In the United States, the Ford Mustang is an icon for over fifty years. It was first manufactured in the year 1965. This car helped open the gates to introduce other muscle cars of an affordable range. This vehicle has 500 horsepower. Its mystique look gives the impression that Ford Mustang insurance may be expensive. This may be true to a certain extent as Mustangs are great in performance and hence its owners would love driving it most of the time rather than occasionally. This affects the rates of the coverage when you buy Ford Mustang insurance mostly by increasing it. This car is also very desirable giving rise to the possibility of it being stolen more than other vehicles.
Apart from the factors that increase the premiums, there are few factors that lower it. The Ford Mustang’s traditional fuel-usage, good safety ratings, and its low repair cost are some of these types of factors. So if we look at all these factors that can affect your insurance rate by increasing or decreasing it, you may wonder how much Mustang GT insurance would cost you. The answer is below.
Mustangs are known for their speed. However, safety is given utmost importance too when it comes to this vehicle. A safety rating of 5-star was given to the Mustang by the National Highway Traffic Safety Administration for crash testing.
Though it has a safety rating that is high, the Mustangs are designed for speed. And hence insuring it could be expensive. Owners of a new Mustang and those who already have own, know that this car’s premium could be steep.
Whatever the premium amount, it is important to protect this dream car by taking a suitable amount of coverage.
Factors that Affect Ford Mustang Insurance Rate
The Mustang is not a family vehicle exactly. But safety is given a lot of importance while designing it. The traction control, complete airbag system, and parking distance control which is standard for all its models. There is an anti-theft system which helps to safeguard your Mustang from thieves. This also helps garner an insurance premium discount for your vehicle when you go for Mustang insurance.
The few factors that increase the premium cost for a Mustang are like the lack of protection for your backseat passengers and injury risks. Plus, the medical bills that come with the accident bills are also high and insurers consider it as a huge red flag.
Another factor that may drive up insurance costs is security. Thieves love the shiny Mustangs and hence they target them very frequently. This car has an alarm system that is basic. But, if you want to protect it further by adding more security features that are optional, you will find it exorbitant. However, if you add a high-tech security system, you could get an insurance premium discount.
Additional Factors that Impact Mustang GT insurance
A thorough background check is carried out by insurance companies before approving or sanctioning your policy with them. Factors like your location where you reside and park your car, how many speeding tickets you have against your name, your credit score, profession, marital status, etc. are looked at.
Apart from these factors, the premium rates also depend on the additional coverages that you opt for apart from the state requirements. Your safety and financial security are important. Hence the need to have additional coverages arises.
Comprehensive insurance too is an option you need to consider as theft of the Ford Mustang is very high. Comprehensive insurance covers you and helps you to get a new car if your car is stolen.
Finally, make sure that you check the reviews on NAIC before you finalize on the car insurer. You can also check our list of the best car insurance companies in the country. Both of these resources will help you to identify the best Mustang insurance rates in the market.