What factors impact the cost of Mustang car insurance?
Calculating Mustang insurance rates includes a wide range of considerations. From a driver’s age and claims history, to their driving record, location, marital status, and the type of vehicle they drive, plenty of factors impact how much you pay for car insurance. A rundown of some of the biggest factors affecting Mustang car insurance rates can be found below.
Age
Age is one of the most significant factors used to determine insurance premiums, as it can be an indication of experience. This is why young drivers, who typically have minimal experience behind the wheel, often pay the highest premiums. In contrast, senior drivers over a certain age may also pay more for insurance based on statistical findings.
Location
Where you intend to drive your Mustang can also influence your insurance rate. If you live in or near a major Canadian city, such as Toronto, Halifax or Calgary, you may pay more for insurance. This is because populous areas translate to more cars on the road, which increases your odds of getting into a collision. On the other hand, Mustang drivers who live in rural parts of Canada may pay less for car insurance. Lastly, those who frequently drive in parts of the country prone to climate related weather incidents may also face higher insurance premiums.
Driving experience
Your level of driving experience will be assessed when calculating your car insurance rate. Mustang drivers with years or even decades of experience behind the wheel may be rewarded with cheaper car insurance rates. Conversely, a lack of driving experience could result in higher insurance costs.
Driving record
Beyond one’s driving experience, insurers will request a copy of your driving record. A driving record is a clear indication of your responsibility as a driver. The cleaner your record, the safer and more responsible you seem, and the less your insurance will cost. Alternatively, if you have a poor driving record filled with speeding tickets, demerit points, DUIs, and accidents, you may pay more for car insurance.
Model and year of Mustang
Finally, the specific Mustang model you choose can also influence your insurance premium. Generally speaking, new, expensive vehicles cost more to insure. As some Mustangs are considered collector vehicles, they tend to be more expensive, which could translate to higher insurance costs.
*Please note that only insurance companies, not insurance brokers, can determine auto insurance rates. That said, BrokerLink’s insurance advisors can help you shop for car insurance and offer their opinions on the best policy for your Mustang.
