Ford Mustang Insurance - Affordable Policies for an American Classic

The Mustang is one of Ford Motor Company’s iconic cars. It is “The Dream Car” of many individuals who want to own an American classic muscle car. Envisioned by Ford’s chairman, Lee Iacocca, the Ford Mustang came with several options, a powerful engine, and a price that most individuals could afford. It was so popular that Ford sold 22,000 Mustangs the first day that they were available for sale. Introduced in 1964, the Ford Mustang remains in production today with the Fifth Generation Ford Mustang.

The Ford Mustang is popular both as a new model, and as a classic. Every decade or so, Ford revitalizes the line with exciting changes to design and engineering. Whether you're looking at a classic, a brand-new Mustang, or one that's a only a few years old, the following tips will ensure that you get the most for your insurance dollar.

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Classic Mustang Insurance: Age Influences Ford Mustang Insurance Costs

One should determine the intended use of the car prior to searching for insurance. A classic Ford Mustang requires a specific policy. Unlike insuring a new car, insurance companies cannot rely on the Kelly Blue Book to provide an accurate value for a classic car. One should hire an approved appraiser to establish an accurate value for the vehicle. A Classic Ford Mustang qualifies for lower insurance premiums under certain conditions. Generally speaking, the owner cannot drive the car daily. The owner must be at least twenty-five and have a minimum of ten years driving experience. Some insurers set annual mileage limitations on the vehicle. Most classic car insurance policies provide total replacement value with no depreciation. A few such companies provide total replacement value with appreciation for highly collectible vehicles. Classic Ford Mustang insurance works well for individuals who plan to drive their car on an extremely limited basis, and intend to keep the car primarily in the garage.

If the owner decides that he does not want to register his older Mustang as a classic due to the driving restrictions, he can obtain standard insurance. However, the owner may be required to modify his classic car. Most classic cars do not meet current safety standards. Their steering and suspension systems are not up to current industry standards. The braking system will not be as responsive as in a newer car. Classic cars do not have airbags. Most do not even have seat belts. As these are known safety features that reduce injuries in the event of an accident, a vehicle lacking these safety features will cost more to insure.

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New Ford Mustang Insurance Costs

One should carefully consider the insurance costs prior to purchasing a new Ford Mustang. One’s location affects the cost of car insurance. Ford Mustang insurance costs more for drivers located in an urban environment than it does for drivers located in a rural setting. This rate difference is a natural result of the increased number of cars on the road and the increased chances of being in an accident in an urban area.

One’s age also affects one’s insurance rates. Young drivers pay higher premiums than older drivers. Young male drivers pay higher premiums than young female drivers. This rate difference is the result of experience. Younger drivers are likely to be more distracted while driving, and therefore more likely to be in an accident.

The type and value of a car affect its insurance rate. Sports cars cost more to insure than family cars. Ford Mustang insurance premiums are based on sports car rates. The Ford Mustang is designed for speed. The insurance premiums reflect this design. The high-end models of the Ford Mustang will cost more to insure. This increase reflects the higher cost of repair for an expensive car.

The number of miles driven on a regular basis affects insurance premiums. Again, this is one reason that many classic Ford Mustang owners choose classic car insurance over standard car insurance. A driver using his car on a daily basis to commute to and from work will pay higher premiums than a driving using his car only for pleasure trips.