Ford Mustang insurance cost image courtesy of QuoteInspector.com
Looking for lower-priced Ford Mustang insurance in Toledo? Did you fall for a flashy sales pitch and buy an overpriced insurance policy? It's a common feeling and there are a lot of people in Toledo just like you who feel imprisoned by their insurance policy.
Smart shoppers know that car insurance companies don't want you comparing rates. People who shop for lower prices are highly likely to switch insurance companies because of the high probability of finding lower prices. Remarkably, a study showed that people who did price comparisons regularly saved over $70 a month as compared to drivers who never shopped around.
If finding discount rates on car insurance in Toledo is your ultimate target, then having some knowledge of how to shop for coverages can help simplify the process. Big-name insurance companies like GEICO, 21st Century and Progressive increase brand awareness with advertising and consumers find it hard to not get sucked in by the cute commercials and do the work needed to find the best deal.
It's important to get comparison quotes periodically due to the fact that insurance rates go up and down regularly. Despite the fact that you may have had the lowest premium rates on Ford Mustang insurance in Toledo six months ago the chances are good that you can find a lower price today. There is lot of inaccurate information about Mustang insurance out there, but in this article, you're going to get some good information on how to save money.
If you have a current insurance policy or just want cheaper rates, you can use this information to save money without sacrificing coverage. Locating the most cost-effective insurance policy in Toledo is actually not that difficult if you follow our advice. Vehicle owners just have to use the least time-consuming way to get comparison quotes on the web.
Most companies like Allstate and Progressive allow consumers to get price estimates from their websites. This process is quite easy as you just enter your coverage preferences into a form. When complete, their quoting system makes automated requests for information on your driving record and credit history and returns a price quote based on the information you submitted. This makes it simple to compare prices and it's also necessary to get many rate quotes if you want to get the most affordable auto insurance rates.
In order to use this form to compare rates, compare rate quotes from the providers shown below. If you have a policy now, it's recommended you copy the coverage information identical to your current policy. Using the same limits helps guarantee you will be getting an apples-to-apples comparison using the exact same coverages.
The companies shown below offer quotes in Ohio. If you wish to find cheap car insurance in Toledo, we recommend you get prices from several of them to get a more complete price comparison.
Get cheaper Ford Mustang insurance in Toledo with discounts
Some providers don't necessarily list every policy discount very well, so the list below details a few of the more well known and the more hidden credits that may apply to you.
- Mature Driver Discount - If you're over the age of 55, you are able to get a small decrease in premiums.
- Student Discount for Driver Training - Cut your cost by having your teen driver take driver's ed class as it will make them better drivers and lower rates.
- No Claim Discounts - Drivers who don't have accidents get the best auto insurance rates as opposed to bad drivers.
- Waiver for an Accident - This one isn't a discount, but some insurance companies allow you one accident before they charge you more for coverage with the catch being you have to be claim-free before the accident.
- Theft Deterrent - Cars and trucks with anti-theft systems prevent vehicle theft and will save you 10% or more on Mustang insurance in Toledo.
- Switch and Save Discount - Some auto insurance companies reward drivers for renewing your policy prior to your current Mustang insurance policy expiration. You may see this discount when you get Toledo car insurance quotes online.
- Student in College - Children who are attending college and do not have access to a covered vehicle could get you a discount.
Discounts lower rates, but many deductions do not apply to the entire policy premium. Most only cut the cost of specific coverages such as comprehensive or collision. So when the math indicates adding up those discounts means a free policy, that's just not realistic. But any discount will help lower the cost of your policy.
The information below illustrates the comparison of Ford Mustang yearly insurance costs with and without discounts applied to the premium. The prices are based on a male driver, no violations or accidents, Ohio state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, homeowner, safe-driver, multi-car, marriage, and multi-policy discounts applied.
A few popular companies and the discounts they provide include:
- GEICO policyholders can earn discounts including federal employee, membership and employees, air bags, military active duty, multi-vehicle, and anti-lock brakes.
- Travelers offers discounts including multi-car, continuous insurance, payment discounts, IntelliDrive, new car, early quote, and save driver.
