insuring, credit rating, amount of coverage you want and deductibles, past claims history and your state's approved premium tables to name a few. Most companies use an automated rating system to come up with a premium quote and at renewal a few companies will "experience" rate your renewal rate on some of the same factors previously mentioned and also include your payment history, any claims you submitted and changes in driving record...this will likely change your premium. As you can see...it's a game you have to stay on top of to win.

 

[Spartan]

If you're under 30, your insurance is going to be high for a sports car, especially a GT with a V8.

Male, sports car, high speed, just = higher insurance. And yep...all due to the stereotyping but unfortunately it's true otherwise the rates wouldn't be high.

 

[DHG1078]

If you're under 30, your insurance is going to be high for a sports car, especially a GT with a V8.

Male, sports car, high speed, just = higher insurance. And yep...all due to the stereotyping but unfortunately it's true otherwise the rates wouldn't be high.

It isn't stereotyping, it's statistics and good business. It makes sense to charge a group more if they are more likely to make claims.

I have allstate. When I was on my parents insurance it was only like $50 a month for me on my mustang. Now my wife and I have 3 cars (2 with full coverage and the mustang on liability only since it doesn't get driven much anymore) and we pay just under $200 a month. I am 24 (get my discount at 25 this year and my wife is 25). My brother had a job at state farm for a short time and for the same coverage with every discount they could give including a family discount would cost me $150 a month more.

I am pretty sure the rates vary by region too independently for every insurance company.

 

[cbrookre]

I am with Pemco insurance (through an Insurance Broker) and they quoted me around $570/yr with full coverage. I am 40, married with 2 kids (three cars insured) and a clean record.

Edit: That is for GT, for V6 (using 2014 rates) it was about $550/yr. For reference, we pay about $520 on our 2013 Fusion Hybrid with my wife as the primary driver.

 

[SLVRBACK]

It may be my area but I was quoted 150$/month more from allstate than I was geico and progressive. Is allstate typically more expensive? I would be recieving same 100,000/300,000 coverage from all companies.

 

[Seabee1973]

It isn't stereotyping, it's statistics and good business. It makes sense to charge a group more if they are more likely to make claims.

I have allstate. When I was on my parents insurance it was only like $50 a month for me on my mustang. Now my wife and I have 3 cars (2 with full coverage and the mustang on liability only since it doesn't get driven much anymore) and we pay just under $200 a month. I am 24 (get my discount at 25 this year and my wife is 25). My brother had a job at state farm for a short time and for the same coverage with every discount they could give including a family discount would cost me $150 a month more.

I am pretty sure the rates vary by region too independently for every insurance company.

it is steriotyping and it was straight out of a pigs mouth from my insurance agent and I quote, a person with a lower credit score is more likely to make a claim versus a rich guy who doesnt care about cost much so he gets a lower rate. funny as it seems, ive been with the same insurance claiming they can lower my rate the next year but they STILL try to raise my rates by over 300 a year... but that is homeowners, no claims whatsoever. and if it wasn't stereotyping, why is it that your first break at 25? that is statistical STEREOTYPING

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[DHG1078]

So your telling me that if you provided insurance for people, and a group under the age of 25 consistently filed more claims costing your company more money that you wouldn't charge that group more to cover those extra costs?

 

[DHG1078]

Also, I have not heard about the credit score affecting insurance rates. If that is true it still makes sense. Someone with a bad credit score is unlikely to pay their bills. That is why they have a bad credit score. Their rates will be higher so the insurance company can try to make their money without losing money on claims. Someone with a high credit score (you don't need to be rich to have one) is likely to pay all their bills and can be charged a lower rate without fear of losing money.

 

[DHG1078]

I just want to add that I am not saying I agree with the amount of money these companies charge for insurance, but as an outsider I can see some logic behind how they come up with rates for different groups.

 

[ShawnDeath]

Not advertising for them as it won't benefit me any, but as an agent I have Travelers myself and if you are getting a GT, Cobra, etc they seem to charge about the same as a V6 premium wise.

If you've been with the same company for 5+ years, have higher limits, and a good driving record/credit, they have a new program that had me switch to them and I can choose from a bunch of them.

