When initiating a career, one of the most important discussions you will have is with your parents on what you can do to make money. Proud, resilient Ford Mustangs all know how difficult it can be to manage our own insurance and we want each driver to be prepared. So let’s break down the cost of each 18-year-old Ford Mustang.
What is the Cost to insure an 18 Year Old Ford Mustang?
The Ford Mustang is one of the most popular car models that has been around for decades. They are great cars, but it might get expensive insuring them due to their name. Insurance for the iconic car costs $571 per month, with 10% of the monthly premium going towards a damage fee of $4. Additionally, it cost $122 per month for people under 21 years old to have coverage as well as an additional $85 deductible on any claims made over 24 months old.
The cost to insure a Ford Mustang is different depending on where you live. In the United States the cost of insuring a 18 year old Ford Mustang ranges in price from $2,053.01 to $2,941.01. The average cost in the United States is $2,836.
The Rates and Types of Insurance Scenarios on Ford Mustangs
The rates of insurance for Ford Mustangs are 38% higher than the average for SUVs. However, in the 18 to 24 year old range (.10 higher), it is 20% more than Toyota RAV4s, which could explain why many Ford Mustang buyers are college graduates. These young buyers also receive risk-free coverage on their vehicles for last 3 years.
The rates for the insurance on Ford Mustangs vary based on how old the vehicle is and what type of car paints used for it. Is you are buying a new 2019 model with a blue or red paint job, your insurance will be at a premium rate but if you buy one in 2020 or later that features black, while you’ll pay less than someone who went out and bought one in July it won’t be much less.
The younger the driver, the more likely that he or she has a single-person policy. This means that most insurance claims are limited to auto and liability. Standard rates for an 18-year-old driver would be around $640 USD monthly; this includes comprehensive/collision and uninsured/underinsured motorist coverage. The young driver’s parents could increase the rates further to cover their finances with uninsured/underinsured coverage.
Tips on How To Cut Down A Much Higher Mustang Insurance Costs
Unlike other cars, the Mustang is notorious for being an expensive car to insure. There are several steps that could help lower your insurance premium. As well as being quick step you can do to save on insurance costs is make sure you keep up with all your payments and don’t have traffic tickets. Avoid driving intoxicated; doing so is illegal and makes the car more prone to accidents. You might even find a lower insurance premium by switching to another vehicle or under-going a safer decontamination such as painless dent removal.
Safety Checks and Inspections for the Mustang As You Age
The safest cars are just as expensive to get a hold of. If you’re going to buy a car, it’s best to be aware of the cost associated with purchasing a car before making the decision to purchase one. This includes not only the upfront payment, but also maintenance and insurance for the future.
While the concept of lowering a car’s insurance cost may seem simple, there are many standards required when it comes to insuring a vehicle and in order to get more affordable rates. Customers who buy new Ford Mustangs have access to “Money Back Guarantee.” It provides up to $6,000 of coverage per claim and can save customers money on their monthly costs.
Conclusion
Recent changes in the law have lower the insurance cost for 18 year olds which was a lot. However, if you are looking for a car that is going to be your ride for a long time, consider buying a Ford Mustang.