- Nationwide has discounts for accident-free, business or organization, anti-theft, multi-policy, and Farm Bureau membership.
- Farmers Insurance includes discounts for bundle discounts, switch companies, distant student, alternative fuel, business and professional, and good student.
- Esurance has savings for defensive driver, online quote, multi-policy, good student, online shopper, and good driver.
- State Farm discounts include anti-theft, good driver, passive restraint, driver's education, and defensive driving training.
- Progressive offers discounts for online quote discount, multi-policy, good student, homeowner, multi-vehicle, online signing, and continuous coverage.
- Mercury Insurance may offer discounts for multi-car, low natural disaster claims, age of vehicle, good student, professional/association, accident-free, and good driver.
If you need lower rates, check with each insurance company how you can save money. All car insurance discounts may not apply to policyholders everywhere. To see a list of insurers with the best Ford Mustang insurance discounts in Ohio, click here.
Rates and detailed analysis
The data table shown next showcases detailed analysis of coverage prices for Ford Mustang models. Having a better idea how car insurance prices are calculated can help guide drivers when making smart choices when purchasing an insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Mustang 2-Dr Convertible||$216||$512||$306||$18||$92||$1,144||$95|
|Mustang 2-Dr Coupe||$216||$512||$382||$22||$114||$1,246||$104|
|Mustang GT 2-Dr Convertible||$244||$588||$306||$18||$92||$1,248||$104|
|Mustang GT 2-Dr Coupe||$244||$588||$382||$22||$114||$1,350||$113|
|Mustang Shelby GT500 2-Dr Convertible||$272||$744||$306||$18||$92||$1,432||$119|
|Mustang Shelby GT500 2-Dr Coupe||$300||$820||$382||$22||$114||$1,638||$137|
|Get Your Own Custom Quote Go|
Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Price information does not factor in specific Toledo garaging location which can decrease or increase rates noticeably.
Higher deductibles lower rates
One of the most common insurance questions is how high should your deductibles be. The rates shown below sum up how much more rates are when you choose different physical damage deductibles. The first table uses a $100 physical damage coverage deductible and the second set of rates uses a $500 deductible.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Mustang 2-Dr Convertible||$196||$416||$226||$14||$68||$945||$79|
|Mustang 2-Dr Coupe||$196||$416||$284||$16||$84||$1,021||$85|
|Mustang GT 2-Dr Convertible||$220||$478||$226||$14||$68||$1,031||$86|
|Mustang GT 2-Dr Coupe||$220||$478||$284||$16||$84||$1,107||$92|
|Mustang Shelby GT500 2-Dr Convertible||$246||$604||$226||$14||$68||$1,183||$99|
|Mustang Shelby GT500 2-Dr Coupe||$270||$668||$284||$16||$84||$1,347||$112|
|Get Your Own Custom Quote Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Mustang 2-Dr Convertible||$142||$280||$226||$14||$68||$730||$61|
|Mustang 2-Dr Coupe||$142||$280||$284||$16||$84||$806||$67|
|Mustang GT 2-Dr Convertible||$160||$324||$226||$14||$68||$792||$66|
|Mustang GT 2-Dr Coupe||$160||$324||$284||$16||$84||$868||$72|
|Mustang Shelby GT500 2-Dr Convertible||$180||$408||$226||$14||$68||$896||$75|
|Mustang Shelby GT500 2-Dr Coupe||$198||$450||$284||$16||$84||$1,032||$86|
|Get Your Own Custom Quote Go|
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Prices do not factor in specific zip code location which can revise premiums considerably.
Based on this data, we can arrive at the conclusion that using a $100 deductible will cost in the ballpark of $21 more each month or $252 each year across all Ford Mustang models than choosing the higher $500 deductible. Because you would pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you average at a minimum 19 months between claim filings, you would save money if you choose a higher deductible.
