In the next few months, I'm looking to buy a V8 Stang. Is it more to insure a 99/01 Cobra/ Mach 1 vs. a regular 99-04 GT? I'll be 19 with a clean record.
Insurance question
- Thread starter fly4navy117
- Start date
i'm an insurance agent by trade, and i personally think it will be more to insure the cobra because it will cost more to repair. keep in mind that rates vary by state and some companies use your credit as a determining factor.
Yeah it will be a bit more to insure the cobra. Also keep in mind that the cobra only runs on premium and the GT can run on regular.
They do, don't really know why but they do.
I could be wrong, but don't the Mach 1's fall under a GT for the insurance companies?
That's what kept me from buying another Cobra. Premium fuel would kill me.
And if you can, and this would be the smart thing to do for now, is try to see if you can get on your parents policy and just pay them whatever the extra cost of the car adds. It would be way cheaper than trying to carry it your own.
I don't know what it would be like for you but I was 19 when I bought my Cobra and had 1 ticket on my record at the time. My insurance rate under my parents was 375/month, 425/month on my own. I got 2 tickets in the Cobra but State Farm still dropped my rates and I'm now only paying 150/month and that is on my own, my rates carried over from when I was under my parents. I could get it even lower with the Steer Clear program they have but I haven't had the time to do it.
I don't know if things would be the same for you but maybe it gives you an idea.
I don't know if things would be the same for you but maybe it gives you an idea.
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Low credit score = more risk of wrecking high dollar car to collect insurance money.
Basically there are strong corelations b/w higher loss experience with people who have worse credit. So, insurance companies get to charge higher premiums on individuals who don't have good credit because the risk is considered higher. Another way to look at it is if you have good credit (like everything else) you will pay less. Its that way for property insurace too. Not every company will look at credit though, but more and more of them are for car and property insurance. Others do it differently, they simply use credit as a creteria for eligibility. i.e. if you have bankruptcy, foreclosure, tax lein or judgement against you, you are ineligible. It makes sense if you think about it, if you are in a bad financial state, or you are irresponsibile financially, you are going to be more likely to commit insurance fraud. Insurance companies have experience more fraudulent claims filed and more inflated claims from individuals with poor financial backgrounds.
Exactly^ The worse your credit is, the better the chances that you arent responsible as a driver.
Just some FFT im 22 and pay $137/mo on my Roush GT. An 01 Cobra would be $140/mo. A 2003 Mach 1 would be $155/mo. And a 2003 Cobra would be $142/mo. The car symbol on the Mach is a 7 compared to the 03 Cobra which is a 4. The GT is a 2. Goes A-Z and then 1-50
Just some FFT im 22 and pay $137/mo on my Roush GT. An 01 Cobra would be $140/mo. A 2003 Mach 1 would be $155/mo. And a 2003 Cobra would be $142/mo. The car symbol on the Mach is a 7 compared to the 03 Cobra which is a 4. The GT is a 2. Goes A-Z and then 1-50
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Call your agent and ask for the Hazard symbol for each. I will tell you this.. my 98 Cobra coupe cost more to insure than my 99 C5 convertible because of the Hazard symbol of the Cobra.
Credit score as said above can impact your rate. To me a person in good financial condition shows the ablity to pay premiums, as well it reflects how they handle their personal affiars.
When obtaining quote be sure to ask for the AM Best rating of each carrier. Make sure the limits of insurance and deductibles are the same as well.
I have my agents P&C license and I'm currently an underwriting manager for a carrier.
Good luck :cheers:
Credit score as said above can impact your rate. To me a person in good financial condition shows the ablity to pay premiums, as well it reflects how they handle their personal affiars.
When obtaining quote be sure to ask for the AM Best rating of each carrier. Make sure the limits of insurance and deductibles are the same as well.
I have my agents P&C license and I'm currently an underwriting manager for a carrier.
Good luck :cheers:
I would have to say definitely yes. Every insurance company I've ever worked for has higher rates symbols on the cobra's over the gt's.
when i was looking at 03/04 machs and 07 GTs, insurance was like $100-200 more every six months for the Mach for some reason.
When i switched from my 97 cobra to the 07 gt, it went up about $200/6 months, not bad really.
still on my rents insurance and im 23, waiting to get the break in once I hit 23
dont know why, geico does it, but they say it can only lessen your rates not increase them.
im not sure if they do it for everyone, but they sent me a letter offering me enrollment a year or so ago. i ended up getting like $30 off over 6-months.
With me.... And Progressive.... The Mustang GT was more expensive than either the Mach 1 or the Cobra. Seems they have no idea what these cars are.
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