Cheapest 2018 Ford Mustang Insurance Rates in 2023
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UPDATED: Apr 19, 2022
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Searching for better insurance prices for a Ford Mustang could be an all-consuming task, but you can learn our car insurance buying tips and make it easy. There are both good and bad ways to compare car insurance rates so we’re going to tell you the quickest way to get price quotes for your Ford and get the lowest price either online or from local insurance agents.
It’s a good idea to do price comparisons every six months since insurance prices are adjusted regularly by insurance companies. If you had the best rates for Mustang insurance a year ago a different company probably has better rate quotes today. Ignore everything you know about car insurance because you’re going to get a crash course in the best methods to find lower rates on car insurance.
If you have a current auto insurance policy or are shopping for new coverage, you can use these tips to cut your premiums and still get good coverage. Buying affordable auto insurance is easy if you know what you’re doing. Consumers just need to know the tricks to shop online.
How Your Mustang Insurance Premiums are Determined
An important part of buying insurance for your 2018 Mustang is knowing some of the things that are used to determine your policy premiums. If you have a feel for what impacts premium levels, this enables you to make decisions that will entitle you to much lower annual insurance costs. Many different elements are part of the equation when you quote your car insurance policy. Some factors are common sense such as your driving history, although some other factors are less obvious such as your credit history or how financially stable you are.
- Lower prices for being claim-free – If you frequently file small claims, you can expect increased rates or even have your policy non-renewed. Auto insurance companies provide cheaper rates to people who file claims infrequently. Your car insurance is intended for claims that you cannot pay yourself.
- Do you really need the add-on coverages? – There are many optional add-on coverages that you can buy if you aren’t careful. Insurance for rental car reimbursement, death and dismemberment, and Farm Bureau memberships may be costing you every month. They may seem like a good idea when discussing your needs, but your needs may have changed so remove them and pocket the money.
- Certain vocations raise prices – Do you have a high-stress occupation? Jobs like real estate brokers, business owners and accountants have higher rates than average in part from intense work situations and lengthy work days. On the other hand, jobs such as scientists, historians and performers get better rates for Mustang insurance.
- A insurance policy lapse can increase premiums – Going without insurance is a guaranteed way to pay more for insurance. In addition to paying higher premiums, not being able to provide proof of insurance might get you fines or a revoked license. You may need to prove you have insurance by filing an SR-22 with your state DMV.
How to Compare Insurance Rate Quotes
Shopping for lower insurance rates can be challenging if you don’t utilize the most efficient way to do it. You can spend countless hours driving to agents in your area, or you can stay home and use online quotes for quick rates.
Most major companies enroll in a system where prospective buyers enter their policy data once, and at least one company then gives them pricing based on the submitted data. This prevents consumers from doing form submissions to each company.
To compare rates now click here (opens in new window).
The only downside to doing it this way is you don’t know exactly the providers you want to price. If you prefer to choose individual companies to compare, we have a page of the cheapest insurance companies in your area. View list of insurance companies.
How you compare quotes is your choice, just ensure you are comparing exactly the same quote data for each comparison quote. If your comparisons have different limits and deductibles on each one you will not be able to get a fair rate comparison.
Big Brands Don’t Always Mean Big Savings
Consumers constantly see and hear ads that claim the lowest rates from companies such as State Farm, GEICO and Progressive. All the companies try to convey promises that people will save if you switch your insurance coverage coverage to their company.
But how can every company have lower policy pricing? It’s all in how they say it.
Insurance coverage companies give the best rates for the type of customer that will be a good risk. For instance, a profitable insured might be described as a mature driver, has a low-risk occupation, and insures a new vehicle. A prospective insured that fits those parameters will probably get cheap premium rates and will also save some money.
Insureds who don’t measure up to the requirements may be forced to pay a higher rate which results in the customer not purchasing. If you listen to the ad wording, they say “drivers who switch” not “everybody who quotes” save the amount stated. That is how companies can truthfully make it sound like they have such great car insurance rates. Because of this risk profiling, it’s extremely important to do a rate comparison at every renewal. It’s just not possible to know which insurance coverage company will have the best rates for your profile.
Find Discounts to Get Cheap Insurance Quotes
Insurance can cost an arm and a leg, but there could be available discounts to help bring down the price. Many of these discounts will be applied automatically at quote time, but a few need to be specially asked for before they will apply.
- Seat Belts Save more than Lives – Drivers who require all vehicle occupants to buckle up can save up to 15% on the medical payments or PIP coverage costs.
