Wth is up with insurance rates?

[Seanuf99]

Dont forget your credit score impacts rates. As does your CLUE report. You should check both. Not uncommon to have errors on both.

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[ice445]

I'm 30 and pay about $170 a month. I used to pay less living in Ohio, but some areas have higher "risk" so you pay more. It's also worth considering parts costs to repair cars have gotten out of control lately, and inflation is pretty rampant. We're all going to be paying more shortly if I had to guess.

 

[ORRadtech]

too many variables to compare monthly payments. waste of effort.

Exactly.
To the inflation comment, I totally believe this is a big part of it. Repairs are crazy expensive right now. Parts are difficult to impossible to find and outrageously priced when you can find them. Insurance companies are totaling cars that could otherwise be repaired simply because Parts are becoming unavailable. Not to mention shop costs are going up due to lack of skilled labor and employees jumping from shop to shop looking for the highest salary. Just look at how much salvage auction prices have jumped in the last two years, a big indication that Insurance companies are paying out more. And there's no way they are going to just absorb those increases. They will absolutely pass that on to us in increasing rates.

 

[wynand32]

I was shocked that my insurance only went up about $200/6 months when I swapped the Mustang for the Infiniti G37 on my policy. The Infiniti was 13 years old and not nearly as powerful. Maybe it's because I'm so freaking old (or so it seems sometimes) and they figure I won't drive the car aggressively.

 

[young at heart]

Just you young whippersnappers wait. There’s a surprise waiting for you on the other end of the age scale too; it’s kinda a U-shaped curve. When you get a few years under your belt they start rating you as a high risk again. I can’t imagine why. In my early-mid 70s my driving skills are sharper than ever!

 

[Germansheperd]

2022 GT500 57/mo and my wife’s 2022 GT convertible 52/mo. 100/300k, 1k ded with 500 disappearing (500 ded). Also carry home and 1 million umbrella with the same company.

 

[Germansheperd]

Just you young whippersnappers wait. There’s a surprise waiting for you on the other end of the age scale too; it’s kinda a U-shaped curve. When you get a few years under your belt they start rating you as a high risk again. I can’t imagine why. In my early-mid 70s my driving skills are sharper than ever!

My insurance agent and I were talking about this last year. The wrecks among boomers and older have SKYROCKETED. They are among one of the worst demographics. Not saying YOU are but your group as a whole are wrecking left-right-and center.

 

[ss27gogeta]

Bought my 2020 gt at 29 31 now. rate has been the same since I bought it 75$ a month. I could not believe it was only $5 more a month than the focus I traded in on it. Full coverage though progressive i live in Indiana. Your state and area you live in play a big part in your rate.

 

[MAGS1]

As a few others have said, there a many variables that factor into an insurance rate. But in general, rates are going up because parts are more expensive and used vehicle prices are up, which equals a higher payout in a total situation.

 

[mech94]

also 27 2017 gt350 full coverage 1 k deductible come out to 186 a month

 

[wadewolf76]

45 male $825 every 6 months so about $138 a month. That's in Kansas, with multiple cars and house all with the same company for discounts.

 

[MCS]

Insurance is one of the biggest scams out there. 47, Male, Unmarried, $125 a month (house insurance with the same company) on my Mustang, Yet, once I start getting over 60 it starts to go up.

It wasn't MANDATORY until after WW2. In Canada, their profits are in the BILLIONS every quarter. That's PROFIT. After they pay out. Insurance companies have a powerful lobby group.

When the Zombie-pocalypse, or Purge, comes who here wants to bet that the Insurance Company execs are on everyone's "Must kill first" list?

 

[spankybranch]

I just added my 22 Mach1 to our insurance last week before I picked it up. It’s $1050/6months (wife+me). I am in central Florida and my county is one of the more expensive for auto insurance. Clean record but had a car totaled out 2 years ago when another driver ran a red light. Although I was not at fault I did have to go through my insurance for the payout as the other driver had inadequate coverage and hit another vehicle in addition to mine. For reference we were paying $700 for the exact same coverage on a Edge ST that was leased but we purchased and sold that just before purchasing the Mach1.

I am about 10 years older than OP and my coverage is quite high with a $500 deduct. I thought the quote was good based on the MSRP of the car and the “mustangs crash a lot” impression.

 

[Some Random Guy]

24yo Male in Indiana here. My payment actually went from 265 (2018 Charger R/T) to 160 for the 17 GT… your quote seems high but I wonder if it’s about location. I’ve heard north of us in Michigan it skyrockets for most as it’s a “no fault” state.

Yep, MI is usually the most expensive state to insure in. I pay $700/6 months for broadened collision no fault but mine’s an ecoboost.
There are other at fault states but not as costly for some reason.

 

[Paul McWhiskey]

Just renewed my policy about 4 months ago with AAA. I have 3 vehicles an RV, and my home with them. I expect increases most every year. The Mustang went up 60%! I did get one point for my RV swinging out and scuffing the bumper of a pickup in a campground that will come off next policy but it did not increase huge until this year. When I called and questioned I was told that their bean counters had determined that high performance such as the Mustang, Camaro, Charger, and all AMG Mercedes had been determined to be involved in more incidents than other vehicles and consequently the rates on all of these cars had been increased 60%.

After much more questioning nothing more was offered. I explained that I was 66 years old, had no moving violations, and that they had the policies on everything else. Made no difference. So now I pay 1300 and something a year. That's OK, I guess, I am still giddier than a 17-year-old girl who just got asked to the Prom every time I start it up. Might as well enjoy it cause I cant take it with me and my kid is killin' it so she won't need any of what I have.

Pedal to the metal!

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