Scarpi

Ok I'M an old guy at 69. I've had an 05 Mustang GT since it was new. It is not a daily driver since I'm retired. My car only gets driven for fun or to go to car shows and only has about 20,000 miles on it. It looks and runs like new. It is garaged when not in use. My question is this. I have Allstate insurance for my car and house. I've never had an accident and have never gotten a ticket. My insurance for this car is about $1100 per year. That seems high to me but when I call Allstate they always tell me that's because it is a Mustang GT. But this car is only worth about $13000 now per Kelley Blue Book since it is in excellent condition. Do you guys think this is high and what do some of you pay for insurance for your Mustangs per year? Are there better deals with other companies? I've had Allstate forever on my house and cars I also own a 2015 Explorer that cost less than the 05 Mustang to insure. Am I paying too much to insure the Mustang?

jerseygirl

Insurance these days is based on Comp/Collision symbols on a vehicle, insurance/credit score, and limits that you carry. With AllState double check what they have you down for as far as annual mileage as 7500 and under qualifies in most states as a low mileage bracket.
In regards to other companies, AllState is decent because you do have the ability to speak to someone in an office setting which does help.
From working in Insurance and seeing premiums, yours is fairly low in comparison to some I have worked with.

NC14GT

States are generally too different to compare BUT I will tell you that Allstate became outrageous here in NC. I'm 61 years old (no tickets, no accidents, good credit rating) and had your same home/car combined insurance. 30,000 miles on my GT which is also garage kept and used for pleasure. I was paying nearly double with Allstate. My insurance now for my '07 Mustang GT/CS is $450 a year for FULL coverage $100,00/300,000 with GEICO who now has my home insurance too. After 25 years with Allstate I said 'bye bye' about 3 years ago. The rate has not really changed in those 3 years either even as the car gets older. That's fine. I'm perfectly fine with $450 a year. I do have a multi car discount too with my Trans Am (also about $450 a year/ same coverage. Check out GEICO. I have talked to reps on the phone too, same as Allstate. No difference here anyway.

jerseygirl

Geico/AllState are typically very similar in cost but the difference, one has agencies that cold call you to sell you more but you have the ability to sit down with someone and the other is basically you service your own policies.
It truly depends on the coverages you want and the perks of each.
Currently I work for a company that gives agreed value on auto and extended replacement cost on homes unless otherwise stated. Also in case of a loss in most ststes you are given 15k with no daily limit or monthly limit if you needed a rental vehicle. Obviously these coverages cost a pretty penny but sometimes you do get what you pay for.

Stage_3

I pay $423 a year with a 47k value on my car.

Blue Notch

I switched to Allstate from State Farm a few months back and saved $90/month. Went up again when I added a Focus ST of course, which surprisingly is $10/month more than the Mustang GT. Both are 2014s.

SplitSecond

What company are you through? I pay 4x that much. I know I am only 23 and drive a lot more than you do, but i do have a sparkling clean driving record.

Stage_3

Grundy Insurance.
MUST have a daily driver/MUST have a garage for the insured vehicle.
Cannot use vehicle as a daily driver, meaning no taking it to work/food shopping and such. Car shows and cruising are no big deal. Unlimited mileage.
I am saving 800 bucks a year going through Grundy.

GrnT

I have State Farm. I had my daily usage reduce and it save me allot of money.
I barely drive 6000 miles in a year.

jerseygirl

Age 25 is typically the first threshold before insurance reduces as you are being rated as a Youthful Principal Operator of a vehicle.

scott6809

I bought a 2016 GTCS and my insurance went up $840yr with full coverage in Massachusetts. So my total insurance with 3 vehicle $2520 full coverage on all 3 and a $300 deductible.

I'll be paying about $2500 for my sons vehicle since he's a new driver..

jerseygirl

Sadly MA is not one of the states I work with but i would double check with your insurance provider to see if a Defensive Driving course, increase in deductibles and if son is a good student to see if that all would help in premium reductions. The Defensive Driving course in some statesis only applicable to certain ages.

Rather B.Blown

That's high. IIRC That's about twice what I was paying for my '11 GT500, and it was a much more expensive vehicle than what you've got now. I'd be shopping around.

But that was in Ga, and like someone mentioned, it could vary greatly by state.

TBH, If you can afford to eat it, I personally would drop full coverage and get liability and uninsured motorist on it for a vehicle that old. At this point you're paying almost 10% of what its worth a year on a vehicle you hardly drive.

Or like someone else mentioned, maybe try Haggerty or one of those no more than you drive it. I've got my '70 fastback with Haggerty for agreed value and its pretty cheap, can't remember what it is right off the top of my head though.

scott6809

Not to steal the OP thread..

Yeah will be double checking all the things you listed. He just finished the classroom portion of driving school and has his permit. Part of the problem is the cars he likes (civic SI, WRX, Focus ST, RSXtypeS) every other kid likes which I think is part of the reason the rate will be higher.

Thanks...

Rather B.Blown

She's correct, at least here in Ga. Mine got a 10% discount for a driving course and a 10% discount for maintaining a B or higher GPA IIRC.

Stage_3

Welcome to Taxachusetts, I mean, Massachusetts. lol
Good luck.

Joeywhat

Don't see the point in comparing rates between states, since every state has different requirements for insurance and thus rates differ.

Also, some states allow credit score to be considered for rates, so factor for that as well.

Stage_3

This is very true about the credit scores.

That's the government for ya! lol

shouldhavegottheGT

I'm a national agent at Liberty Mutual. Comparing insurance between states is pointless. All the states have different rates even though they may be offering similar coverage ie 100/300 with a $500 ded.

It's like comparing home prices between states. A1500 sqft house cost a million in SF while They go for $90k in IA. It doesn't mean one person is getting screwed while another made out. All relative to where and who you are.

jerseygirl

So very true and even discounts vary by state and territory. It is truly incredible to see state to state and territory to territory rating factors between each and every company. There is almost no comparison. Even sometimes when I am reading declaration pages and speaking to agents it is difficult to explain why there are such drastic different premiums at times.