05 high insurance cost ...no options... - Ford Mustang Forum
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post #1 of 48 (permalink) Old 01-09-2005 Thread Starter
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05 high insurance cost ...no options...

Well I had to go look at the 2005 Mustang last month. There were four at our local dealership. I was waiting to pick up some parts. I was given a brochure on the car from the salesman ( I already knew him so it wasn't a pressure thing) So I looked at the car for about 10mins. Ford has hyped up this car and for good reason. Its a great blend of old styling cues with modern technology. I have been on many car related sites and many have given rave reviews of this car. I may have to rent one if our local Hertz/Budget dealer ever gets one , to see first hand how this car is. Since it is the dead of winter here you cant really enjoy it.
So I seen the sticker price on the 05 black GT with the leather int and wheels. It was a little over $35,000.
The first thing I thought is that if I was really serious about this car , how could I get that sticker price cheaper. Well I though just eliminate some options right? Well as I looked at the brochure killing some time on my lunch hour....there aren't many options to eliminate. Ford has made eveything just about standard on this car. As of right now all you get to pick is the colour, interior, stereo, one wheel choice,anti theft, interior upgrade package.front side-impact airbags. and some kind of body side moulding. The keyless entry looks like a tacky add-on that is available as an acessory.
I haven't looked at a new car in a long time since 1993. I guess that's the way they are going now with just putting all this standard equipment on a car whether you like it or not. Ford has no direct competition with this car and is definately a sales sucess. I thought that maybe it would have gone really back to its heritage and would allow you to pick the options you wanted much like when they originally came out over 40 years ago. I was disappointed about that. I bought my 89 LX wrecked in Jan 90. I wasn't sure if I was going to keep the car ( basically buy it and fix it) BUT I ended up liking it and what really appeals to me is that its modern enough for me, yet very simple. If I want to improve over stock I can. With the only power options being the mirrors , brakes and steering its as bare bones as you can get. I kinda wish Ford could still do that. As time is passing too I have had the car for 15 years the coupes are becoming more sought after for that reason.
A few days ago when my car insurance came in, out of curiousity I asked my agent what the insurance would be in a 05 GT. The cheapest she could find was $2200 a year full coverage. Some companies wanted $3000 a year. I just about fell out of my chair. I have a clean driving record, had my licence for 20 years. I asked her to check again....she said thats what it's coming up at...I was told that my 89 insurance is still fairly high for a 16 year old car because Mustangs hold their value well and also because they still get stolen and have alot of claims against them..I checked my policy last year I paid $527 a year no collision. I figured the 05' couldnt be that bad ...I was wrong. Well since I dont have about $37,000 burning a hole in my back pocket to outright by the car ( thats a base price with 15% sales tax) not including any freight or other charges even if I put down money and sold the LX I would have a car payment that would almost equal the insurance payment. Not a wise or economical decision. I think for now I'm sticking with the 89' No car payment , cheap insurance and I just put gas in it and go.


89 ' LX 5.0L coupe ex-crash victim.5 sp., 100% stock except for Dynomax Super Turbo mufflers. 2-1/2" tailpipes, airbag in right rear, K&N filter, 4.10's,subframe conn. A plain LX . 14.06 in the quarter [email protected] mph / 1.79 60' No front sway bar. M/T slicks 3500 rpm launch, 11 psi on 89 octane, timing in the 14-16 degree range Done on a 70 degree day. Best 60' to date 1.77, best e.t. to date 14.01 by my brother.
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post #2 of 48 (permalink) Old 01-09-2005
 
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I dont live in any major metropolis but I pay less then $100 per month for my GT.

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post #3 of 48 (permalink) Old 01-09-2005
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That sounds way too high for insurance, I pay around a $1000 a year for total full coverage on my 03 GT and its only $10 a month higher than my wifes little 03 Tracker.

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post #4 of 48 (permalink) Old 01-09-2005
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Insurance is expensive for this car. My insurance agent says that the insurance is high for several reasons:
  • It's a high-performance car
  • The car attracts many young drivers. That's a bunch of crap because it should be irrelevent; I'm an older driver with a good driving record for over 25 years.
  • It's a newer car.
My insurance is about $1,050/Year; about $400 more a year than what I was paying for my '01 Grand Prix GT. You know the funny thing is, none of the reasons above mean anything because the more insurance you buy, the less the rate will be.

Prev. owned: '65 Coupe, '84 GT, '86 LX w/ 5.0, & '05 GT Prem.
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post #5 of 48 (permalink) Old 01-09-2005 Thread Starter
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Well the $2200 is almost $1800 in U.S funds. She has not wrote up a policy for an 05' yet but that was the initial figure....I was blown away to tell you the truth. She said it's one of the higest premiums she has seen on a new vehicle. The factors being:


1) new car
2) Mustangs hold their value well
3) they tend to be involved in accidents because its a performance car 300 hp now from the factory
4) high rate of theft

She did ask though if it was the GT or the std V6 I wonder if a big difference in cost in the two...