- Low Mileage – Keeping the miles down on your Ford could be rewarded with lower premium rates on the low mileage vehicles.
- Own a Home and Save – Owning your own home or condo may trigger a policy discount on insurance because of the fact that having a home demonstrates responsibility.
- Drivers Ed for Students – Cut your cost by having your teen driver successfully complete driver’s ed class as it can save substantially.
- Military Discounts – Having a family member in the military could be rewarded with lower premium rates.
- Save with More Vehicles Insured – Buying insurance for more than one vehicle with the same insurance company can reduce rates for all insured vehicles.
- Renewal Discounts – Some insurance companies provide a discount for renewing your policy early. You can save around 10% with this discount.
- Professional Organizations – Affiliation with qualifying clubs or civic groups can get you a small discount on your policy.
- Good Students Pay Less – Getting good grades can earn a discount of 20% or more. Most companies allow this discount up until you turn 25.
One thing to note about discounts is that some credits don’t apply to the entire cost. Some only reduce individual premiums such as comp or med pay. If you do the math and it seems like you could get a free insurance policy, it’s just not the way it works.
Shopping for 2018 Ford Mustang insurance at an affordable rate? Some companies that possibly offer these discounts are:
- The Hartford
- State Farm
If you need lower rates, check with all the companies which discounts you qualify for. Some of the discounts discussed earlier may not be offered in every state. For a list of insurance companies who offer online insurance quotes, follow this link.
Tailor Your Auto Insurance Coverage to You
When buying the best auto insurance coverage, there isn’t really a “best” method to buy coverage. Everyone’s situation is a little different.
For instance, these questions might help in determining whether you could use an agent’s help.
- Is borrowed equipment or tools covered if stolen or damaged?
- Am I better off with higher deductibles on my 2018 Ford Mustang?
- Is extra glass coverage worth it?
- Why do I only qualify for high-risk insurance?
- What is the rate difference between pleasure use and commuting?
- What is UM/UIM insurance?
- Should I rate my 2018 Ford Mustang as pleasure use or commute?
If you can’t answer these questions, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, simply complete this short form. It’s fast, free and can help protect your family.
Educate Yourself About Insurance Coverages
Having a good grasp of insurance can help you determine appropriate coverage for your vehicles. The coverage terms in a policy can be confusing and coverage can change by endorsement.
Comprehensive coverage – This will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against things like a tree branch falling on your vehicle, vandalism, hail damage and damage from getting keyed. The most you’ll receive from a claim is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.
Uninsured/Underinsured Motorist coverage – This coverage gives you protection when other motorists either have no liability insurance or not enough. Covered claims include injuries to you and your family and also any damage incurred to your Ford Mustang.
Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is very important.
Medical payments coverage and PIP – Med pay and PIP coverage pay for short-term medical expenses like ambulance fees, surgery, dental work, nursing services and X-ray expenses. They are utilized in addition to your health insurance policy or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants as well as any family member struck as a pedestrian. PIP coverage is not an option in every state and gives slightly broader coverage than med pay
Collision coverages – Collision coverage pays for damage to your Mustang caused by collision with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims like crashing into a ditch, colliding with another moving vehicle, backing into a parked car and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. You can also choose a higher deductible to get cheaper collision coverage.
Coverage for liability – This protects you from damage or injury you incur to other’s property or people by causing an accident. This coverage protects you against other people’s claims. It does not cover your own vehicle damage or injuries.
Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 50/100/50 that means you have $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property.
Liability coverage pays for claims such as medical services, legal defense fees, emergency aid, funeral expenses and repair bills for other people’s vehicles. The amount of liability coverage you purchase is up to you, but you should buy as much as you can afford.
More Choices The Merrier
In this article, we covered some good ideas how you can shop for 2018 Ford Mustang insurance online. The key thing to remember is the more price quotes you have, the better your chances of lowering your car insurance rates. You may even find the lowest priced insurance comes from an unexpected company.
People switch companies for any number of reasons including delays in responding to claim requests, not issuing a premium refund, policy cancellation or lack of trust in their agent. It doesn’t matter what your reason, choosing a new insurance company can be easier than you think.
As you quote insurance, you should never reduce coverage to reduce premium. Too many times, consumers will sacrifice comprehensive coverage or liability limits and found out when filing a claim they didn’t purchase enough coverage. Your objective should be to buy enough coverage for the lowest cost, but do not sacrifice coverage to save money.
For more information, feel free to visit the following helpful articles:
- Teen Driving Statistics (iihs.org)
- Five Tips to Save on Auto Insurance (Insurance Information Institute)
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