We have all heard the cliche before, but the midlife crisis is a cliche for a reason - it’s all too real. Purchasing a flashy ride is one way you might use to reinvent yourself. If you have your options narrowed down to the Chevrolet Corvette and the Ford Mustang, you may wonder about insuring your ride and what the benefits and possible downsides of each might be. Getting all the facts in front of you before you make a decision can make your midlife crisis a bit more manageable. In the Part 1 of this article, we look at how to insure a Chevrolet Corvette, and in Part 2 we look at how to insure a Ford Mustang.
Part 1 of 2: Insuring a Chevrolet Corvette
The first thing to keep in mind with a flashier ride is that it will cost more than the family sedan to insure. For one, sports cars are simply more expensive than non-sports cars, which means they are equally expensive to replace.
Secondly, sports cars can easily attract a thief’s eye. As a prime target for theft, your vehicle will be perceived as riskier than less humdrum vehicles.
Surprisingly, however, you should not fret too much about the cost of insuring your Corvette because it is one of the cheaper sports cars to insure. According to Motor Trend magazine
, the five year insurance cost of the 2017 Chevrolet Corvette is $8,125, which translates into $1,625 per year.
Compared to a high-end sports cars like a Lamborghini, the Corvette is relatively inexpensive to purchase and its parts are easier to come by than a foreign sports car, so its repair value does not automatically raise your insurance rates through the roof.
Also, because Corvette are beyond the price range of most young people, who are often perceived to be the riskiest drivers, your rate does not shoot up in the way it might for a sports car popular with less experienced drivers.
Besides this, most people are not commuting to work in their Corvette; rather, they take it out for a leisurely spin on a Sunday afternoon and not at a dangerous hour.
You can also try other ways of pushing your premium down. If you are driving the car very rarely, you can look into discounts for low mileage. You could also talk to your insurance about any discounts available to your for being a long-time customer.
In this way, you can make insuring a Chevrolet Corvette even more affordable.
Part 2 of 2: Insuring a Ford Mustang
A Ford Mustang is also a flashy ride, and it is one of the most familiar sports cars on the road. But what does its insurance situation amount to? The good news is that it can be insured without breaking the bank.
According to one Motor Trend magazine estimation
, the five year insurance cost of a 2017 Ford Mustang is $7,220, which amounts to less than $1,500 a year.
The price point on the Ford Mustang is not terribly high, which means that insurance rates are not going to be elevated to begin with. However, as a sports car, the rates will be somewhat higher than a similarly priced car perceived as less risky.
With either of these cars, how much you drive will play a big part in your rates. If you are planning on purchasing a classic rather than a modern iteration of the Corvette or the Mustang, then your rates could be extremely cheap. Classic car insurance tends to be much lower because the insured vehicles are not used for routine travel.
As always, exactly what insurance is going to cost you will depend on your unique situation. But, if you have an overriding love for one car rather than the other, the financial realities of insuring either one of these cars are such that you don’t have to let insurance cost make the decision for you. Additionally, taking advantage of available discounts will help make owning either of these cars much more feasible for you.