Compare 2020 Ford Mustang Car 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: May 10, 2024

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Are you regretting buying an underperforming, overpriced car insurance policy? Trust us, there are lots of residents who feel the same.

Having so many choices, it’s nearly impossible to find the best company.

Finding the best rates is not that difficult. In a nutshell, anyone who carries insurance coverage will be able to cut their insurance bill. Although consumers must learn how big insurance companies price insurance differently and use this information to your advantage.

The quickest method to get policy rate comparisons takes advantage of the fact most insurance companies provide online access to provide you with a free rate quote. The only thing you need to do is give the companies some data such as whether you drive to work or school, the make and model of your vehicles, if you have an active license, and any included safety features. The rating information gets sent immediately to insurance companies and you will receive price estimates within a short period of time.

Insurance coverage quotes and discounts

Auto insurance companies do not advertise every discount they offer in an easy-to-find place, so the below list has a few of the more well known and also the lesser-known ways to save on insurance coverage.

  • Discount for Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems can qualify for discounts of 25 to 30%.
  • No Claims – Good drivers with no accidents have much lower rates in comparison to drivers who are more careless.
  • Anti-theft Discount – Cars optioned with advanced anti-theft systems can help prevent theft so companies will give you a small discount.
  • Early Signing – A few larger companies offer discounts for renewing your policy before your current policy expires. Ten percent is about the average savings.
  • Discount for Life Insurance – Insurance carriers who offer life insurance give a lower premium rate if you buy a life insurance policy as well.
  • Drivers Ed for Students – Make teen driver coverage more affordable by requiring them to successfully take a drivers education course if offered at their school.
  • Safety Restraint Discount – Forcing all vehicle occupants to buckle up before driving could cut 10% or more off the PIP or medical payment premium.
  • Federal Government Employee – Simply working for the federal government could provide a small rate reduction for Mustang coverage with select insurance companies.
  • One Accident Forgiven – Not necessarily a discount, but companies like GEICO and Liberty Mutual allow you one accident before your rates go up if you have no claims for a particular time prior to the accident.
  • Distant Student Discount – Youth drivers who are attending college and do not take a car to college may be insured at a cheaper rate.

Please keep in mind that most discounts do not apply to the entire cost. Most only apply to individual premiums such as comp or med pay. Even though it appears it’s possible to get free car insurance, nobody gets a free ride.

Larger insurance coverage companies and a selection of discounts are:

  • Progressive may offer discounts for multi-policy, online quote discount, continuous coverage, homeowner, and online signing.
  • The Hartford discounts include driver training, defensive driver, vehicle fuel type, air bag, good student, bundle, and anti-theft.
  • Mercury Insurance has discounts for low natural disaster claims, anti-theft, age of vehicle, type of vehicle, good student, and multi-car.
  • GEICO has savings for emergency military deployment, military active duty, anti-lock brakes, daytime running lights, and defensive driver.
  • AAA may have discounts that include good driver, multi-car, education and occupation, pay-in-full, and multi-policy.
  • State Farm policyholders can earn discounts including good driver, student away at school, good student, multiple policy, and defensive driving training.

When quoting, ask every company to apply every possible discount. Some discounts listed above might not apply everywhere.

Situations that may require an agent’s advice

When it comes to choosing the right insurance coverage for your personal vehicles, there really is not a “perfect” insurance plan. Everyone’s needs are different and your policy should reflect that. For example, these questions might point out whether you might need an agent’s assistance.

  • Do I need special endorsements for business use of my vehicle?
  • What is high-risk coverage and where do I buy it?
  • What can I do if my company won’t pay a claim?
  • Am I covered when delivering products for my home-based business?
  • Are rock chip repairs covered?
  • Am I covered if I drive in a foreign country?
  • When should my teen driver be added to my policy?
  • When should I buy a commercial auto policy?
  • What exactly is covered by my policy?
  • Does my 2020 Ford Mustang qualify for pleasure use?

If it’s difficult to answer those questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, complete your zip code.

Insurance coverage breakdown

Knowing the specifics of insurance aids in choosing appropriate coverage and the correct deductibles and limits. Policy terminology can be confusing and reading a policy is terribly boring. Listed below are typical coverage types found on most insurance policies.

Collision – Collision insurance will pay to fix damage to your Mustang resulting from a collision with an object or car. You have to pay a deductible and then insurance will cover the remainder.

Collision can pay for things such as colliding with another moving vehicle, sideswiping another vehicle, crashing into a building and hitting a mailbox. Collision is rather expensive coverage, so you might think about dropping it from older vehicles. Another option is to increase the deductible to bring the cost down.

Comprehensive coverage – This pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims such as damage from getting keyed, fire damage, hitting a deer, falling objects and a broken windshield. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Uninsured/Underinsured Motorist coverage – This protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. It can pay for hospital bills for your injuries as well as damage to your Ford Mustang.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Medical payments coverage and PIP – Coverage for medical payments and/or PIP provide coverage for bills like X-ray expenses, surgery, chiropractic care and rehabilitation expenses. They are utilized in addition to your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

Liability coverage – This will cover damage or injury you incur to a person or their property in an accident. This insurance protects YOU against claims from other people, and doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show liability limits of 50/100/50 that means you have $50,000 in coverage for each person’s injuries, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property.

Liability coverage pays for things like attorney fees, medical expenses, medical services and repair bills for other people’s vehicles. How much coverage you buy is a decision to put some thought into, but buy higher limits if possible.

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