How to calculate if a higher deductible is a good decision
|Average monthly premium for $100 deductibles:||$92|
|Average monthly premium for $500 deductibles (subtract):||- $71|
|Monthly savings from raising deductible:||$21|
|Difference between deductibles ($500 - $100):||$400|
|Divide difference by monthly savings:||$400 / $21|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||19 months|
One big caveat is that increasing deductibles to save money means you pay more out-of-pocket when you have to file a claim. You should have enough money put aside in order to pay the deductible for vehicle repair.
Impact of speeding/accidents on insurance rates
The information below illustrates how speeding tickets and at-fault fender-benders impact Ford Mustang insurance premiums for different age groups of insureds. The premiums are based on a married male driver, full coverage, $250 deductibles, and no discounts are taken into consideration.
Ford Mustang annual premiums for males versus females
The information below illustrates the difference between Ford Mustang insurance prices for male and female drivers. The information is based on no claims, a clean driving record, comprehensive and collision coverage, $250 deductibles, marital status is single, and no additional discounts are factored in.
Rate comparison of full coverage and liability-only
The illustration below illustrates the comparison of Ford Mustang car insurance costs with full coverage compared to only the Ohio minimum liability coverage. The premiums are based on no violations or accidents, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
Guidelines for dropping full coverage
There is no definitive guideline of when to drop full coverage, but there is a guideline you can consider. If the annual cost of coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.
For example, let's pretend your Ford Mustang settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would receive is $3,000 after paying the physical damage deductible. If premiums are more than $300 a year to have full coverage, then it might be time to buy liability only.
There are some conditions where dropping full coverage is not a good plan. If you still have a lienholder on your title, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if you don't have enough money to buy a different vehicle if your current one is damaged, you should keep full coverage.
Independent versus exclusive car insurance agents
Many people would rather sit down and talk to an agent. Licensed agents can make sure you are properly covered and help file insurance claims. One of the great benefits of comparing insurance prices online is that you can obtain cheap car insurance quotes and still choose a local agent. And providing support for local agents is important particularly in Toledo.
Once you complete this short form, your insurance data is instantly submitted to participating agents in Toledo who will give you bids and help you find cheaper coverage. You don't have to find an agent on your own since rate quotes are delivered directly to you. If you need to get a price quote from a specific company, you would need to navigate to their website to submit a rate quote request.
Exclusive agents vs. Independent agents
If you need to find an insurance agent, you must know there are a couple different agency structures and how they are distinctly different. Car insurance policy providers may be either exclusive or independent (non-exclusive). Both can sell affordable car insurance policies, but it's a good idea to understand the differences because it may have an impact on your agent selection.
Independent Car Insurance Agencies or Brokers
These agents are not required to write business for one company so they can write business through many different car insurance companies enabling the ability to shop coverage around. If they find a cheaper price, they simply move your policy to a different company without you having to go to a different agency.
When comparison shopping, you should always get some free quotes from at least one independent agent for maximum quote selection.
Below is a small list of independent agents in Toledo who can help you get price quote information.
Exclusive Car Insurance Agencies
Agents that elect to be exclusive can usually just insure with one company and examples are AAA, Allstate, and State Farm. They usually cannot shop your coverage around so they have to upsell other benefits. These agents are very knowledgeable on their company's products which helps them sell insurance even at higher premiums.
Below is a short list of exclusive insurance agencies in Toledo that are able to give comparison quotes.
Choosing an insurance agent is decision based upon more than just a low price. Before buying a policy in Toledo, get answers to these questions.
- What insurance companies do they work with in Toledo?
- Did they already check your driving record and credit reports?
- What will you get paid if your car is a total loss? How is that amount determined?
- Is the agent CPCU or CIC certified?
- When do they do policy reviews?
- Which members of your family are coverage by the policy?
If you receive satisfactory answers to these questions as well as offering an affordable quote, it's possible that you found an insurance agency that can be trusted to properly insure your vehicles. Just be aware that consumers can cancel a policy for any reason so don't feel you are locked into any specific agency with no way to switch.
Everyone needs different insurance coverages
When choosing the best insurance coverage for your vehicles, there really is not a single plan that fits everyone. Coverage needs to be tailored to your specific needs.
For example, these questions may help you determine if your situation might need an agent's assistance.
