Why is getting car insurance for my Mustang so expensive if I'm a clean driver?

"I'm 18 and want to purchase car insurance for a new Mustang I'm financing, but the rates are so high. I haven't been in any accidents and I pay all my bills on time. Why?"

Answer provided by
Sophie Newman
Answered on Jul 27, 2021
Sophie Newman is a writer from California. Her hobbies include brewing her own kombucha, riding horses, and taking long road trips.
“Your car insurance rates are high right now for several reasons. Younger drivers and sports cars typically have higher rates because statistically these criteria increase your risk of having an accident (even if you are the exception).
Insuring a new car, especially one of a higher value, will increase your rates because it will cost more to fix it in the event of an accident.
For now, you can compare quotes to find the best rate using an app like Jerry. In the future, you can expect your insurance rates to decrease with age, provided you maintain a clean record and other factors don’t change.”

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