2020 Ford Shelby GT500 Insurance Cost in 2024

Having to pay for pricey car insurance can sap your monthly budget and force you to make tough financial choices. Getting a rate comparison can be a smart way to tighten up your finances.

Because there are so many insurance providers from which to choose, it can be impossible to choose a more affordable insurance company.

It’s smart to do price comparisons once or twice a year since insurance prices change quite often. Despite the fact that you may have had the lowest rate for Shelby GT500 insurance a year ago a different company probably has better premium rates today. Forget anything you know (or think you know) about car insurance because you’re going to learn the proper way to find lower rates on car insurance.

This article will teach you the best way to quote coverages and some tips to save money. If you are paying for car insurance now, you will be able to save some money using this strategy. But consumers can benefit by having an understanding of how the larger insurance companies sell insurance online.

How to lower your insurance coverage cost

There are a lot of ways you can shop for insurance coverage and some are more efficient than others. You can spend countless hours discussing policy coverages with insurance agencies in your area, or you could use the web to maximize your effort.

Most of the best insurance companies participate in an industry program where insurance shoppers enter their policy data once, and each participating company can give them a price based on the submitted data. This system prevents you from having to do quote requests to each company. To participate in this free quote system, enter your zip code here.

One minor caveat to using this type of system is that consumers can’t choose the companies you want to price. If you prefer to choose specific insurance companies to request quotes from, we put together a list of the cheapest insurance coverage companies in your area. Click to enter zip code.

However you get your quotes, make sure you are using the same coverage limits on every price quote you get. If you enter different deductibles then you won’t be able to get a fair rate comparison. Having just a slight variation in insurance coverages may cause a big price difference. And when comparison shopping, having more price comparisons will improve the odds of getting a lower rate. Some smaller insurers to not give online rate quotes, so you should also compare price estimates from the smaller companies as well.

Can you really save that much by switching?

State Farm, GEICO and Progressive seem to constantly run television and radio advertisements. They all seem to say the same thing about savings if you move your insurance policy to them. How can each company charge less that you’re paying now? This is the way they can do it.

Many companies are able to cherry pick for the type of insured that is profitable for them. One example of a profitable insured might have to be married and over the age of 30, has never had a policy lapse, and drives less than 5,000 miles a year. Anyone who meets those qualifications gets the lowest prices and will save when they switch companies.

Insureds who are not a match for these stringent criteria may be forced to pay higher premium rates and this can result in the customer not purchasing. If you pay attention, the ads say “drivers that switch” not “everyone who quotes” will save that much if they switch. That is how companies can truthfully make the claims of big savings.

Because every company is different, it’s extremely important to compare quotes as often as possible. It is impossible to guess which insurance companies will provide you with the cheapest rates.

Insurance premium influencing factors

Consumers need to have an understanding of the different types of things that are used to determine insurance rates. If you understand what determines premiums, this allows you to make good choices that may reward you with lower rates. Many different elements are used in the calculation when quoting car insurance. A few of the factors are predictable like your driving record, although others are not quite as obvious such as your marital status or your commute time.

• Gender matters – Statistics show that females take fewer risks when driving. However, this does not mean men are WORSE drivers than women. They both have fender benders in similar percentages, but the men tend to have more serious accidents. They also get higher numbers of serious violations like reckless driving and DUI.
• Higher rates for insurance lapses – Not maintaining insurance is against the law and your next policy will cost more because you let your insurance expire. In addition to paying higher rates, failure to provide proof of insurance can result in fines and jail time. You may then be required to prove you have insurance by filing a SR-22 with your state DMV.
• Location can impact price – Living in a small town has it’s advantages when talking about insurance. City drivers have more traffic problems and more severe claims. Less people translates into fewer accidents as well as less vandalism and auto theft.
• Reserve insurance claims for larger damages – If you are the type of insured that files lots of claims you should expect either policy cancellation or increased premiums. Insurance companies award the lowest premiums to policyholders who file claims infrequently. Your insurance policy is intended to be relied upon for the large, substantial claims.

Discounts for cheaper insurance rates

Some insurance providers don’t always publicize every discount available very clearly, so here is a list some of the more common and also the more inconspicuous discounts you could be receiving when you buy insurance online.

