MustangForums.com

Ford Mustang V6 1994-2004: Insurance Guide

Buying car insurance is a process that shouldn't be taken lightly. Aside from cost, some of the biggest factors include the amount and type of coverage.

By Kate Halse - September 24, 2015
Contributors: Adrenolin

This article applies to the Ford Mustang V6 (1994-2004).

Finding the most appropriate car insurance for your budget and vehicle can be difficult. Depending on your age and the age and condition of your Mustang, you may find yourself paying a hefty amount each month just to keep your car properly insured. Car insurance is a necessary expense if you want to keep your Mustang on the road, but be prepared to spend a bit more for better coverage. Certain factors can directly affect the price you pay, including your driving history, location, and driving habits. If you're considering purchasing an older Mustang, it's helpful to shop around for rates and quotes before purchasing the vehicle. This guide will provide a basic overview of what you need to know when purchasing auto insurance.

Car Insurance Overview

It's possible to properly insure your car while saving a bit of money, especially with an older Mustang model. Although most drivers need to purchase liability insurance, which covers to cost of damage and injuries to others, you can cut back on the overall cost by opting out of other extra coverages. Some examples of extra coverage include collision insurance, which covers costs associated with hitting another car or an object, and comprehensive coverage, which covers non accident-related costs such as fires and thefts. The total cost you'll get with comprehensive and collision insurance is worth the value of your car.

Figure 1. Finding the right auto insurance is critical.

Getting Insurance for Your Mustang

Insurance costs can vary widely from one company to the next, even when considering the key factors. Such factors include the age and gender of the driver, the age and type of vehicle, as well as the insurance company and the driver's zip code. Driving record (or lack of) is another factor. It's also possible to get a discount, particularly with a safe driver or good student record. Many insurance companies offer discounts for bundled packages, such as multiple insurance plans through the same company.

Figure 2. Your insurance cost will vary depending on the vehicle.

Insuring a Classic Car

If you're considering insuring an older Mustang, the first step is to determine whether your car is actually considered a classic. According to Hagerty, a popular insurance company for those with antique and classic cars, "...stock antique and classic vehicles built from the turn of the century through 1979" will fit into the classic or antique car category. For older cars such as these, you'll want to clarify factors that will increase its value to your insurance company, including the amount you've invested in the car and its rarity.

Figure 3. Classic cars need insurance, too!

Car Insurance and Racing

Many auto insurance companies will restrict or exclude coverage for using your vehicle a certain way. This includes drag racing. If you use your Mustang for drag racing, your insurance company will likely not provide any coverage for injuries resulting from drag racing.

Figure 4. Drag racing-related costs are usually not covered.

Related Discussions