Cheapest Ford Mustang Insurance in Plano

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Ford Mustang insurance cost
Ford Mustang insurance cost image courtesy of QuoteInspector.com

It's safe to assume that insurance companies don't want you to look at other companies. People who shop around for cheaper rates are likely to switch companies because there are good odds of finding a more affordable policy. Remarkably, a study showed that people who make a habit of shopping around saved $865 annually as compared to drivers who never shopped around for better prices.

If saving money on auto insurance is your ultimate objective, then understanding how to find companies and compare insurance can help you succeed in saving money.

Insurance rates Ford Mustang in PlanoIf saving the most money is your goal, then the best way to get more affordable Ford Mustang insurance in Plano is to regularly compare quotes from different companies in Texas.

  • Step 1: Get a basic knowledge of how insurance companies determine prices and the things you can change to keep rates low. Many rating factors that increase rates such as your driving record and a substandard credit score can be eliminated by paying attention to minor details. Read the full article for more information to help prevent high rates and find overlooked discounts.
  • Step 2: Request price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give rate quotes from a single company like GEICO or State Farm, while independent agencies can provide price quotes for a wide range of insurance providers.
  • Step 3: Compare the price quotes to your current policy to see if a cheaper price is available in Plano. If you find a lower rate, make sure coverage does not lapse between policies.
  • Step 4: Provide notification to your current agent or company of your intention to cancel your current auto insurance policy and submit any necessary down payment along with the completed application to your new insurance company. Make sure you place the new certificate verifying coverage in your glove compartment.

One key aspect when comparing rates is to use the same liability limits and deductibles on every price quote and and to get quotes from as many companies as you can. Doing this enables an apples-to-apples comparison and the best price selection.

Most companies make it easy to get insurance quotes on their websites. Getting Ford Mustang insurance prices online can be done by anyone because it's just a matter of typing in the coverage amounts you desire into a form. After the form is submitted, the company's rating system automatically orders your credit score and driving record and quotes a price based on the data you entered.

Using the web to get rate quotes for Ford Mustang insurance in Plano streamlines rate comparisons, and it's absolutely necessary to compare as many rates as possible in order to get the cheapest price possible.

If you want to compare rates using this form now, compare rates from the companies below. If you have your current policy handy, we recommend you replicate your coverages just like they are on your policy. Using the same limits helps guarantee you will get a fair comparison for the exact same coverage.

The companies shown below are ready to provide comparison quotes in Texas. To locate the best cheap car insurance in Plano, TX, it's a good idea that you visit as many as you can to get a more complete price comparison.

Coverage statistics and figures

The rate table shown below outlines a range of insurance rates for Ford Mustang models. Learning more about how insurance policy premiums are calculated can assist in making informed decisions when comparing rate quotes.

Ford Mustang Insurance Rates in Plano, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $142 $312 $366 $22 $110 $952 $79
Mustang 2-Dr Coupe $142 $312 $458 $28 $136 $1,076 $90
Mustang GT 2-Dr Convertible $160 $360 $366 $22 $110 $1,018 $85
Mustang GT 2-Dr Coupe $160 $360 $458 $28 $136 $1,142 $95
Mustang Shelby GT500 2-Dr Convertible $178 $454 $366 $22 $110 $1,130 $94
Mustang Shelby GT500 2-Dr Coupe $196 $502 $458 $28 $136 $1,320 $110
Get Your Own Custom Quote Go

Above prices assume married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Information does not factor in specific location information which can influence prices considerably.

The information below shows how different deductible levels and can impact Ford Mustang premium costs for different age groups of insureds. The prices are based on a married male driver, comprehensive and collision coverage, and no discounts are applied.

Annual premiums for males compared to females

The example below illustrates the comparison of Ford Mustang yearly insurance costs for male and female drivers. The data is based on no accidents, no driving violations, comprehensive and collision coverage, $100 deductibles, marital status is single, and no discounts are applied.

Why you need auto insurance

Despite the high cost, buying auto insurance may not be optional for several reasons.

  • Almost all states have minimum mandated liability insurance limits which means it is punishable by state law to not carry a specific level of liability in order to get the vehicle licensed. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
  • If you bought your Mustang with a loan, most lenders will require you to have comprehensive coverage to ensure they get paid if you total the vehicle. If the policy lapses, the bank may buy a policy for your Ford for a much higher rate and require you to fork over for the much more expensive policy.
  • Insurance safeguards not only your car but also your financial assets. It will also reimburse you for many types of medical costs for both you and anyone you injure as the result of an accident. Liability coverage, the one required by state law, also covers legal expenses if you are sued as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive coverages will pay to repair the damage minus the deductible amount.

The benefits of having auto insurance are without a doubt worth the cost, particularly if you ever have a claim. But the average American driver overpays more than $865 each year so you should quote your policy with other companies once a year at a minimum to make sure the price is not too high.

Car insurance coverages and their meanings

Having a good grasp of a car insurance policy aids in choosing the best coverages and proper limits and deductibles. Policy terminology can be impossible to understand and reading a policy is terribly boring.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage pay for expenses for things like pain medications, rehabilitation expenses and surgery. They are used in conjunction with a health insurance plan or if there is no health insurance coverage. They cover all vehicle occupants and will also cover getting struck while a pedestrian. PIP is only offered in select states and may carry a deductible

Liability insurance

Liability insurance provides protection from damage or injury you incur to people or other property that is your fault. 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. You commonly see liability limits of 30/60/25 which stand for a $30,000 limit per person for injuries, a per accident bodily injury limit of $60,000, and property damage coverage for $25,000.

Liability coverage protects against claims such as funeral expenses, attorney fees, emergency aid, loss of income and repair costs for stationary objects. How much coverage you buy is a decision to put some thought into, but it's cheap coverage so purchase as large an amount as possible. Texas requires minimum liability limits of 30/60/25 but you should consider buying better liability coverage.

The next chart demonstrates why buying minimum limits may not be high enough to cover claims.

Comprehensive insurance

This pays for damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims such as damage from a tornado or hurricane, a broken windshield and hail damage. The most a car 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.

Auto collision coverage

This pays to fix your vehicle from damage caused by collision with another vehicle or an object, but not an animal. A deductible applies then the remaining damage will be paid by your insurance company.

Collision insurance covers claims like damaging your car on a curb, sideswiping another vehicle and colliding with a tree. This coverage can be expensive, so you might think about dropping it from vehicles that are older. It's also possible to raise the deductible on your Mustang in order to get cheaper collision rates.

Uninsured/Underinsured Motorist (UM/UIM)

This gives you protection from other motorists when they do not carry enough liability coverage. It can pay for medical payments for you and your occupants and also any damage incurred to your Ford Mustang.

Due to the fact that many Texas drivers only purchase the least amount of liability that is required (30/60/25), their limits can quickly be used up. This is the reason having UM/UIM coverage is very important.

Best auto insurance company in Texas

Ending up with a highly-rated car insurance company can be rather challenging considering how many choices drivers have in Plano. The ranking information shown below could help you analyze which providers to look at purchasing coverage from.

Top 10 Plano Car Insurance Companies Ranked by Claims Service

  1. Travelers
  2. Nationwide
  3. Allstate
  4. State Farm
  5. Liberty Mutual
  6. GEICO
  7. American Family
  8. Esurance
  9. Titan Insurance
  10. AAA Insurance

Top 10 Plano Car Insurance Companies Overall

  1. Travelers
  2. USAA
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Allstate
  7. State Farm
  8. The Hartford
  9. Safeco Insurance
  10. Progressive