Ford Ford Mustang Insurance Rates
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UPDATED: Dec 13, 2021
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Feel like you’re a prisoner to an overpriced insurance policy? Trust us when we tell you there are many consumers feeling the pinch from expensive insurance. Companies like Progressive, State Farm and GEICO all claim big savings, bombarding you with advertising and it can be hard to not get sucked in by the cute commercials and effectively compare rates to find the best deal.
It’s a good idea to compare rates at least once a year since insurance rates trend upward over time. Even if you got the best rates on Mustang insurance a few years ago other companies may now be cheaper. Forget anything you know (or think you know) about insurance because we’re going to demonstrate one of the quickest ways to reduce your cost while improving coverage.
If you are insured now or need a new policy, you will benefit by learning to find better prices while maintaining coverages. Choosing the best insurance company for you is quite easy. Drivers just need to understand the best way to get comparison rates online.
Discounts mean cheaper Ford Mustang insurance rates
Insuring your fleet can be pricey, but there are discounts available to reduce the price significantly. Some trigger automatically at quote time, but some must be asked about prior to receiving the credit. If they aren’t giving you every credit available, you’re paying more than you need to.
- Life Insurance Discount – Companies who offer life insurance give a break if you buy life insurance.
- Senior Citizens – Older drivers may qualify for reduced rates on Mustang insurance.
- Homeowners Savings – Owning a house may earn you a small savings because owning a home demonstrates responsibility.
- Good Student Discount – This discount can get you a discount of up to 25%. This discount can apply up to age 25.
- Sign Online – Certain companies will discount your bill up to fifty bucks for buying a policy and signing up digitally online.
- Club Memberships – Participating in a professional or civic organization is a good way to get lower rates when buying insurance coverage on Mustang insurance.
- Student Driver Training – Have your child take driver’s ed class in high school.
It’s important to note that some of the credits will not apply to your bottom line cost. Most only apply to individual premiums such as comp or med pay. Just because you may think you could get a free insurance coverage policy, companies wouldn’t make money that way. Any amount of discount will bring down your premiums.
To see a list of insurance companies with discount insurance coverage rates, click here to view.
Finding Auto Insurance
There are several ways to compare Ford Mustang auto insurance prices but one way is more efficient than others. You can waste a lot of time talking about coverages with insurance companies in your area, or you can utilize online quoting to get rates in a matter of minutes.
Many popular insurance companies are enrolled in a marketplace where prospective buyers submit their information once, and at least one company then gives them pricing based on the submitted data. This eliminates the need for repetitive form submissions to each company.
To find out how much you’re overpaying now click here (opens in new window).
The one disadvantage to getting quotes like this is buyers cannot specifically choose which companies you want pricing from. If you would rather choose individual companies to compare, we have a page of companies who write auto insurance in your area. View list of insurance companies.
Which method you use is up to you, but double check that you are using exactly the same deductibles and coverage limits for each price quote. If you compare unequal deductibles or liability limits you can’t possibly find the best deal for your Ford Mustang.
Pieces of the Ford Mustang insurance rate puzzle
It’s important that you understand the factors that play a part in calculating your insurance rates. Having a good understanding of what controls the rates you pay helps enable you to make changes that will entitle you to better insurance rates.
Shown below are a partial list of the pieces that factor into prices.
- Your age impacts your rates – Mature drivers are more cautious drivers, file fewer claims and receive fewer citations. Young drivers have a tendency to be more careless in a vehicle therefore insurance rates are much higher.
- Don’t skimp on liability – The liability section of your policy is the coverage that protects you when a jury decides you are liable for damages from an accident. Liability provides legal defense up to the limits shown on your policy. Liability insurance is quite affordable compared to insuring for physical damage coverage, so do not cut corners here.
- Do you need the policy add-ons? – There are quite a few add-on coverages that you can buy on your Mustang policy. Things like roadside assistance, towing coverage and term life insurance may be wasting your money. These may sound like a good investment when talking to your agent, but if they’re wasting money remove them from your policy.
- Discounts for married couples – Having a wife or husband can get you a discount on insurance. It translates into being more mature than a single person it has been statistically shown that married couples file fewer claims.
