After doing an extensive test on AllState insurance, I've come to the conclusion. I am 19, college student(good student discount), and no collisions.And full coverage. On the allstate web site, I was quoted $1660 on the gt coupe that I have. And with on the EXACT same v6 coupe, I was quoted $1740. And in case youre thinking the site is messed up, I tried the 2003 base model taurus and was quoted 1280. Keep in mind, this is FULL COVERAGE. call any insurance company and you wil see that your car's engine plays no bearing on the insurance. Its all about if its a sport car or not. THAT is the important aspect. questions? comments? suggestions? ideas? opinions?

 

I was looking into a Cobra and the insurance rate is the same as my 98 slow GT.

 

most insurance companies also go by your credit rating as well, hence younger people have higher rates. even military ppl dont catch a break students get a big disount. thats why im still under the parentals insurance theres no way i can afford 460 car payment and 1500 6 month policy.

 

I'm 20, I pay $463 for my 02 vert and I pay $110 bucks for full coverage

 

um....how? what company? You must have a killer high deductable.

 

Dam!! insurance is cheap in texas it seems. I pay Less for my mustang gt insurance the my 2002 f150 4x4. I pay $710 for the mustang. Liability and Comprehensive for theft or Vandalism or act of god. I dont have collision. Funny thing was when i added Comprehensive coverage it was $40 Cheaper for better coverage. Only if i had a garage and said i kept it in there, which i do was comprehensive cheaper.

$710 is cheap for my state. im 37, when i was 20, Just liability for my Mustang GT back then was $1500 per year. I have some friends in New Jersey, which is the first or 2nd highest state for insurance and they pay $2200-$2400 for liability. Its crazy in that state.

Upon checking. V8 and V6 was very close in insurance pricing. I do have excellent credit, Own my house. Half paid off on $260k, and over 35 you get a break.

 

It's just a pretty bad misconception that v8's cost more than v6's. When I met one of my best friends, and he told me his dad had a viper, I was like "whoa!!! insurance must kill him!!" But his dad has a perfect record and pays $300/6 months. In comparison, at 19 with a gt, I pay nearly that much per MONTH. And thats with a perfect record. Another myth some believe is that red cars cost more...completely untrue. Anyways, its just something to consider when deciding which to buy. If you can afford a gt, by all means, get it over a v6

 

Main Factors - Handsdown - Talked with some insurance companies about this before.

1. Credit Score
2. Location - Virginia (Commonwealth State) some of the worst rates NC ( Could drop my insurance 40.00 a month if i lived in NC)
3. Age (normally drops at 18,19,20, and bigger drop 25)
4. Good student discount
5. Two door=sports car more than 2door cheaper insurance
6. Previous ticket history tickets = higher rates

 

Virginia worst rates??? I pay less here then I have in Texas, Florida, or England(yeah, i'm in the military) I only pay 1077 for a 02 gt and an 02 jeep grand cherokee limited, and i'm 22.

 

i can't believe what i'm hearing, it's great! only if i heard this all before i bought my v6!!!!! I'm 19 and my insurance is right around 300 a month w/a clean driving record.....freakin' insurance companies....lol

 

My insurance company seems to care about age. A 2001 GT would bring my insurance rate down $95 a month. And for some odd reason a 99 Cobra would bring the whole family's insurance down 700 every six months. I should've bought the Cobra. It was mint! And the 3.73 rear end gear really helped snap the 'ol neck back. My dad wouldnt release the title because he honestly thought a 03 v6 to a 99 cobra was a downgrade.

 

Age of the car also plays a big role. Example. Even though you can get an awesome deal on a used 04 gt, your insurance will be lower if you just went and got a brand new 05 gt. The main factors of a premium are.

Age of driver
Age of car
history
TYPE of car(sporty, non sporty...NOT the power)
Where you live
How many cars on the policy(some companies give a discount if there are multiple)
Good student discount(I get it and it does wonders like you can't imagine)
Features of the car(leather, premium rims, this is bc it adds to the value of the car)
You may also get discounts on abs, or airbags, as I do from my company.

All in all, if you want cheap insurance, buy a 4 door with a crappy engine, or a minivan :-P And if you can afford that GT/Cobra. BUY IT!!!! You won't regret it.

 

The only reason that it makes sense that Allstate would charge more to insure a V6 mustang to a young person is that more young people own them, meaning more of them have tickets/accidents while driving a V6 Mustang.

Insurance is a better racket than a casino, its all odds based. Odds are the customer gets screwed every time.

 

As a young person, Insurance almost always screws you. HOWEVER. I must disagree if you have a car say, over $20,000. because as It is now, I pay a little over $3000 a year for my insurance. That's a bitch. However, think, with no insurance, after 3 years of driving, if I total it, that's a hefty price tag. But in insurance, I wil have paid out $9,000 in 3 years and my car would be worth more than that(actually mustangs depreciate pretty bad). So in that instance, insurance helps. And even moreso when you're 40 with no bad record. You pay like 3-400 every 6 months. under 1000 a year and you can insure some pretty expensive cars. Kinda just a reward for having a clean record all those years.

 

Right. And their percieved "odds" of you totalling that car are what make your insurance rates high.

 

This is true. They have some calulator that with a certain car at a certain age with certain specs, the odds that you'll wreck. Bah, stupid crap.

 

I think that stupid calculater is actually facts and stats collected from losses. Fact is people with more powerful cars are usually a bit more mature and don't drive like idiots on the street. The lesser powered cars are all zooming around, tailgating, street racing, and so on. They wreck more and the stats give it a bad rate.

 

That is nearly word for word what the agent at Allstate told me. People with less powerful cars tend to push its limits..a little more often than those who are aware of their car's power. I floored it ALL the time and drove stupid in my 92 ford taurus. But in my Gt now, I take it easier.