How Much Does 2020 Ford Shelby GT350 Insurance Cost 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: Apr 6, 2024

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Looking for the cheapest auto insurance rates for your Ford Shelby GT350? Are you burned out from trying to scrape together enough money to keep your car insured? You’re in the same situation as many other vehicle owners. Having so many choices of insurance companies, it is hard for the average consumer to find the lowest price auto insurance provider.

Locating the cheapest coverage is simple if you know the tricks. If you have a policy now or are shopping for new coverage, you can use these tips to get lower rates and still get good coverage. Vehicle owners only need to know the proper way to shop online.

The quickest method to get rate comparisons is to realize most insurance companies pay for the opportunity to compare rate quotes. To start a quote, the only thing you need to do is provide information like your credit rating estimate, how much education you have, if you have an active license, and how old drivers are. That rating data is submitted instantly to multiple insurance providers and you will receive price estimates instantly to find the best rate.

If you would like to compare rates now, click here and complete the form.

Double check you’re getting these money-saving discounts

Insuring your fleet can be pricey, but discounts can save money and there are some available that could help you make your next renewal payment. Some discounts apply automatically when you quote, but less common discounts must be requested specifically before you get the savings. If you don’t get every credit you qualify for, it’s possible you qualify for a lower rate.

  • Accident Free – Good drivers with no accidents can save substantially when compared with drivers with a long claim history.
  • Lower Rates for Military – Having a family member in the military may lower your premium rates slightly.
  • Telematics Data Discounts – Drivers who elect to allow their insurance coverage company to scrutinize driving patterns by using a telematics device such as Drivewise from Allstate or Snapshot from Progressive may see discounts if they are good drivers.
  • Discounts for Good Drivers – Drivers who avoid accidents can pay as much as 50% less on Shelby GT350 coverage as compared to drivers with claims.
  • 55 and Retired – Older drivers could receive lower premium rates on Shelby GT350 coverage.
  • Sign Online – Certain companies will provide an incentive just for signing your application on the web.
  • College Student – Youth drivers who live away from home at college and don’t have a car can be insured at a reduced rate.
  • Life Insurance Discount – Not every insurance company offers life insurance, but if they do you may earn a lower rate if you buy life insurance from them.

Discounts reduce rates, but you should keep in mind that some credits don’t apply to the whole policy. Most cut specific coverage prices like liability and collision coverage. Even though it may seem like adding up those discounts means a free policy, it just doesn’t work that way.

Companies and some of their more popular discounts include:

  • 21st Century offers discounts for homeowners, driver training, student driver, anti-lock brakes, early bird, air bags, and automatic seat belts.
  • State Farm includes discounts for anti-theft, accident-free, multiple policy, Drive Safe & Save, and safe vehicle.
  • AAA may include discounts for multi-policy, anti-theft, AAA membership discount, multi-car, good driver, good student, and pay-in-full.
  • Liberty Mutual offers discounts including teen driver discount, exclusive group savings, multi-car, newly retired, good student, and new move discount.
  • Progressive discounts include continuous coverage, good student, online quote discount, multi-vehicle, homeowner, online signing, and multi-policy.

It’s a good idea to ask all the companies the best way to save money. Depending on the company, some discounts may not apply to policies in your area.

Do I need special coverages?

When buying the right insurance coverage for your personal vehicles, there really is not a “perfect” insurance plan. Everyone’s situation is unique so your insurance needs to address that. For example, these questions might point out if your situation could use an agent’s help.

  • Should I have combined single limit or split liability limits?
  • Can I pay claims out-of-pocket if I buy high deductibles?
  • At what point should I drop full coverage?
  • Does my liability insurance cover pulling a trailer or camper?
  • Is business property covered if stolen from my car?
  • Am I covered when driving someone else’s vehicle?
  • Is my cargo covered for damage or theft?
  • Can I rent a car in Mexico?
  • How can I get my company to pay me more for my totalled car?