- Do I need medical payments coverage since I have good health insurance?
- What is an SR-22 filing?
- Will my insurance pay for OEM parts?
- When does my teenage driver need to be added to my policy?
- How much cheaper are high deductibles?
- Do I need higher collision deductibles?
- Does coverage extend to a rental car in a foreign country?
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. If you want to speak to an agent in your area, fill out this quick form. It's fast, doesn't cost anything and you can get the answers you need.
Specific coverage details
Learning about specific coverages of car insurance can help you determine the best coverages at the best deductibles and correct limits. Policy terminology can be ambiguous and coverage can change by endorsement.
This coverage pays for damage from a wide range of events other than collision. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for claims such as rock chips in glass, falling objects and theft. The maximum payout your car insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle's value it's probably time to drop comprehensive insurance.
Auto liability insurance
Liability coverage provides protection from damage that occurs to other's property or people that is your fault. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 25/50/25 which means a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Occasionally you may see a combined single limit or CSL that pays claims from the same limit rather than limiting it on a per person basis.
Liability coverage pays for things such as emergency aid, structural damage and attorney fees. How much liability should you purchase? That is a personal decision, but it's cheap coverage so purchase as large an amount as possible. Ohio state minimum liability requirements are 25/50/25 but it's recommended drivers buy higher limits.
The illustration below demonstrates why buying the state minimum limits may not provide you with enough coverage.
Uninsured or underinsured coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include medical payments for you and your occupants as well as damage to your Ford Mustang.
Because many people only purchase the least amount of liability that is required (which is 25/50/25), their liability coverage can quickly be exhausted. That's why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Usually these limits do not exceed the liability coverage limits.
Medical expense coverage
Medical payments and Personal Injury Protection insurance reimburse you for immediate expenses for surgery, nursing services, dental work, ambulance fees and EMT expenses. They can be used in conjunction with a health insurance policy or if you lack health insurance entirely. It covers both the driver and occupants in addition to if you are hit as a while walking down the street. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay
This pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things like backing into a parked car, sustaining damage from a pot hole and crashing into a ditch. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. It's also possible to bump up the deductible on your Mustang to bring the cost down.
A little work can save a LOT of money
The cheapest Ford Mustang insurance in Toledo is available online in addition to many Toledo insurance agents, and you need to price shop both to get a complete price analysis. Some insurance companies don't offer the ability to get quotes online and most of the time these small insurance companies sell through independent agents.
Consumers change insurance companies for many reasons like high rates after DUI convictions, delays in paying claims, poor customer service or policy non-renewal. It doesn't matter why you want to switch switching car insurance companies is easier than you think.
As you restructure your insurance plan, never buy lower coverage limits just to save a few bucks. There are a lot of situations where an insured dropped comprehensive coverage or liability limits and learned later that it was a big mistake. Your goal should be to get the best coverage possible at an affordable rate, not the least amount of coverage.
How to buy lower priced Ford Mustang insurance in Toledo
The best way we recommend to get more affordable auto insurance rates in Toledo is to begin comparing prices regularly from different companies who provide car insurance in Ohio.
- First, gain an understanding of how companies set rates and the measures you can control to keep rates down. Many things that result in higher rates such as speeding tickets, careless driving and an unacceptable credit score can be controlled by making minor changes to your lifestyle.
- Second, compare prices from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can give quotes from a single company like GEICO and Allstate, while agents who are independent can give you price quotes from multiple companies. Find a Toledo insurance agent
- Third, compare the quotes to your current policy premium to determine if switching companies saves money. If you find a lower rate quote, make sure there is no lapse between the expiration of your current policy and the new one.
- Fourth, give proper notification to your current agent or company of your intention to cancel your current coverage. Submit a completed policy application and payment to your new agent or company. When you receive it, safely store the proof of insurance paperwork in a readily accessible location in your vehicle.
One key aspect when comparing rates is that you'll want to compare the same physical damage deductibles and liability limits on each price quote and to quote with as many auto insurance providers as possible. This ensures an apples-to-apples comparison and the best price quote selection.
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