Cheapest 2007 Ford Mustang Insurance Rates in 2023
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UPDATED: Mar 9, 2020
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Searching for the cheapest insurance coverage rates? Consumers have lots of choices when looking for the best price on Ford Mustang insurance. They can either spend hours struggling with agents getting price quotes or save time using the internet to get rate quotes. There are both good and bad ways to compare insurance coverage rates so you’re going to learn the best way to price shop coverage for a Ford and locate the lowest price either online or from local insurance agents.
Choosing the best insurance company for you is not that difficult. If you currently have a car insurance policy, you should be able to reduce your rates substantially using these methods. Drivers just need to understand the most effective way to get comparison quotes online.
Comprehensive Insurance Comparison
Reducing your 2007 Ford Mustang insurance rates isn’t really that difficult. You just need to spend a little time getting comparison quotes online from several insurance companies. This can be accomplished using a couple different methods.
- The first (and easiest) way to find low rates is a comparison rater form (click to open form in new window). This method keeps you from doing separate quotes for each company you want a rate for. Completing one form will return price quotes from all major companies. Just one form and you’re done.
- A different way to get comparison quotes requires you to visit each company’s website to request a price quote. For sake of this example, we’ll pretend you want rates from Auto-Owners, Esurance and Liberty Mutual. To find out each rate you need to spend time on each company’s site to enter your coverage information, and that’s why the first method is more popular.
For a list of links to companies insuring cars in your area, click here.
Which method you use is up to you, but make absolute certain that you use identical coverage limits on every quote. If the quotes have higher or lower deductibles it will be next to impossible to determine which rate is truly the best.
Best discounts on 2007 Ford Mustang coverage
Companies that sell car insurance do not advertise all their discounts very well, so here is a list some of the best known and the harder-to-find savings tricks you should be using. If you don’t get every credit you deserve, you’re just leaving money on the table.
- Discount for New Cars – Adding a new car to your policy can save up to 30% since new cars are generally safer.
- 55 and Retired – Mature drivers may be able to get a discount up to 10% on Mustang coverage.
- Resident Student – Any of your kids who live away from home without a vehicle on campus may be able to be covered for less.
- Sign Early and Save – Some companies give discounts for buying a policy before your current policy expires. It can save you around 10%.
- Life Insurance – Companies who offer life insurance give a break if you buy a life insurance policy as well.
- Braking Control Discount – Vehicles with anti-lock braking systems are safer to drive and qualify for as much as a 10% discount.
- Drivers Education – Have your child take driver’s ed class in high school.
Drivers should understand that many deductions do not apply to the overall cost of the policy. Most only reduce specific coverage prices like medical payments or collision. So even though they make it sound like you can get free auto insurance, you’re out of luck.
For a list of providers with the best auto insurance discounts, click this link.
Tailor your coverage to you
When buying adequate coverage, there isn’t really a one size fits all plan. Everyone’s situation is unique.
Here are some questions about coverages that may help you determine if your insurance needs would benefit from an agent’s advice.
- Do I need roadside assistance coverage?
- Does my 2007 Ford Mustang qualify for pleasure use?
- Is borrowed equipment or tools covered if stolen or damaged?
- Am I covered if I hit my neighbor’s mailbox?
- Will my insurance pay for OEM parts?
- Is there coverage for injuries to my pets?
- Where can I find DUI or SR-22 insurance?
- Do I need to file an SR-22 for a DUI in my state?
- Are my friends covered when driving my car?
- Am I covered when driving in Canada or Mexico?
If you can’t answer these questions, you may need to chat with an insurance agent. To find an agent in your area, complete this form. It only takes a few minutes and can provide invaluable advice.
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Pieces of the Ford Mustang insurance rate puzzle
Consumers need to have an understanding of the factors that play a part in calculating your insurance coverage rates. Knowing what influences your rates empowers consumers to make smart changes that will entitle you to better insurance coverage rates.
Shown below are some of the items used by your company to calculate prices.
- Your occupation can affect rates – Did you know your job can affect your rates? Jobs such as judges, executives and dentists tend to pay the highest average rates in part from high stress and lengthy work days. Other professions such as scientists, historians and homemakers have the lowest average rates on Mustang coverage.
- A clean driving record saves money – A bad driving record has a huge affect on how much you pay. Even one citation can bump up the cost by as much as thirty percent. Drivers who don’t get tickets have lower premiums compared to drivers with tickets. If you have flagrant violations like DUI or reckless driving may find they need to file a proof of financial responsibility form (SR-22) with their state DMV in order to keep their license.
- Liability coverage protects you – The liability section of your policy provides coverage if a jury decides you are liable for damages from an accident. It provides legal defense coverage which can be incredibly expensive. Carrying liability coverage is mandatory and cheap compared to insuring for physical damage coverage, so buy as much as you can afford.
- Car features impact rates – Owning a car with an alarm system can get you a discount on your insurance coverage. Theft prevention devices such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can help prevent your vehicle from being stolen.
- The more you drive the more you pay – Driving more miles in a year the higher your rates will be. Most companies apply a rate based on their usage. Cars not used for work or commuting get more affordable rates than vehicles that are driven to work every day. Improper usage on your Mustang can cost quite a bit. Ask your agent if your insurance coverage coverage is showing the proper vehicle usage.
Specific coverages for a Ford Mustang
Learning about specific coverages of insurance helps when choosing the right coverages and the correct deductibles and limits. Policy terminology can be difficult to understand and reading a policy is terribly boring.
Collision coverage – Collision insurance pays for damage to your Mustang from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers claims like backing into a parked car, crashing into a ditch, rolling your car and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. You can also bump up the deductible to get cheaper collision coverage.
Medical payments and PIP coverage – Med pay and PIP coverage reimburse you for expenses for things like surgery, prosthetic devices, funeral costs and pain medications. They can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover you and your occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state and may carry a deductible
Comprehensive auto coverage – This will pay to fix damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers claims such as damage from a tornado or hurricane, damage from getting keyed, fire damage and vandalism. The most your insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.
UM/UIM (Uninsured/Underinsured Motorist) coverage – This gives you protection from other drivers 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 your vehicle’s damage.
Since many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. So UM/UIM coverage is a good idea.
Auto liability insurance – This coverage can cover injuries or damage you cause to other people or property that is your fault. It protects you against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.
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 values of 50/100/50 that translate to a limit of $50,000 per injured person, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property.
Liability can pay for claims such as attorney fees, medical expenses, repair bills for other people’s vehicles, legal defense fees and loss of income. The amount of liability coverage you purchase is a personal decision, but it’s cheap coverage so purchase as large an amount as possible.
Be a smart shopper
Lower-priced 2007 Ford Mustang insurance is available both online as well as from independent agents, and you need to comparison shop both in order to have the best price selection to choose from. Some companies don’t offer online price quotes and many times these small, regional companies only sell through independent insurance agents.
As you shop your coverage around, you should never buy poor coverage just to save money. There have been many situations where an insured cut comprehensive coverage or liability limits and found out when filing a claim that it was a big error on their part. Your strategy should be to get the best coverage possible at the best price.
Consumers change insurance companies for a variety of reasons including unfair underwriting practices, high prices, delays in paying claims or even policy non-renewal. It doesn’t matter what your reason, finding a new car insurance company can be easier than you think.
Much more information about car insurance is located at the links below
- Understanding your Policy (NAIC.org)
- Driving in Bad Weather (Insurance Information Insitute)
- Top Signs Your Brakes are Giving Out (State Farm)
- Things to Know Before you Cancel Insurance (Allstate)
- What if I Can’t Find Coverage? (Insurance Information Insitute)
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