Save on 2016 Ford Shelby GT500 Car Insurance Rates in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: May 18, 2024

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Want better auto insurance rates for your Ford Shelby GT500? Having to pay for pricey Ford Shelby GT500 insurance can dwindle your funds and put a big crunch on your finances. Vehicle owners have so many insurers to purchase coverage from, and though it is a good thing to have a choice, more options can take longer to find the best rates for your vehicles.

Finding affordable coverage is not that difficult. If you currently have car insurance, you should be able to reduce your rates substantially using these tips. Vehicle owners only need to know the tricks to compare rates online.

Drivers save money with with these discounts

Insuring your fleet can be pricey, but there could be significant discounts that many consumers don’t even know exist. Most are applied when you complete an application, but a few need to be requested specifically before you will receive the discount.

  • Multiple Vehicles – Purchasing coverage when you have several vehicles on one policy qualifies for this discount.
  • Claim-Free Discount – Insureds with no claims or accidents pay less in comparison to insureds who have frequent claims or accidents.
  • Pay Early and Save – By paying your policy upfront rather than paying in monthly installments you could save up to 5%.
  • Anti-lock Brake System – Cars with ABS braking systems or traction control are safer to drive and the ABS can save up to 10%.
  • Safety Course Discount – Taking time to complete a defensive driving course is a good idea and can lower rates if your company offers it.
  • E-sign Discounts – Some companies may give you up to $50 for buying your policy over the internet.
  • Homeowners Discount – Owning a house can save a few bucks because of the fact that having a home shows financial diligence.

Discounts save money, but please remember that most discounts do not apply to the entire policy premium. Most only apply to individual premiums such as medical payments or collision. Despite the fact that it seems like having all the discounts means you get insurance for free, you’re out of luck.

A list of auto insurance companies and some of their more popular discounts can be found below.

  • GEICO may offer discounts for daytime running lights, good student, multi-vehicle, federal employee, emergency military deployment, membership and employees, and defensive driver.
  • Auto-Owners Insurance has savings for paperless, mature driver, teen driver, safe vehicle, and multi-policy.
  • American Family offers premium reductions for good driver, multi-vehicle, early bird, accident-free, air bags, bundled insurance, and defensive driver.
  • Esurance has discounts for emergency road assistance, claim free, Switch & Save, DriveSense, and anti-theft.
  • Progressive discounts include online signing, online quote discount, multi-policy, continuous coverage, and homeowner.
  • State Farm offers discounts including driver’s education, safe vehicle, good student, defensive driving training, and passive restraint.
  • AAA may include discounts for pay-in-full, anti-theft, good student, good driver, education and occupation, multi-policy, and AAA membership discount.

If you are trying to find cheap insurance quotes, ask each company or agent which discounts you may be entitled to. Some credits might not be offered in every state. If you would like to choose from a list of companies that offer the discounts shown above, enter your zip code here.

Learn how to lower your insurance prices

One of the most helpful ways to save on auto insurance is to to have a grasp of the factors that aid in calculating your policy premiums. If you have a feel for what impacts premium levels, this allows you to make good choices that may result in better auto insurance rates.

The list below includes most of the major factors used by your company to calculate your premiums.

  • Your location is important – Choosing to live in smaller towns and rural areas of the country may provide you with better prices if you are looking for the lowest rates. Drivers who live in large cities tend to have traffic congestion and a longer drive to work. Less people translates into fewer accidents as well as less vandalism and auto theft.
  • Never have auto insurance policy lapses – Having an insurance coverage lapse can be a sure-fire way to increase your rates. In addition to paying higher rates, getting caught without coverage could earn you a fine, jail time, or a revoked license. You will then be forced to prove you have insurance by filing a SR-22 with your state motor vehicle department to get your license reinstated.
  • Premiums are affected by your credit score – Credit score factor in calculating your premium rate. So if your credit can be improved, you could save money insuring your 2016 Ford Shelby GT500 by taking the time to improve your credit score. Drivers with high credit scores tend to be more responsible and file fewer claims than those with bad credit.
  • More policies can equal more savings – Lots of auto insurance companies give lower prices for people that have more than one policy. It’s known as a multi-policy discount. The discount can be 10 percent or more. Even though this discount sounds good, you still need to comparison shop to make sure you are getting the best deal. There is a good possibility that you can save money even if you have your coverage with different companies.

Your situation helps dictate your coverage

When choosing proper insurance coverage for your personal vehicles, there isn’t really a single plan that fits everyone. Each situation is unique so this has to be addressed. For example, these questions can aid in determining if your insurance needs might need an agent’s assistance.

  • What is the ISO rating for a 2016 Ford Shelby GT500?
  • Is my 2016 Ford Shelby GT500 covered for flood damage?
  • What can I do if my company won’t pay a claim?
  • When should I drop full coverage on my 2016 Ford Shelby GT500?
  • Why does it cost so much to insure a teen driver?
  • If I drive on a suspended license am I covered?
  • Can I make deliveries for my home business?
  • What if I owe more than I can insure my car for?
  • Am I covered when driving someone else’s vehicle?

If you can’t answer these questions, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, simply complete your zip code. It’s fast, free and can provide invaluable advice.

Car insurance coverages explained

Having a good grasp of a car insurance policy helps when choosing the best coverages and the correct deductibles and limits. Policy terminology can be confusing and reading a policy is terribly boring. Shown next are typical coverage types found on the average car insurance policy.

Collision coverage – This covers damage to your Shelby GT500 resulting from a collision with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims like backing into a parked car, rolling your car and driving through your garage door. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. It’s also possible to raise the deductible to get cheaper collision coverage.

Liability coverages – Liability insurance provides protection from injuries or damage you cause to other people or property by causing an accident. It protects you from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. You might see liability limits of 50/100/50 which means $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and property damage coverage for $50,000.

Liability insurance covers things like legal defense fees, emergency aid, attorney fees, bail bonds and loss of income. How much liability should you purchase? That is up to you, but it’s cheap coverage so purchase as large an amount as possible.

Comprehensive coverage – This coverage pays for damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for things like a tree branch falling on your vehicle, theft, falling objects and damage from flooding. The most a car insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Uninsured/Underinsured Motorist coverage – This gives you protection when other motorists either have no liability insurance or not enough. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.

Because many people only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. So UM/UIM coverage is important protection for you and your family.

Medical payments coverage and PIP – Med pay and PIP coverage reimburse you for immediate expenses like hospital visits, prosthetic devices, nursing services, EMT expenses and ambulance fees. They can be used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover you and your occupants as well as being hit by a car walking across the street. Personal Injury Protection is not universally available and may carry a deductible

Never pay more for less

You just learned many tips how you can save on 2016 Ford Shelby GT500 insurance. The most important thing to understand is the more rate comparisons you have, the better your comparison will be. You may be surprised to find that the best premium rates are with a company that doesn’t do a lot of advertising. They often have lower prices on specific markets as compared to the big name companies such as State Farm or Progressive.

When trying to cut insurance costs, make sure you don’t skimp on critical coverages to save a buck or two. In many cases, an accident victim reduced collision coverage only to find out that the small savings ended up costing them much more. Your goal is to buy the best coverage you can find at a price you can afford, not the least amount of coverage.

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