And yes credit is a big factor, but each company weighs it differently just like some companies hammer you if you are older and others give a much better premium the older you are.

If you're young and on your own though, you'll be hammered either way. :headbonk:

 

[Babiblues75]

I have State Farm and they estimated about $118/mth for me
I'm currently paying 62/mth for my 2001 V6 Vert. Reason I stay with them is because they have a not in use policy I put my Mustangs for the winter to save some $$$ but yet be covered

 

[Dirdle65]

WARNING though, the more you demand a car insurace quote will or can affect your credit in turn also getting a decent rate. During my comparisons... about a week up to 2 my quotes for exactly the same thing there was a difference as much as 50 bucks or more... so you really gotta watch that.

Well, yes, getting a quote can and most likely does get a hit on your credit rating, however it does not affect your score what-so-ever. It's a "soft hit". Unlike applying for a loan or credit card which is a "hard hit". You can get as many insurance quotes as you want and it will do nothing to your credit.

The reason your quotes will fluctuate is because it depends on many, many factors and how that particular insurance company charges for those factors. If you suddenly find a really high premium compared to others (coverages the same) it means you are not their preferred market. They would rather not insure you so they are going to charge a high premium if you insist. That's all.

I've only been working in insurance for 20 years so your experience may vary...but credit is not one of them that it affects - luckily! Well, unless you don't pay them for premium owed...then it can get ugly. That will go to a collection agency.

 

[Seabee1973]

I just want to add that I am not saying I agree with the amount of money these companies charge for insurance, but as an outsider I can see some logic behind how they come up with rates for different groups.

Not all young people are bad drivers however they are inexperienced Typically insurance is higher on them based on statistics and a few other things but what really sucks is that some 18yo to 20yo or so may not even have credit being, no credit cards, yet they are a responsible person even though they are already making enough money to pay for what they need and want. Hell, even old folks can be miserable drivers... I often ask myself though Is that person really a handicap or is it their driving a handicap? just sayin...

 

[Johnnybear]

Also, I have not heard about the credit score affecting insurance rates. If that is true it still makes sense. Someone with a bad credit score is unlikely to pay their bills. That is why they have a bad credit score. Their rates will be higher so the insurance company can try to make their money without losing money on claims. Someone with a high credit score (you don't need to be rich to have one) is likely to pay all their bills and can be charged a lower rate without fear of losing money.

That is totally unfair and completely absurd. I am over 40, no accidents, no speeding tickets, and not one claim for car or home owners insurance in 25 years. My credit WAS stellar qualifying for whatever I wanted. My only bad decision was who I married. Within 5 years of marriage she had 40k worth of unsecured and credit debt because she memorized my credit card numbers. By the time she moved out, she had quit her job which forced a foreclosure on my rental property (renters stopped paying at the same time as she quit her job), and all the bills were in my name and I was legally forced to pay all her bills until I was able to divorce her. She left me with 40k of debt and a foreclosure. It took 3 years but I do not have one outstanding debt that I am not paying on time payments. No vacations, no going out, no toys for me, and working a lot of overtime allowed me to catch up. But the result was my home owners insurance went up $1700 a year and my auto insurance almost doubled. The fact I never missed a mortgage payment on my residence, utility, insurance, or car payment was not a factor when they screwed me on my rates. My credit is rebounding as the limits on my credit cards are being raised almost every other month. The fact that my insurance is not going down with my credit score raising should be illegal. Its price gouging and unfair business practice.

Some of the rates quoted here by guys in their 20's is lower than I am paying for a 2008 Passat Wagon! The rate I was quoted for a 2013 Mustang CS Convertible was $839.00 for six months. I just might not being buying a Mustang as planned next Spring because of the insurance. It will be just too much to handle on my budget (yes, I am financially responsible). Just maybe the rates I get quoted for a 2015 EB Mustang instead of a used 2013 5.0 will be low enough to justify a fun second car. Lowering my Passat (family wagon) to liability and using only storage insurance in the winter for the mustang is an idea. But the fact that I cannot have my historically low rates anymore is crap, all because of an ex-wife. its not fair

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