Insurance Rates on '05's dropping??

[Mike Wyatt]

Article in USA Today used the '05 Mustang as an example of car manufacturers designing better for lowest total cost. Example used was (a) headlights located behind the grill, (b) a bumper that will withstand 5 MPH hits with no damage (the gov't standard stated was 3.5 mph), and (c) a better door locking system (lifted from the Mazda 6).

The article said that we might see insurance rates dropping on new Mustangs as the statistics mount up. Of course if we have more accidents- all bets are off. Presumably, current Mustang insurance rates are currently based on previous years' models history.

 

[PolkThug]

http://www.usatoday.com/money/autos/2005-08-08-mustang-usat_x.htm

 

[Sanctus]

yeah thats good news for me.. just imagine.. it will be under my dads name.. but im 16.. and if it was under my name.. omg...

 

[duner]

Moved to Talk

 

[EIGHTEIGHT_GT]

Insurance Info

Insurance rates will GO UP with the 05's. The reason is this: An independent company called ISO rates all vehicles on the road by giving it a number.Insurance companies use this number to rate the vehicle. The higher the number, the more $ to insure it. THis number is bases on HP to weight ratio, safety features,claims history etc.. A 96 gt is a 21 intermediate. my 99 is a 22 high( 260 hp). anything over 22 is expensive. A mach 1 is a 25(300 hp). A cobra is a 26 and a cobra vert is a 27 or 28. When ISO does not have a rating out for a vehicle that is already out on the road, more often or not the company with assign a number based on value or $ you paid for it. My father bought his 05 in feb when The ISO rating was not out. They rated it as a symbol 17 based on $28,000. When his policy or anyone's policy renews and the new ISO rating is out, it will go up accordingly. I estimate that the 05 gt will be a 25 high because of the same HP rating as the Mach 1. The only independent company that does not use price symbols as a guide is Drive- Progressive. They use a different rating system. I am an insurance agent so I deal with this stuff on the daily. Pretty Nerdy but what I do.

 

[Mike Wyatt]

How about trrack events???

eighteight: as one in the insurance industry:

a. Am I covered or not using my '05 GT on a "track event"- driver education event, untimed, run by Porsche Club of North America, but on a race track??

b. Should I tell my agent? Or better to tell IF there is a problem?

 

[05 BLK-BLK]

Actually, the my newly acquired 05 is only an extra 100 bucks a year to insure than my Yukon Denali. My '97 TA was a different story...

 

[EIGHTEIGHT_GT]

05 BLK-BLK- wait until the ISO ratings come out. If they are already out then sounds good for you.

Mike,

Do not tell your insurance company anything you dont have to. You can tell your agent if you want, depending on how "cool" he is. As far as coverage goes, you would most likely be covered. " Vehicles used in racing or speed contests" are not covered according to SAFECO. However since it is untimed and your car is not set up to full out race you would be ok. If you tell your insurance company and it gets back to the underwriter they will tell you NOT to do it.You would have to prove it was not a timed event and/ or you were not racing you car. Now if you were to crash while you were " at school" your insurance company would most likely( if determined you werent racing your car) would pay for the claim but choose to non-renew you.