- Poor driving leads to higher costs – Only having one speeding ticket can increase rates twenty percent or more. Good drivers have lower premiums than bad drivers. Drivers with serious tickets such as DWI, reckless driving or hit and run convictions are required to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to continue driving.
- Rate your vehicle for proper use – The more miles you rack up on your Ford in a year the more you will pay for insurance. The majority of insurers apply a rate based upon how you use the vehicle. Cars and trucks not used for work or commuting receive lower rates than those used for commuting. Improper usage on your Mustang may be costing you. Ask your agent if your insurance policy shows how each vehicle is driven, because improper ratings can cost you money.
- Keep rates low by being claim-free – If you are a frequent claim filer, you can look forward to either policy cancellation or increased premiums. Car insurance companies generally give better rates to insureds who do not rely on their insurance for small claims. Your insurance policy is intended for larger claims.
- Do you know your deductibles? – Deductibles for physical damage define the amount you are required to spend out-of-pocket before a claim is paid by your company. Physical damage coverage, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your car. Some instances where coverage would apply could be running into the backend of another car, vandalism, and burglary. The more money you are required to pay out-of-pocket, the bigger discount you will receive on Mustang insurance.
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Tailor your coverage to you
When choosing the right insurance coverage for your personal vehicles, there isn’t really a “best” method to buy coverage. Each situation is unique so your insurance should reflect that For example, these questions might point out if you would benefit from an agent’s advice.
- What is UM/UIM insurance?
- Are my friends covered when driving my 1993 Ford Mustang?
- I have a DUI can I still get coverage?
- Can I rate high risk drivers on liability-only vehicles?
- Should I bundle my homeowners policy with my auto?
- Are rock chip repairs covered?
- Is my vehicle covered by my employer’s policy when using it for work?
- Is my state a no-fault state?
- Is my teen driver covered when they drive my company car?
- When does my teenage driver need to be added to my policy?
If it’s difficult to answer those questions, you may need to chat with an insurance agent. If you want to speak to an agent in your area, fill out this quick form or go to this page to view a list of companies. It’s fast, doesn’t cost anything and may give you better protection.
Auto insurance coverage basics
Learning about specific coverages of your auto insurance policy can be of help when determining which coverages you need and the correct deductibles and limits. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy. Shown next are the usual coverages available from auto insurance companies.
Medical payments coverage and PIP
Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses such as doctor visits, surgery, dental work, nursing services and funeral costs. They are often used to fill the gap from your health insurance policy or if you do not have health coverage. It covers not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. PIP is not an option in every state and gives slightly broader coverage than med pay
This pays for damage to your Mustang caused by collision with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for things like sustaining damage from a pot hole, crashing into a building, driving through your garage door and hitting a parking meter. Collision is rather expensive coverage, so consider dropping it from older vehicles. Another option is to raise the deductible to bring the cost down.
Liability insurance provides protection from damages or injuries you inflict on a person or their property that is your fault. This coverage protects you against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see limits of 25/50/25 that translate to a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and property damage coverage for $25,000. Occasionally you may see a combined single limit or CSL which limits claims to one amount and claims can be made without the split limit restrictions.
Liability can pay for things such as attorney fees, pain and suffering, repair bills for other people’s vehicles and medical expenses. How much liability should you purchase? That is up to you, but consider buying higher limits if possible.
Uninsured/Underinsured Motorist coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family as well as your vehicle’s damage.
Because many people have only the minimum liability required by law, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Usually your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.
Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.
Comprehensive coverage protects against things like hitting a deer, hitting a bird, damage from flooding and hail damage. The highest amount you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Feed the piggy bank
We covered some good ideas how to save on 1993 Ford Mustang insurance. It’s most important to understand that the more price quotes you have, the higher the chance of saving money. You may even find the best prices are with a small local company. Regional companies often have lower prices on specific markets than their larger competitors like Progressive or GEICO.
Low-cost insurance is possible both online and with local insurance agents, and you need to price shop both to get a complete price analysis. There are still a few companies who do not offer online price quotes and usually these regional insurance providers provide coverage only through local independent agents.
More information can be found below:
- Vehicle Insurance (Wikipedia)
- Auto Theft Statistics (Insurance Information Insitute)
- Red Light Cameras (State Farm)
- Anti-Lock Brake FAQ (iihs.org)
- Preventing Carjacking and Theft (Insurance Information Insitute)
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