Affordable Ford Mustang Insurance in Dallas

Insurance quote for Ford Mustang in DallasThe best way to get low-cost car insurance rates is to compare prices at least once a year from providers who sell insurance in Dallas. You can compare prices by following these steps.

The key aspect of shopping around is to make sure you enter identical deductibles and limits on each price quote and and to get prices from every company you can. Doing this helps ensure an accurate price comparison and many rates to choose from.

Anyone knows that car insurance companies don’t want you shop around. People who rate shop once a year are likely to buy a new policy because of the high probability of finding a lower-priced company. A recent survey revealed that people who routinely shopped for cheaper coverage saved as much as $3,400 over four years compared to policyholders who never shopped around.

If finding discount rates on insurance is your ultimate objective, understanding the best way to shop and compare insurance can save time, money, and frustration.

If you already have coverage or are just looking to switch companies, you can follow these tips to save money without reducing protection. Locating the most cost-effective auto insurance policy in Dallas is actually very simple if you learn how to start. Smart buyers only have to learn the best way to compare company rates online from multiple companies.

The companies shown below can provide comparison quotes in Texas. If multiple companies are shown, we suggest you visit as many as you can to get the best price comparison.

Ford Mustang insurance rate analysis

The information below showcases a range of policy rates for Ford Mustang models. Learning as much as possible about how prices are determined is important for drivers to make decisions on which insurance to purchase.

Ford Mustang Insurance Rates in Dallas, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $156 $360 $430 $26 $128 $1,100 $92
Mustang 2-Dr Coupe $156 $360 $538 $32 $162 $1,248 $104
Mustang GT 2-Dr Convertible $176 $414 $430 $26 $128 $1,174 $98
Mustang GT 2-Dr Coupe $176 $414 $538 $32 $162 $1,322 $110
Mustang Shelby GT500 2-Dr Convertible $196 $524 $430 $26 $128 $1,304 $109
Mustang Shelby GT500 2-Dr Coupe $216 $578 $538 $32 $162 $1,526 $127
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Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Table data does not factor in zip code location which can increase or decrease coverage rates noticeably.

Higher deductibles save money

When buying car insurance, a common question is how high or low should comp and collision deductibles be. The figures shown below may help to conceptualize how much more rates are of buying low and high comp and collision deductibles. The first rate table uses a $100 physical damage deductible and the second price chart uses a $1,000 deductible.

Ford Mustang insurance premium rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $328 $698 $382 $22 $114 $1,569 $131
Mustang 2-Dr Coupe $328 $698 $476 $28 $142 $1,697 $141
Mustang GT 2-Dr Convertible $370 $804 $382 $22 $114 $1,717 $143
Mustang GT 2-Dr Coupe $370 $804 $476 $28 $142 $1,845 $154
Mustang Shelby GT500 2-Dr Convertible $412 $1014 $382 $22 $114 $1,969 $164
Mustang Shelby GT500 2-Dr Coupe $454 $1120 $476 $28 $142 $2,245 $187
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Ford Mustang insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $182 $368 $382 $22 $114 $1,068 $89
Mustang 2-Dr Coupe $182 $368 $476 $28 $142 $1,196 $100
Mustang GT 2-Dr Convertible $206 $424 $382 $22 $114 $1,148 $96
Mustang GT 2-Dr Coupe $206 $424 $476 $28 $142 $1,276 $106
Mustang Shelby GT500 2-Dr Convertible $228 $534 $382 $22 $114 $1,280 $107
Mustang Shelby GT500 2-Dr Coupe $252 $590 $476 $28 $142 $1,488 $124
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Rates do not factor in specific garaging location which can lower or raise prices noticeably.

Based on the above data, using a $100 deductible costs approximately $49 more each month or $588 a year than buying the higher $1,000 deductible. Since you would have to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 18 months between claims, you would save money if you opt for a higher deductible.

Calculation for determining deductible levels

Average monthly premium for $100 deductibles: $153
Average monthly premium for $1,000 deductibles (subtract): – $104
Monthly savings from raising deductible: $49
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $49
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 18 months

Car insurance rates are higher with tickets and accidents

The chart below shows how speeding tickets and accidents can increase Ford Mustang premium costs for different age categories. The information is based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are factored in.

Difference between liability only and full coverage rates

The diagram below shows the comparison of Ford Mustang insurance costs with full coverage compared to only the Texas minimum liability coverage. The premiums assume no violations or claims, $250 deductibles, drivers are not married, and no other discounts are factored in.

