Cheapest 2008 Ford Shelby GT500 Insurance Rates in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 4, 2023

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Paying for high-priced Ford Shelby GT500 insurance can empty your personal savings and make it impossible to make ends meet. Comparing price quotes is a great way to reduce premiums and put more money in your pocket. Companies like Allstate and Progressive constantly bombard you with catchy ads and it is challenging if not impossible to separate fact from fiction and effectively compare rates to find the best deal.

If you have insurance now or are looking for a new policy, you will benefit by learning to get lower rates while maintaining coverages. Buying car insurance is not rocket science. Vehicle owners just need to understand the best way to shop on the web.

Save big with these discounts

The cost of insuring your cars can be expensive, but you may find discounts that many people don’t even know exist. Most are applied when you complete an application, but less common discounts must be specifically requested before being credited. If you don’t get every credit you qualify for, you’re paying more than you need to.

  • Defensive Driving Course – Taking part in a defensive driving course can save you 5% or more if you qualify.
  • Multi-policy Discount – If you have multiple policies with one company you will save approximately 10% to 15%.
  • Seat Belt Usage – Requiring all passengers to use a seat belt could cut 10% or more on the medical payments or PIP coverage costs.
  • Pay Now and Pay Less – If paying your policy premium upfront instead of making monthly payments you could save 5% or more.
  • Anti-theft System – Anti-theft and alarm systems prevent vehicle theft and earn discounts up to 10%.
  • Multi-car Discount – Buying insurance for more than one vehicle on one policy could earn a price break for each car.
  • Student in College – Any of your kids who are attending college and don’t have a car can receive lower rates.

As a disclaimer on discounts, most discounts do not apply to the overall cost of the policy. A few only apply to the cost of specific coverages such as comp or med pay. Even though it may seem like having all the discounts means you get insurance for free, it doesn’t quite work that way. But all discounts will bring down the cost of coverage.

To see a list of companies with the best car insurance discounts, follow this link.

Where Can I Get Cheap Insurance Coverage?

There are a lot of ways to compare insurance coverage quotes, but some are easier and takes less work. You can waste a lot of time discussing policy coverages with insurance companies in your area, or you can utilize the internet to get rates in a matter of minutes.

Most major companies take part in a program where prospective buyers enter their coverage request one time, and every company then returns a price quote for coverage. This prevents consumers from doing form submissions to each company.

To compare 2008 Ford Shelby GT500 rates using this form now click here (opens in new window).

The one downside to doing it this way is you are unable to specify which companies to receive prices from. So if you prefer to choose specific insurance companies to compare, we have a listing of low cost insurance coverage companies in your area. View list of insurance companies.

It doesn’t matter which method you choose, just make absolute certain that you use the exact same coverages for each price quote. If you use different liability limits it will be next to impossible to make an equal comparison.

But I don’t know anything about car insurance

When it comes to buying the best insurance coverage, there really is no best way to insure your cars. Each situation is unique and a cookie cutter policy won’t apply. For instance, these questions can aid in determining if you may require specific advice.

  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Are my friends covered when driving my car?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • Will I lose any money if I cancel my policy before it expires?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • Am I covered if I hit a deer?

If you’re not sure about those questions but one or more may apply to you, you might consider talking to a licensed insurance agent. To find an agent in your area, take a second and complete this form or you can go here for a list of companies in your area. It is quick, free and may give you better protection.

Insurance coverage options for a 2008 Ford Shelby GT500

Learning about specific coverages of insurance can be of help when determining appropriate coverage and proper limits and deductibles. Policy terminology can be impossible to understand and coverage can change by endorsement. Listed below are the usual coverages found on the average insurance policy.

Collision – This coverage will pay to fix damage to your Shelby GT500 from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage pays for claims such as hitting a parking meter, damaging your car on a curb, sideswiping another vehicle and crashing into a building. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. Another option is to bump up the deductible to save money on collision insurance.

Medical payments coverage and PIP – Coverage for medical payments and/or PIP provide coverage for bills such as hospital visits, doctor visits, chiropractic care and EMT expenses. The coverages can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers all vehicle occupants and will also cover getting struck while a pedestrian. PIP is only offered in select states but can be used in place of medical payments coverage

Uninsured/Underinsured Motorist coverage – This gives you protection when other motorists do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your Ford Shelby GT500.

Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages should not be overlooked. Frequently these coverages are set the same as your liability limits.

Comprehensive coverage – This pays for damage OTHER than collision with another vehicle or object. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims such as hail damage, theft, rock chips in glass, falling objects and damage from flooding. The highest amount a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Liability auto insurance – Liability coverage provides protection from injuries or damage you cause to people or other property that is your fault. This insurance protects YOU from claims by other people. Liability doesn’t cover 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. Your policy might show policy limits of 25/50/25 which stand for a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Another option is a combined single limit or CSL which combines the three limits into one amount rather than limiting it on a per person basis.

Liability insurance covers claims such as funeral expenses, bail bonds, loss of income and repair costs for stationary objects. How much coverage you buy is up to you, but you should buy as large an amount as possible.

In the end, you save

You just learned a lot of techniques to get a better price on 2008 Ford Shelby GT500 insurance. It’s most important to understand that the more quotes you get, the higher your chance of finding lower rates. Consumers may even find the best prices are with the least-expected company. These companies can often insure niche markets at a lower cost as compared to the big name companies such as Progressive and GEICO.

When shopping online for insurance coverage, you should never reduce needed coverages to save money. In many instances, someone sacrificed liability coverage limits and found out when filing a claim that the few dollars in savings costed them thousands. The ultimate goal is to buy the best coverage you can find at the best price while not skimping on critical coverages.

Additional resources

Frequently Asked Questions

Are insurance rates typically higher for sports cars like the 2008 Ford Shelby GT500?

Yes, insurance rates are generally higher for sports cars like the 2008 Ford Shelby GT500. Sports cars are often associated with higher speeds and increased risk of accidents, which insurance companies take into consideration when determining premiums. The powerful performance capabilities and higher cost of repair or replacement for sports cars also contribute to higher insurance rates.

What factors besides the vehicle model affect insurance rates for a 2008 Ford Shelby GT500?

Here are top six factors that may influence insurance rates for a 2008 Ford Shelby GT500:

  • Driver’s age and driving history
  • Location
  • Usage
  • Credit history
  • Deductible and coverage limits
  • Insurance history

Can I reduce insurance costs for a 2008 Ford Shelby GT500 by installing safety features?

Yes, installing safety features in your 2008 Ford Shelby GT500 may help reduce insurance costs. Safety features such as anti-lock brakes, airbags, traction control, and security systems can lower the risk of accidents or theft, which insurers take into consideration when determining premiums. Contact your insurance company to inquire about any available discounts for specific safety features.

Are there any specific insurance companies known for offering competitive rates for a 2008 Ford Shelby GT500?

Insurance rates can vary between companies, so it’s important to shop around and compare quotes from multiple insurers. However, some insurance companies may specialize in offering coverage for sports cars or high-performance vehicles, which could potentially result in more competitive rates for a 2008 Ford Shelby GT500. Research and reach out to insurance providers that have experience with insuring sports cars to see if they can offer competitive rates for your vehicle.

Can I save money on insurance for my 2008 Ford Shelby GT500 by bundling it with other policies?

Yes, bundling your insurance policies with the same company can often lead to cost savings. Many insurance companies offer multi-policy discounts when you combine multiple types of coverage, such as auto and home insurance. If you have other insurance needs, such as homeowners or renters insurance, consider bundling them with your 2008 Ford Shelby GT500 insurance to potentially reduce your overall premiums.

Will modifications to my 2008 Ford Shelby GT500 affect insurance rates?

Yes, modifications to your 2008 Ford Shelby GT500 can impact insurance rates. Insurance companies consider modifications that increase the vehicle’s value or performance as an added risk. It’s important to inform your insurance company about any modifications made to your car, as failing to disclose modifications could result in coverage issues or claims being denied. Some modifications may even require specialized insurance coverage.

How does the car’s value affect insurance rates for a 2008 Ford Shelby GT500?

The value of your 2008 Ford Shelby GT500 can influence insurance rates. Insurance companies take into account the cost of repairing or replacing the vehicle in the event of damage or theft. Generally, higher-value cars have higher insurance premiums. It’s important to ensure that you have adequate coverage to protect the value of your vehicle.

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