Insurance rates?

[ponyboy66]

Insurance is one thing that all of will have to consider when buying our new ponies. I have State Farm and I had my agent quote the '05 GT for me.
It's your stand broad collision coverage. $50 ded. on comp., $250 ded. on collision. All the standard liability amounts. He told me that the rates were not officially out yet. They do have preliminary numbers though and have had to make educated quotes before. He said this process is fairly accurate. He quoted me at $706.00/6 mo. Seems rather reasonable to me. What are the rest of you finiding out?

 

[kigo]

best way to shop for insurance is online these days via search engines.

 

[spectravp]

I'm self-employeed so I put my cars in my company name. It's a lot cheaper than in my personal name. When I got my 99 vert, the guy quoted me around $4k a year, here in New York, for my personal name. I pay $1050 a year in the company name with maximum coverage. I don't know about other states, but here is what a friend of mine did to keep his insurance low. He registered a "S" corporation in NY state for around $125 online. Then, the business claims a zero balance each year which make his common wealth shares worthless. So, no tax. Except, New York charges a $100 Corporation tax per year. He saves himself two grand a year in insurance. Worth checking into for anyone that has a bad driving record or multiple insurance claims. An additional bonus: A corporation gives you zero liability. For example, if the car is in your personal name and someone sues and gets awarded more than your policies aggregate, you are personally liable. With a corporation, you are never personally liable. If the same senario happens with an S Corp, just fold it by filing a final tax return. They can never attach your personal assests.

 

[galli2006]

Doubt I could get it fairly cheap for a 16y/o huh? Only thing holding me back from financing an '05 myself would be the insurance rates.

 

[RED98]

Here's a wierd insurance story of mine.. back in 1994 when I was trading in my '91 Escort GT to get my first Mustang, an '88 5.0 GT, I was sitting in the State Farm office bracing myself. I had stupidly bought the Mustang without even thinking to check to see how my rates would be affected. Even though I was only 21, my rates actually went down by about $30 per month, and the coverage was the same. So I guess you never can tell what the insurance guys will do. I would think the rates would be higher for a Mustang GT than for an Escort GT, because obviously it has a lot more power, but I didn't argue!

 

[itsgreat2bme]

According to SGI's website, it will cost $1971 per year for an 05 GT. That's just for the plates (so basic coverage and no fault in Saskatchewan) Any other extras will cost extra obviously

 

[galli2006]

With progressive I can get Basic coverage for $755, Full would be $2090. Not bad at all since Im paying over $800 for basic on my '89 Cherokee with State Farm.


Anyone know what insurance company would be the cheapest?

 

[Pred8tor]

With progressive I can get Basic coverage for $755, Full would be $2090. Not bad at all since Im paying over $800 for basic on my '89 Cherokee with State Farm.

Six months or one year period? What does Progressive consider "Basic coverage" and "Full coverage"? Is Basic liability only?

 

[galli2006]

1) 6 months
2) Full coverage includes $500 on comp., $500 on collision with progressive
3) Basic would be liability only.

 

[Pred8tor]

1) 6 months
2) Full coverage includes $500 on comp., $500 on collision with progressive
3) Basic would be liability only.

You have to have full coverage if you finance the car - and I have to. There's no way I can afford $2,000/six months insurance for a new car!

Now, on a brighter note, I have basic with Progressive covering my wife's '96 Accord and my '98 Ranger, and we pay a total of about $375/six months basic (Liability only).

I'll have to check with Progressive soon myself. It may be that:
1. I have a better driving record than you (Tickets and claims kill you!)
2. I'm older than you. (Age seems to reduce the suicidal tendencies)
3. I'm married (makes a difference in some cases)
4. I live in NC - which may (or may not be) cheaper than your state.

So maybe there's hope for me yet. Got to get my heart started again...