• Defensive Driver Discounts – Taking part in a defensive driver class is a good idea and can lower rates and also improve your driving technique.
• Military Deployment Discount – Being on active duty in the military could mean lower prices.
• Homeowners Savings – Simply owning a home can earn you a little savings since owning and maintaining a home is proof that your finances are in order.
• Anti-lock Brakes – Vehicles equipped with ABS or steering control are safer to drive and will save you 10% or more.
• Save with a New Car – Putting coverage on a new car is cheaper since new model year vehicles are generally safer.

A little note about advertised discounts, many deductions do not apply to the entire cost. Some only apply to specific coverage prices like physical damage coverage or medical payments. Just because it seems like all the discounts add up to a free policy, it’s just not the way it works.

Larger insurance companies and some of their more popular discounts can be read below.

• Mercury Insurance offers premium reductions for location of vehicle, age of vehicle, anti-theft, ease of repair, professional/association, accident-free, and annual mileage.
• Farmers Insurance policyholders can earn discounts including good student, bundle discounts, business and professional, electronic funds transfer, and alternative fuel.
• Farm Bureau may have discounts that include renewal discount, multi-policy, youthful driver, 55 and retired, and good student.
• State Farm includes discounts for safe vehicle, driver’s education, multiple policy, multiple autos, and anti-theft.
• Allstate discounts include safe driver, early signing, premier discount, good payer, and multi-policy.
• GEICO has discounts for air bags, good student, multi-policy, seat belt use, and five-year accident-free.

Check with all the companies the best way to save money. Savings might not apply in your area. To see a list of companies who offer insurance discounts, enter your zip code here.

You may need specialized car insurance coverage

When it comes to choosing the best car insurance coverage for your personal vehicles, there really is not a “best” method to buy coverage. Every insured’s situation is different and a cookie cutter policy won’t apply. For example, these questions may help highlight if you would benefit from professional advice.

• Can I drive in Mexico and have coverage?
• Do I pay less if my vehicle is kept in my garage?
• Does liability extend to a camper or trailer?
• Am I covered when driving someone else’s vehicle?
• If my pet gets injured in an accident are they covered?
• Do I need medical payments coverage since I have good health insurance?
• How high should deductibles be on a 2020 Ford Shelby GT500?

If you can’t answer these questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you don’t have a local agent, simply complete your zip code.

Insurance policy coverages for a Ford Shelby GT500

Having a good grasp of insurance can be of help when determining the right coverages and the correct deductibles and limits. The terms used in a policy can be difficult to understand and reading a policy is terribly boring. Shown next are the usual coverages available from insurance companies.

Collision – Collision insurance covers damage to your Shelby GT500 resulting from a collision with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.

Collision can pay for claims such as scraping a guard rail, rolling your car, hitting a mailbox, hitting a parking meter and sideswiping another vehicle. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. Drivers also have the option to raise the deductible to save money on collision insurance.

Medical expense coverage – Coverage for medical payments and/or PIP reimburse you for short-term medical expenses such as dental work, ambulance fees, hospital visits and X-ray expenses. They are often 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 both the driver and occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and may carry a deductible

Liability auto insurance – Liability coverage can cover damages or injuries you inflict on other people or property in an accident. It protects YOU against other people’s claims. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have liability limits of 25/50/25 which means $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $25,000. Some companies may use one limit called combined single limit (CSL) that pays claims from the same limit with no separate limits for injury or property damage.

Liability coverage pays for claims such as bail bonds, medical expenses and repair costs for stationary objects. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as large an amount as possible.

Comprehensive protection – Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against things such as fire damage, damage from a tornado or hurricane and rock chips in glass. The most a insurance company will pay at claim time is the cash value of the vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Uninsured or underinsured coverage – Your UM/UIM coverage gives you protection when the “other guys” either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants as well as your vehicle’s damage.

Since many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Most of the time the UM/UIM limits are similar to your liability insurance amounts.

Be a money saver!

The cheapest 2020 Ford Shelby GT500 insurance is possible from both online companies and with local insurance agents, so you need to quote insurance with both to have the best rate selection. Some insurance providers may not offer online quoting and these small insurance companies sell through independent insurance agencies.

As you prepare to switch companies, never skimp on critical coverages to save a buck or two. In many instances, an insured cut collision coverage and learned later that their decision to reduce coverage ended up costing them more. Your strategy should be to buy a smart amount of coverage at the lowest possible cost.