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Ford Ford Mustang Insurance Rates

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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UPDATED: Mar 9, 2020

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Confused by the sheer number of insurance coverage options? You’re not the only one! Consumers have so many options available that it can turn into a challenge to find better rates.

If you are paying for car insurance now, you should be able to save some money using this strategy. Shopping for cheaper insurance coverage is not that difficult. But car owners must know how insurance companies sell online.

Discounts are available to cut your rates

Companies offering auto insurance don’t list every discount very well, so we took the time to find both well-publicized and the harder-to-find insurance savings.

  • Discount for Good Grades – Performing well in school can get you a discount of up to 25%. This discount can apply up to age 25.
  • Drive Less and Save – Keeping the miles down on your Ford could be rewarded with lower rates on the low mileage vehicles.
  • Clubs and Organizations – Belonging to a professional or civic organization could qualify you for a break on your policy for Mustang insurance.
  • Passive Restraints and Air Bags – Vehicles equipped with air bags and/or automatic seat belt systems can receive discounts of more than 20%.
  • Drivers Ed for Students – Make teen driver coverage more affordable by requiring them to take driver’s ed class if it’s offered in school.
  • Life Insurance Discount – Companies who offer life insurance give lower rates if you buy auto and life insurance together.
  • Seat Belts Save more than Lives – Drivers who require all occupants to buckle their seat belts could save 15% on the medical payments or PIP coverage costs.
  • Homeowners Savings – Being a homeowner can save you money because maintaining a house demonstrates responsibility.
  • Payment Method – If you pay your bill all at once instead of paying each month you could save up to 5%.

Keep in mind that many deductions do not apply to your bottom line cost. Most only reduce individual premiums such as collision or personal injury protection. So despite the fact that it appears all the discounts add up to a free policy, it just doesn’t work that way.

Car insurance companies who might offer these discounts include:

It’s a good idea to ask each insurance company which discounts you may be entitled to. All car insurance discounts might not be offered in every state.

Why your Ford Mustang insurance rates may be high

It’s important that you understand the rating factors that come into play when calculating the rates you pay for auto insurance. When you know what positively or negatively influences your rates helps enable you to make changes that could result in much lower annual insurance costs.

  • Too many auto insurance claims drive up costs – Insurance companies give cheaper rates to insureds who do not file claims often. If you frequently file small claims, you can pretty much guarantee higher rates. Auto insurance is designed for the large, substantial claims.
  • Protect yourself with liability coverage – The liability section of your policy is the protection when you are found to be at fault for personal injury or accident damage. It will provide legal defense which can be incredibly expensive. Liability insurance is quite affordable compared to insuring for physical damage coverage, so drivers should carry high limits.
  • Don’t buy coverages you don’t need – There are a ton of extra bells and whistles that you can get tricked into buying when buying auto insurance. Coverages like roadside assistance, accidental death and term life insurance are some examples. These coverages may sound good initially, but if they’re wasting money get rid of them and save.
  • More than one policy can earn a discount – Many insurance companies give discounts to people who carry more than one policy such as combining an auto and homeowners policy. Discounts can add up to 10 percent or more. If you currently are using one company, it’s in your best interest to shop around to make sure you are getting the best deal.
  • Do you know you’re credit rating? – Credit rating is a important factor in determining what you pay for auto insurance. People with high credit ratings tend to be more responsible as compared to drivers with lower credit ratings. Therefore, if your credit rating can use some improvement, you could save money insuring your 1995 Ford Mustang by repairing your credit.
  • Older drivers pay less – More mature drivers are more responsible, file fewer claims and receive fewer citations. Youthful drivers have a tendency to be less responsible when driving and because of this, their auto insurance rates are much higher.
  • Your occupation can affect rates – Occupations like real estate brokers, social workers and dentists have the highest average rates attributed to job stress and long work days. Other professions such as scientists, historians and retirees get better rates for Mustang insurance.
  • Optional equipment can affect rates – Purchasing a vehicle with a theft deterrent system can get you a discount on your auto insurance. Anti-theft devices such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping your car from being stolen.

Everyone needs different coverages

When buying coverage for your personal vehicles, there really is no best way to insure your cars. Everyone’s situation is a little different.

For example, these questions might point out if your situation will benefit from professional help.

  • How can I get my company to pay me more for my totalled car?
  • Do I have coverage if my license is suspended?
  • Do I need roadside assistance coverage?
  • Am I covered if I break a side mirror?
  • At what point should I drop full coverage?
  • Is borrowed equipment or tools covered if stolen or damaged?

If you can’t answer these questions but a few of them apply then you might want to talk to a licensed agent. To find lower rates from a local agent, fill out this quick form.

Free Auto Insurance Comparison

Enter your zip code below to view companies that have cheap auto insurance rates.

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The insurance coverage bait and switch

Insurance coverage providers like State Farm and Allstate regularly use television and radio advertisements. They all make the same claim about savings if you move your coverage to them. How does each company make the same claim?

Insurance companies have a certain “appetite” for the right customer that makes them money. An example of a preferred risk might be profiled as between the ages of 30 and 50, has no tickets, and chooses high deductibles. A driver who fits that profile gets the lowest rates and is almost guaranteed to save when switching.

Potential customers who don’t measure up to this ideal profile must pay higher prices which leads to the customer not buying. The ad wording is “drivers who switch” not “everybody who quotes” save that kind of money. This is how insurance companies can advertise the way they do. This illustrates why you should get as many quotes as possible. It is impossible to predict the company that will provide you with the cheapest Ford Mustang insurance rates.

Information about specific coverages

Understanding the coverages of your car insurance policy can help you determine the best coverages and the correct deductibles and limits. Policy terminology can be impossible to understand and reading a policy is terribly boring.

Coverage for collisions

This coverage will pay to fix damage to your Mustang from colliding with another vehicle or an object, but not an animal. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers things such as sustaining damage from a pot hole, rolling your car and hitting a mailbox. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. You can also raise the deductible to bring the cost down.

Comprehensive insurance

Comprehensive insurance covers damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as a broken windshield, damage from getting keyed and a tree branch falling on your vehicle. The maximum payout you’ll receive from a claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Liability coverage

This protects you from damages or injuries you inflict on people or other property. This insurance protects YOU from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 25/50/25 that means you have a limit of $25,000 per injured person, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property.

Liability coverage protects against things such as pain and suffering, repair costs for stationary objects and legal defense fees. How much coverage you buy is a decision to put some thought into, but consider buying as large an amount as possible.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage reimburse you for immediate expenses such as EMT expenses, chiropractic care and dental work. They can be used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. It covers you and your occupants in addition to if you are hit as a while walking down the street. Personal injury protection coverage is not universally available and may carry a deductible

Uninsured/Underinsured Motorist (UM/UIM)

This provides protection from other motorists when they either are underinsured or have no liability coverage at all. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea.

In any little way, save everyday

Drivers switch companies for a number of reasons such as being labeled a high risk driver, denial of a claim, extreme rates for teen drivers and even lack of trust in their agent. It doesn’t matter why you want to switch finding a new company is pretty simple and you could end up saving a buck or two.

As you restructure your insurance plan, it’s not a good idea to buy less coverage just to save a little money. Too many times, someone sacrificed liability limits or collision coverage only to regret that the few dollars in savings costed them thousands. The proper strategy is to get the best coverage possible for the lowest price, not the least amount of coverage.

We covered a lot of tips how to lower your 1995 Ford Mustang insurance rates. The most important thing to understand is the more quotes you get, the better your chances of lowering your rates. You may even find the best price on insurance is with a small local company.

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