89 ' LX 5.0L coupe ex-crash victim.5 sp., 100% stock except for Dynomax Super Turbo mufflers. 2-1/2" tailpipes, airbag in right rear, K&N filter, 4.10's,subframe conn. A plain LX . 14.06 in the quarter [email protected] mph / 1.79 60' No front sway bar. M/T slicks 3500 rpm launch, 11 psi on 89 octane, timing in the 14-16 degree range Done on a 70 degree day. Best 60' to date 1.77, best e.t. to date 14.01 by my brother.
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post #6 of 48 (permalink) Old 01-09-2005
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Wow you are getting ripped off on the insurance... I'm paying $1300 a year for full covg and I'm single, 30 y/o and have had no speeding tickets or accidents. I also insure my motorcycle with the same company. My previous vehicle was stolen 3 mos. ago and I used the settlement to partially pay for my new stang; I know first hand how valuable having insurance is! I was also considering buying a new Ram Hemi Quad Cab, insurance on that would have been $200 less per year than the stang.

Maybe one of the problems is that you are in Canada. Isn't there a lack of insurance companies up there which leads to monopolistic pricing on insurance? I know in BC there's basically only one insurance co. Here in the states I have multiple insurance co's to choose from and I can shop around for best price.

Take it easy!
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post #7 of 48 (permalink) Old 01-09-2005
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I'm paying $848/year through Mercury Insurance and I live in So. Cal. Plus I have high limits.
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post #8 of 48 (permalink) Old 01-09-2005
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My '05 GT is costing me "only" $837 a year for 100,000/300,000 limits...but I'm also insuring a '01 Lexus RX300 and '04 F150 at $580 and $530 respectively with the same insurer...along with the additional house premium and an umbrella premium with Excess UM...the insurers tend to give package policy discounts...these prices reflect being in my 30's, married, no tickets for both of us with Cincinnati Insurance Company.

fine89lx...seems like you are paying what a 16 year old would pay here!

maybe born2run74 is right and Canada doesn't have the competition or your agent isn't able to get the best pricing?
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post #9 of 48 (permalink) Old 01-09-2005 Thread Starter
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Well I just inquired about insurance on an 05' , but I'm not liking the figures.....we do have different companies here but I know the rates would differ from province to province. Much like state to state there. My insurance I have noticed has gone up especially after no longer being married. The minimum liabilty is $1,000,000. It used to be about $250,000 at one time... at almost 36 I am paying more for my 16 year old car then I did when I was younger and it was newer. Last year full coverage on the LX was $934 thats in canadian dollars About 5 -6 years ago I paid almost $600 and I was younger but married. So I will just look at the brochure for now LOL!

89 ' LX 5.0L coupe ex-crash victim.5 sp., 100% stock except for Dynomax Super Turbo mufflers. 2-1/2" tailpipes, airbag in right rear, K&N filter, 4.10's,subframe conn. A plain LX . 14.06 in the quarter [email protected] mph / 1.79 60' No front sway bar. M/T slicks 3500 rpm launch, 11 psi on 89 octane, timing in the 14-16 degree range Done on a 70 degree day. Best 60' to date 1.77, best e.t. to date 14.01 by my brother.
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Quote:
Originally Posted by loudog
I'm paying $848/year through Mercury Insurance and I live in So. Cal. Plus I have high limits.
I used to have insurance with Mercury that I got through AIS. They beat everybody. Then a friend told me about WAWANESA. They were cheaper than Mercury and you buy insurance for the year, not six months. Only downside is your record has to be perfect. I too have high limits 100,000/300,000 and also live in Southern California.
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Hi,

I also live in Ontario. Best quote I got from my broker was $2150/yr on the GT with relatively high deductables. Odd thing is, she had no way of quoting a rate on the V6 that I've got on order.

Pretty tough to follow any advice that you're taking from out of province drivers. Insurance in Ontario is some of the highest in North America.

Good luck!

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Quote:
Originally Posted by MGPony
Insurance is expensive for this car. My insurance agent says that the insurance is high for several reasons:
  • It's a high-performance car
  • The car attracts many young drivers. That's a bunch of crap because it should be irrelevent; I'm an older driver with a good driving record for over 25 years.
  • It's a newer car.
My insurance is about $1,050/Year; about $400 more a year than what I was paying for my '01 Grand Prix GT. You know the funny thing is, none of the reasons above mean anything because the more insurance you buy, the less the rate will be.
You may think thats crap but its a fact! When I lived in Atlanta I was paying cheaper insurance for a C5 vette then i would have if I had bought a Camaro, Firebird, or Mustang. When I asked why they told me it was because no high school parking lots were filled with vettes
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I used to work as an auto insurance agent a long time ago, and I can tell you that Canadian insurances rates are going to be high due to your socialistic non-competitive society, the restrictions your govt. puts on Canadian insurance companies, and also that you live in a metro area. Insurance rates on the west coast of USA are going to be very high in major cities such as Seattle, Portland, San Francisco and around the bay area, and Los Angeles. I don't know what rates are like for the rest of the USA.

I'm paying $90 a month for my V6 in San Diego and that's a decent rate.
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Quote:
Originally Posted by onewildhart
I used to have insurance with Mercury that I got through AIS. They beat everybody. Then a friend told me about WAWANESA. They were cheaper than Mercury and you buy insurance for the year, not six months. Only downside is your record has to be perfect. I too have high limits 100,000/300,000 and also live in Southern California.
Thanks OneWildHeart...I appreciate that. Since my wife and I have no tix or accidents (knock on wood), we get the "good driver dicsount" - and I will check with Wawanesa.

And, yes, my limits are $100K/$300K and I'm insuring a 2003 Expedition Eddie Bauer and a 1997 Honda Civic LX 4-door. I do not have my homeowners through Mercury though...they were way too high on their quote.
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I have state farm insurance, and I pay about about $80 a month with full coverage and a 250 deductible.

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