There are many different types of vehicles on the roads in Canada that need insurance. Some are more expensive to insure than others. This doesn’t stop those that want to own and insure a Mustang. But, they get interested in knowing how much it is going to cost them.
Mustang Insurance Rates
It is important to understand Mustang Insurance rates. To do this one needs to know a little about the vehicle itself. Especially what stands out in regards to interest by the insurance companies. One of the major factors is going to be the year. Then what power that particular year of Mustang possesses. One may be looking at insuring the 2018 Mustang. If so then they are looking at a vehicle that possesses a V8 with a new automatic transmission. Insurance companies are going to get concerned about the V8 power behind this vehicle. The more power, the more potential risk for the Insurance companies.
Then the next factor is going to be the price tag on the 2018 version. Looking at the higher end of the price tags for the latest Mustang one is looking at about $39,995. For those going for the convertible version, they can expect to pay about $45,495. For GT Premium Convertible.
These are two extra factors which are going to affect the Mustang insurance rates. At least for some drivers. One is the high price tag. The other being the convertible if that is the choice of the new Mustang owner.
How Much is Insurance for a Mustang?
This is a big question that every Mustang owner wants the answer to as soon as they need to insure this vehicle. There is not going to be one answer that fits everyone. The reason why is because insurance is a personalized product. The fact that the vehicle is a specific make and model is not going to be the only deciding factor. Concerning the cost of the insurance. The power of the vehicle is going to lend to the increased cost of insurance for the Mustang. But there are a few positive aspects about insurance and the Mustang.
First, depending on the year of the car it may not make the top ten most expensive cars to insure list. At least not for 2017. Then secondly, it may not make the top ten list for being a vehicle that is at risk for theft.
Mustang Eco Boost Insurance Costs
For many, they don’t want to deal with a V-8 engine in a Mustang for a variety of different reasons. One of these can be because of the cost of the vehicle. The other because it will likely cause some level of increase in insurance. In that case, an individual may decide to go with a Mustang V-6 or they may want to go with the choice for the echo engines. Where these may factor into the insurance rates gets based on the price. Those going up for the eco boost choice are going to pay slightly more for the vehicle. This is going to make the cost of the vehicle slightly more when the insurance company is looking at the cost of it.
Mustang Car Insurance and Teen Car Insurance for a Mustang
There’s no age restriction when it comes to favouritism and the Mustang. People of all ages and gender enjoy ownership of this type of vehicle. For the teens that are looking for Mustang car insurance, they may face more of a challenge. It is usually difficult to get cheap insurance. For those that are under the age of 25 in most provinces in Canada. It is because one of the metrics that insurance companies use is driver history. They need several years of history to be able to make use of this important metric. The other issue is with the power of the Mustang. Combined with the age of a young driver. These are two extra risks the insurance company may now get faced with.
Modified Mustang and Insurance
The Mustang is well noted for having plenty of power. It is impressive in its looks. Yet, there are those that want to modify it. Quite often those with an older Mustang want to modify it to bring it up to the capabilities of the newer models. Some of the types of modifications that may take place are;
- Exhaust systems
- Cold air intakes
- Lowering of springs
Some individuals like to modify their vehicles no matter what type it is. This is something many Mustang owners like to do. The insurance company is going to want to know about this.
Ford Mustang Car Insurance – The Classics
There are those that own older mustangs. They are wondering if they are going to fall into the classic category. If so how is this going to affect the insurance? For those that do fall into the classic range, the insurance is going to be more applicable. To it being a classic than in regards to the power of the vehicle itself. There is a whole new set of rules when it comes to how insurance companies view classic cars.
What many are surprised to discover is that often classic car insurance is cheaper to buy. Compared to the standard insurance. The reason being is because there are a lot of restrictions that get put on classic car vehicles. Most often those Mustangs that get considered as classics are not used on the road for everyday use. Which is one of the stipulations that are going to come with classic car insurance. Being as these cars are not on the road as much, it helps to reduce the risk for the insurance company.
Other stipulations may include how the car is being stored. Also, for what exact purpose of the vehicle is being used. Some insurance companies will allow light use for a classic vehicle. This is all going to depend on the individual insurance company that one is using.