Without knowing the particulars of your insurance or driving history, my first thought is of other drivers. Oftentimes, the insurance on a particular car (Mustang, Camaro/Firebird, Honda Prelude, etc) is usually high because of the high number of younger drivers (under 25) who drive these cars and who have a statiscally higher number of claims than other age-classes of drivers.
Explained another way, it's easier for someone 18-24 years old to buy a Mustang than a Boxster, and generally (repeat, GENERALLY - no flames from any of the teen members, OK!) 18-24 year olds are considered to be more dangerous drivers than, say, 25-35 year olds.
Therefore, new Mustangs are higher to insure because of the other drivers who make up new Mustang ownership.
Tmendham nailed it. SN95 and Fox Mustangs (V8 cars) have a terrible history of being balled up in accidents by young men.
Let's face it, the demographic for a Porsche buyer is probably someone in their 40s or 50s. V8 Mustangs and Camaros seem to attract much younger people (particularly men).
The results of having such a young and primarily male ownership group has produced a terrible risk profile on the cars.
There's a reason there are so many 5.0/T-5s drivetrains in junk yards out there for converting our early cars - they get wrecked and totalled often. You may be the most responsible person in the world, but to some actuary running statistics on the history of these cars, the car alone makes you a high risk.
It's too bad, but that is the way insurance companies make decisions on premium structures.
I know exactly what you're talking about and I'm age 58. I wanted to buy a new '98 Mustang GT but the insurance rate class was 47. A new V6 rate class was 28. The GT was twice as likely to get in a wreck as a V6 and so the rate class factor was nearly twice as much. I own a V6 because I'm unwilling to pay twice the insurance premium. It does not matter much to me since I have my FRPP powered '65 fastback to toy with. The insurance on the '65 is very modest but it is restricted mileage.
You've hit upon one if the primary resons the muscel car era of the 60's and early 70's died. One could go to their local dealership and buy a Hemi 'cuda or Boss 429 but could not afford the insurance. Then of couse the EPA and fuel sortage in '74 was the final death blow but the insurance industry started the decline and could have finished off the muscel car era all by itself. OK, I'm getting off of my soapbox...
I know exactly what you mean! My fiance and I currently have a 2002 Acura RSX, a 2002 Ford Ranger 4X4, and a 1995 Mustang GT with 72,000 miles. The Mustang is more to insure by two hundred dollars a year than the other cars and it is eight years older. My insurance company sees my statistics - 22 year old male, unmarried (for another month anyway), had one accident (three years ago), and drives a Mustang GT = $$$$$
Oh well, just praying that when I get married my rates will drop!
My fiancee has a 99 Mustang Convertible on her insurance. That is it. She is 23. I have 3 cars on my insurance, 98 Volvo S70 T5 (with more power then all but the newest 01+ GT's), 1991 Ford Explorer, 1965 Mustang Vert. She pays a little more then I do per month. Both of us have clean records and the same address...I'm 25, that is the only difference. Who knows...insurance is just a big scam.
Yeah that's what I figured, heck I'm 36, never been in a wreck, no tickets. I had a 01 GT model picked out figured I better check on insurance before I signed the dotted line, I'm glad I didn't purchase first and then find out about the insurance, if I had I bet I would've been sleeping in the garage for a long time. Oh well I guess I'll stick to the 65, someday maybe it will run.
Friggin' teenagers, that's why. Used to be teenage males, but statistics are starting to show that females may actually cause as many or more wrecks. I'd bet money that they would have more tickets, but it's easier for them to talk their way out of tickets.
I know there are female members here, so hear me out. I'm not taking a stab at female drivers. I blame the cops.
I could have gotten a good deal on a '96gt for my wife, but the insurance was 2x what I would pay for the SUV I got her instead.