 

[frankswildyears]

im willing to pay 180 month insurance for my 2005 mustang. if my current insurance company(which is giving me reasonably priced coverage now) wants more than that, ill find other alternatives. heres a formula some in canada might be interested in. if your insurance(monthly) on a vehicle is more than 40% of your car payment you should find alternative insurance options. eg. car payment $500.00 x 40%= $200.00/month.

over a five yr term you will have paid $30,000.00 in car payments and $12,000.00 in insurance premiums.
1)increase your deductable only after you've found your best rate.
2)pay as much against the vehicle loan as you can during the term of a loan.
3)at the mid point of your loan reduce your coverage according to debt/replacement value
4)once loan is paid of, you now can negotiate your insurance(no sense paying same amount for less car)
5)review your insurance policy from time to time. once you own the vehicle outright, you can base your nonliability insurance on a personal cost/risk basis.

 

[spectravp]

You have to have full coverage if you finance the car - and I have to. There's no way I can afford $2,000/six months insurance for a new car!

Read my post at the beginning of this thread. This may be an option for you. It can't hurt to look into it. Ask your accountant.

 

[Pred8tor]

Read my post at the beginning of this thread. This may be an option for you. It can't hurt to look into it. Ask your accountant.

Yeah, I saw that - interesting!

 

[jeff1414]

Doubt I could get it fairly cheap for a 16y/o huh? Only thing holding me back from financing an '05 myself would be the insurance rates.

I would think that yours would be pretty high...

 

[tjredgt2000]

My State Farm Insurance coverage on a 2000 GT Convertible costs me $1100 per year with $500 comp deductible and $1000 collision deductible. I live in suburban Philly. I would expect insurance for the '05 Mustang to be comparable to the existing model.

 

[pony542]

Insurance Rates ...

Hate it when people post "My insurance rate for the new car is $####". Without knowing other variables, the information is basically useless. Large factors in insurance are type of coverage, levels of deductable/coverage, DRIVING RECORD, LOCATION, and then type of car.
Example, moved to Mustang Meca (Dearborn) which was 10 miles closer to Detroit than where I had lived. Insurance rates more than doubled. Friend of mine gets 5 points in 2 months, almost gets his insurance dropped ... squeaked by with just getting the premiums doubled.
So don't post what your rates are quoted for the '05, unless you tell us what you current rates are as a barometer. (Quote for '05 is $600 = USELESS, Quote for 05 is $100 more / 6 months than the '03 = some decent info).

By the way, type of car will enter in. Fortunately, some insurance companies are not smart enough to separate V6 from V8 on their quote forms. We get the benefit of discounts because of all the V6 stangs driven by females on weekends only. Got to love it.

 

[ponyboy66]

Hate it when people post "My insurance rate for the new car is $####". Without knowing other variables, the information is basically useless. Large factors in insurance are type of coverage, levels of deductable/coverage, DRIVING RECORD, LOCATION, and then type of car.
Example, moved to Mustang Meca (Dearborn) which was 10 miles closer to Detroit than where I had lived. Insurance rates more than doubled. Friend of mine gets 5 points in 2 months, almost gets his insurance dropped ... squeaked by with just getting the premiums doubled.
So don't post what your rates are quoted for the '05, unless you tell us what you current rates are as a barometer. (Quote for '05 is $600 = USELESS, Quote for 05 is $100 more / 6 months than the '03 = some decent info).

By the way, type of car will enter in. Fortunately, some insurance companies are not smart enough to separate V6 from V8 on their quote forms. We get the benefit of discounts because of all the V6 stangs driven by females on weekends only. Got to love it.

Well, that's exactly why I started the thread, to get people to discuss the different variables and what-not associated with their new stang. I post mine as a reference to anyone else who wants to jump in. I btw, have a close to perfect driving record. I am 42 years old and have only had one major claim. That was a 1964-1/2 mastang that came off the line in Dearborn on April 22nd 1964. It was one of the first mustangs ever built. Anyway, I understand what you are saying, but I thought this might get people to think about something else associated with their mustang that they might not yet thought of.