I used to work for an insurance company and I can tell you that you definitely want to list the mustang as your secondary vehicle (this is what I have done and I pay about $56 a month, I am 23 also). The rates will be less than half of listing it as your primary vehicle.
Also, if you live in a part of the country that sees some shi##y weather you will want to put the vehicle in "storage" mode over the winter months. It will only cost about $10 a month and covers you for theft, fire, etc...
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Eric - 89 Mustang LX
302 - Cobra Intake - GT40p heads - Naturally Aspirated
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