If you don’t know the answers to these questions, you may need to chat with a licensed insurance agent. To find an agent in your area, take a second and enter your zip code. It only takes a few minutes and can help protect your family.

Ford Shelby GT350 insurance price factors

Many things are part of the calculation when you quote your car insurance policy. Some of the criteria are obvious like an MVR report, but other factors are not quite as obvious like your continuous coverage or your commute time. Smart consumers have a good feel for the rating factors that help calculate auto insurance rates. If you know what impacts premium levels, this enables informed choices that can earn you lower auto insurance prices.

The following are most of the major factors auto insurance companies consider when setting your rate level.

  • Single drivers take more risk – Being married can get you a discount on your auto insurance policy. It generally demonstrates drivers are more mature and responsible and statistics show married couples file fewer claims.
  • Small coverages can add up – There are many extra coverages that can add up if you aren’t diligent. Coverage for things like replacement cost coverage, towing, and additional equipment coverage are examples of these. They may sound like good ideas when deciding what coverages you need, but if you’ve never needed them in the past eliminate the coverages to reduce your premium.
  • Keep rates low by being claim-free – Insurance companies award the best rates to people who are claim-free. If you are a frequent claim filer, you can definitely plan on either a policy non-renewal or much higher rates. Auto insurance is intended for more catestrophic claims.
  • Bad credit hurts insurance premiums – Credit history is likely to be a major factor in determining what you pay. Drivers with high credit ratings tend to be less risk to insure as compared to drivers with lower ratings. If your credit history can be improved, you could pay less to insure your 2020 Ford Shelby GT350 by spending a little time repairing your credit.
  • Certain occupations pay higher rates – Occupations like fire fighters, social workers and stock brokers have higher rates than the rest of us because of high stress levels and extremely grueling work hours. Other occupations like farmers, students and homemakers have lower than average premiums on Shelby GT350 coverage.

Educate yourself about insurance coverages

Learning about specific coverages of your insurance policy can help you determine the best coverages for your vehicles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy. These are typical coverage types found on most insurance policies.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP pay for bills for doctor visits, EMT expenses and prosthetic devices. They are used to fill the gap from your health insurance plan or if you do not have health coverage. Medical payments and PIP cover both the driver and occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is not universally available but can be used in place of medical payments coverage

Auto liability insurance

Liability insurance will cover damage or injury you incur to people or other property by causing an accident. It 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, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have policy limits of 25/50/25 that means you have a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000. Some companies may use a combined single limit or CSL that pays claims from the same limit with no separate limits for injury or property damage.

Liability can pay for things such as medical services, court costs, medical expenses and repair costs for stationary objects. How much liability should you purchase? That is your choice, but consider buying as high a limit as you can afford.

Auto collision coverage

Collision coverage will pay to fix damage to your Shelby GT350 resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims such as sustaining damage from a pot hole, driving through your garage door, damaging your car on a curb and hitting a mailbox. Collision is rather expensive coverage, so consider dropping it from older vehicles. Another option is to increase the deductible in order to get cheaper collision rates.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. This coverage pays for hospital bills for your injuries as well as damage to your Ford Shelby GT350.

Because many people have only the minimum liability required by law, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages should not be overlooked. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Comprehensive insurance

This will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims such as rock chips in glass, damage from flooding and vandalism. The most your insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Be a penny pincher

Lower-priced 2020 Ford Shelby GT350 insurance can be sourced from both online companies and with local insurance agents, and you need to price shop both to have the best rate selection. Some insurance companies may not have online quoting and many times these regional insurance providers sell through independent agents.

In this article, we covered a lot of ways to lower your 2020 Ford Shelby GT350 insurance prices. The key concept to understand is the more price quotes you have, the higher the chance of saving money. You may even discover the lowest priced insurance comes from a small mutual company. They may often insure only within specific states and give getter rates than the large multi-state companies such as State Farm, GEICO and Nationwide.

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