When to stop buying physical damage coverage

There is no specific rule to exclude full coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.

For example, let’s assume your Ford Mustang replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, you would only receive $2,000 after you pay the deductible. If you are currently paying more than $200 annually for your policy with full coverage, then you might want to consider buying only liability coverage.

There are some conditions where eliminating full coverage is not a good idea. If you still have a loan on your vehicle, you are required to maintain full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not opt for liability only.

Learn How to Buy Auto Insurance More Affordably

Many factors are used in the calculation when you quote your car insurance policy. Most are fairly basic like your driving record, but others are more transparent such as your credit history or how financially stable you are.

The list below includes some of the items utilized by car insurance companies to help set prices.

Lower premiums for safer cars – Safe vehicles get lower rates. Highly rated vehicles protect occupants better and reduced instances of injuries translates into savings for insurance companies which can result in lower premiums. If the Ford Mustang has at least four stars on you may pay a lower rate.

Urban areas may pay more – Residing in less populated areas of the country is a good thing when trying to find low car insurance rates. City drivers have to deal with more aggressive driving styles and much longer commute distances. Less people living in that area corresponds to lower accident rates.

Youthful drivers cost more – Teen drivers in Texas are statistically shown to be easily distracted behind the wheel so they pay higher auto insurance rates. Adding a first-time driver to your auto insurance policy can be quite pricey. More experienced drivers are shown to be more cautious, cause fewer claims and accidents, and tend to be get fewer driving tickets.

The following chart uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.

Insurance rates for married couples – Having a wife or husband actually saves money on your auto insurance policy. Having a significant other translates into being more mature than a single person and statistics show drivers who are married are more cautious.

Drivers with good credit save on auto insurance – An insured’s credit score can be an important factor in calculating your premium rate. People with high credit scores tend to be more responsible and file fewer claims than drivers who have lower credit scores. If your credit leaves room for improvement, you may save money insuring your Ford Mustang by improving your rating.

Amount of liability coverage – The liability section of your policy is the protection if ever a jury decides you are liable for damages caused by your negligence. This coverage provides you with a defense in court up to the limits shown on your policy. Liability is cheap compared to insuring for physical damage coverage, so drivers should make sure they buy enough to cover all assets.

File policy claims and pay more – Car insurance companies in Texas give discounts to policyholders who do not file claims often. If you are a frequent claim filer, you can look forward to either higher rates or even cancellation. Your insurance policy is designed for claims that pose a financial burden.

Avoid unnecessary extra policy coverages – There are a ton of optional add-on coverages that you can buy but may not be useful. Coverages for replacement cost coverage, better glass coverage, and motor club memberships may be wasting your money. The coverages may be enticing when buying your policy, but if you have no use for them eliminate the coverages to reduce your premium.

Insurance losses for a Ford Mustang – Auto insurance companies study historical loss data to calculate a price that will offset losses. Models that the data determines to have higher number or severity of losses will cost more for coverage. The next table illustrates the insurance loss data used by companies for Ford Mustang vehicles.

For each coverage category, the loss probability for all vehicles, regardless of make, model or trim level, is equal to 100. Percentage values below 100 indicate better than average losses, while numbers that are greater than 100 point to more claims or an increased likelihood of larger losses.

Insurance Loss Ratings for Ford Mustang Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Ford Mustang 2dr 175 80 131 109 136 117
Ford Mustang GT 2dr 171 61 143 82

Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Best reasons to buy auto insurance in Texas

Even though it’s not necessarily cheap to insure a Ford in Dallas, paying for auto insurance is most likely required but also gives you several important benefits.

First, the majority of states have mandatory liability insurance requirements which means state laws require a specific level of liability insurance if you don’t want to risk a ticket. 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.

Second, if you have a loan on your vehicle, more than likely the lender will require you to have comprehensive coverage to ensure the loan is repaid in case of a total loss. If you let the policy lapse, the bank will be required to insure your Ford at a significantly higher premium and require you to reimburse them for the much more expensive policy.

Third, insurance safeguards not only your vehicle but also your assets. Insurance will also pay for medical bills for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, your auto insurance policy will pay to restore your vehicle to like-new condition.

The benefits of carrying enough insurance are definitely more than the cost, specifically if you ever have a liability claim. The average driver in America is wasting up to $855 a year so you should quote rates at every renewal to ensure rates are competitive.