Save on 2005 Ford Mustang Insurance Cost

No one cherishes buying auto insurance, particularly when their premiums are too high.

Big-name insurance companies like Geico, Progressive and Allstate increase brand awareness with ad campaigns and it is difficult to see past the geckos and flying pigs and do the work needed to find the best deal.

If you currently have a car insurance policy, you will most likely be able to save some money using this strategy. Finding affordable coverage is not that difficult. But vehicle owners benefit from understanding how big insurance companies sell insurance online and use this information to your advantage.

Comprehensive Insurance Coverage Comparison

When shopping for insurance coverage there are multiple ways to compare rate quotes from insurance coverage companies in your area. By far the easiest way to find competitive 2005 Ford Mustang insurance rates consists of obtaining rate quotes online. This can be done using a couple different methods.

  1. The easiest and least time consuming way to find low rates is a comparison rater form (click to open form in new window). This easy form prevents you from having to do separate quote forms for each company you want a rate for. In just a few minutes this one form compares rates from multiple low-cost companies.
  2. A more time consuming way to find lower rates is to take the time to go to each company’s website and fill out their own quote form. For example, let’s assume you want rates from USAA, Safeco and Geico. To get rate quotes you would need to visit each site to enter your coverage information, which is why the first method is quicker. To view a list of companies in your area, click here.
  3. The hardest method of getting rate comparisons is driving around to local insurance agencies. The internet makes this process obsolete unless you require the professional advice that only a license agent can provide. You can, however, comparison shop your insurance online and get advice from an agent in your area and we’ll cover that in a bit.

Whichever way you use, compare exactly the same information with every price quote. If you are comparing differing limits it will be very difficult to find the best deal for your Ford Mustang. Just a small difference in coverage limits can result in a big premium difference. Just remember that comparing a large number of companies will increase your chances of finding better pricing.

Are you getting all your discounts?

Insurance can cost an arm and a leg, but there are discounts available that you may not know about. Most are applied when you quote, but some may not be applied and must be asked for prior to receiving the credit.

  • Braking Control Discount – Vehicles with anti-lock braking systems prevent accidents and will save you 10% or more.
  • Service Members Pay Less – Being deployed with a military unit could mean lower rates.
  • Accident Waiver – A handful of insurance companies allow you one accident before hitting you with a surcharge so long as you haven’t had any claims for a particular time prior to the accident.
  • Use Seat Belts – Requiring all passengers to buckle their seat belts can save 10% or more off the personal injury premium cost.
  • Claim Free – Claim-free drivers pay less as compared to frequent claim filers.
  • Discount for Life Insurance – Some companies give a break if you buy life insurance from them.
  • Drive Less and Save – Keeping the miles down on your Ford can qualify you for lower rates on the low mileage vehicles.
  • Drivers Ed for Students – Make teen driver coverage more affordable by requiring them to complete a driver education course in high school.

As a disclaimer on discounts, some credits don’t apply the the whole policy. Most only cut specific coverage prices like liability and collision coverage. So even though they make it sound like you would end up receiving a 100% discount, companies don’t profit that way. Any amount of discount will help reduce your overall premium however.

Car insurance companies that may offer these money-saving discounts include:

It’s a good idea to ask each company which discounts you may be entitled to. Discounts may not apply everywhere.

When might I need an agent?

When choosing adequate coverage, there is no perfect coverage plan. Everyone’s situation is a little different so your insurance should reflect that For instance, these questions may help highlight if your insurance needs would benefit from an agent’s advice.

  • Do I have any recourse if my insurance company denies a claim?
  • When should I remove comp and collision on my 2005 Ford Mustang?
  • How can I get high-risk coverage after a DUI?
  • What is covered by UM/UIM coverage?
  • Does my policy cover my teen driver if they drive my company car?
  • Is pleasure use cheaper than using my 2005 Ford Mustang to commute?
  • Is my Ford Mustang covered if I use it for business?
  • Is a blown tire covered by insurance?

If you’re not sure about those questions but one or more may apply to you, you may need to chat with an agent. If you want to speak to an agent in your area, fill out this quick form or click here for a list of insurance coverage companies in your area.

Why your Ford Mustang might be costing you more

An important part of buying insurance is that you know some of the elements that go into determining your insurance rates. Having a good understanding of what determines base rates helps enable you to make changes that may reward you with big savings.

Listed below are some of the items that factor into rates.

  • Your stress level may be raising your rates – Jobs such as real estate brokers, architects and stock brokers tend to have the highest rates attributed to high stress levels and lots of time spent at work. On the other hand, jobs such as farmers, students and the unemployed receive lower rates for Mustang coverage.
  • Proper usage rating affects rates – Driving more miles in a year’s time the more you will pay for insurance. Most companies charge to insure your cars based on how the vehicle is used. Cars not used for work or commuting can get a lower rate than vehicles that are driven to work every day. An improperly rated Mustang can cost quite a bit. Ask your agent if your insurance coverage is rated on the proper vehicle usage, because it can save money.
  • High numbers of claims are not good – Companies provide cheaper rates to insureds who are claim-free. If you frequently file small claims, you can expect higher rates. Auto insurance is designed for larger claims.
  • More people means more accidents – Choosing to live in less populated areas has it’s advantages when talking about insurance. Fewer people means a lower chance of having an accident as well as less vandalism and auto theft. Drivers in populated areas have congested traffic and longer commutes to work. More time commuting means higher likelihood of an accident.
  • Always keep insurance in force – Allowing your insurance policy to lapse will be a guaranteed way to bump up your insurance costs. Not only will rates go up, getting caught without coverage might get you a license revocation or jail time.

Insurance specifics

Having a good grasp of your policy can help you determine which coverages you need and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. These are typical coverage types found on most insurance policies.

Comprehensive protection

Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things like hitting a bird, hitting a deer, vandalism and rock chips in glass. The maximum amount your insurance company will pay is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage 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.

Due to the fact that many drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea. Usually these limits are identical to your policy’s liability coverage.

Auto liability

Liability insurance protects you from damage or injury you incur to a person or their property. This insurance protects YOU from legal claims by others, and doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and property damage coverage for $25,000. Another option is one limit called combined single limit (CSL) that pays claims from the same limit without having the split limit caps.

Liability coverage pays for claims like repair costs for stationary objects, legal defense fees and loss of income. How much coverage you buy is a personal decision, but you should buy as high a limit as you can afford.

Collision insurance

Collision coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things like hitting a mailbox, colliding with a tree, sideswiping another vehicle and crashing into a building. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. Another option is to choose a higher deductible in order to get cheaper collision rates.

Medical expense coverage

Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for X-ray expenses, doctor visits, nursing services, rehabilitation expenses and prosthetic devices. They are often used in conjunction with a health insurance policy or if you do not have health coverage. Coverage applies to you and your occupants and will also cover any family member struck as a pedestrian. PIP is not available in all states and gives slightly broader coverage than med pay

Spend less. Save more.

Cheap 2005 Ford Mustang insurance can be purchased on the web in addition to many insurance agents, so compare prices from both to get a complete price analysis. Some companies do not provide the ability to get a quote online and many times these regional insurance providers only sell through independent insurance agents.

When buying insurance coverage, don’t be tempted to skimp on coverage in order to save money. There have been many situations where an insured cut full coverage to discover at claim time that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to buy enough coverage at a price you can afford.

Much more information about car insurance is located at the links below