View 2022 Ford Shelby GT500 Car Insurance Cost 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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Searching for lower insurance rates for your Ford Shelby GT500? Are you regretting buying high-priced insurance? Believe me, there are many drivers thinking the same thing. You have so many insurers to pick from, and although it’s a good thing to have a choice, it makes it harder to adequately compare rates.

You should take the time to shop coverage around before your policy renews because insurance prices go up and down regularly. If you had the best deal for Shelby GT500 coverage on your last policy you may be paying too much now. There are lots of tips to save on insurance online but we’re going to give you a bunch of ideas how to find cheap insurance.

Locating affordable coverage is simple if you know the tricks. If you have a policy now or need a new policy, you can use this information to reduce the price you pay and still get good coverage. Vehicle owners only need to know the proper way to shop online.

How to get free car insurance quotes online

Finding cheaper car insurance quotes is not rocket science. All you need to do is take a couple of minutes comparing price quotes online with multiple companies. You can get a good selection of rate quotes using one of these methods.

The first (and easiest) way to compare a lot of rates at once would be an industry-wide quote request form. This form saves time by eliminating repetitive form entry for every company. One form submission will get you rate comparisons from many national carriers.

Another way to compare prices is to take the time to go to the website for every company you want to compare and request a quote. For instance, we’ll pretend you want to compare GEICO, Esurance and Liberty Mutual. In order to get each rate, you would have to go to every website and repeatedly enter your information, which is why first method is recommended.

How you compare quotes is your choice, just try to use nearly identical coverage limits and deductibles on every price quote you get. If you are comparing different limits and deductibles on each one it will be nearly impossible to find the best deal for your Ford Shelby GT500.

Use discounts on auto insurance

Auto insurance is easily one of your largest bills, but there could be significant discounts that could help you make your next renewal payment. Many of these discounts will be applied automatically when you purchase, but a few must be specifically requested prior to receiving the credit. If you do not double check each discount available, you are not getting the best rate possible.

  • Multiple Vehicles – Buying coverage for primary and secondary vehicles on the same auto insurance policy can get a discount for every vehicle.
  • 55 and Retired – Drivers that qualify as senior citizens may qualify for a slight reduction on a auto insurance quote for Shelby GT500 coverage.
  • Include Life Insurance and Save – Select companies reward you with lower premium rates if you buy life insurance.
  • Early Renewal Discounts – Some auto insurance companies provide a discount for renewing your policy early. You could save around 10% when you buy auto insurance online.
  • Homeowners Discount – Just being a homeowner may earn you a small savings because it requires personal responsibility.
  • Multi-policy Discount – When you have multiple policies and insure them both with the same insurance company they may give you a discount of approximately 10% to 15%.

You should keep in mind that some of the credits will not apply to the whole policy. Some only reduce the cost of specific coverages such as medical payments or collision. If you do the math and it seems like you would end up receiving a 100% discount, you won’t be that lucky.

Insurance companies that may have most of the discounts above include:

  • MetLife
  • State Farm
  • Progressive
  • Mercury Insurance
  • 21st Century
  • Allstate

Double check with every company which discounts they offer. Depending on the company, some discounts might not be offered in your state. If you would like to see a list of auto insurance companies who offer online auto insurance quotes, enter your zip code here.

How car insurance companies calculate Ford Shelby GT500 insurance premiums

Lots of factors are used in the calculation when you quote your car insurance policy. Some of the criteria are obvious such as your driving history, although others are more obscure such as your credit history or your vehicle rating. Consumers need to have an understanding of a few of the rating criteria that help calculate your policy premiums. If you have some idea of what influences your rates, this enables informed choices that could help you find big savings.

Shown below are a few of the “ingredients” used by insurance companies to determine your rate level.

  • Car plus home equals more savings – Most larger insurance companies give discounts to insureds that have more than one policy, otherwise known as a multi-policy discount. Discounts can amount to anywhere from five to ten percent in most cases. Even with this discount, drivers will still want to compare other insurance prices to verify if the discount is saving money. Consumers may save even more by splitting coverages up.
  • Premiums impacted by vehicle usage – Driving a lot of miles annually the more you’ll pay to insure it. Many insurance companies charge rates based upon how you use the vehicle. Cars and trucks used primarily for pleasure use can get a lower rate as compared to vehicles used primarily for driving to work. Ask your agent if your vehicle rating properly reflects the right rating data. Having an incorrect usage rating on your Shelby GT500 may be wasting your money.
  • Lower rates come with age – Youthful drivers are known to get distracted easily in a vehicle therefore insurance coverage rates are much higher. Older insureds are more cautious drivers, file fewer claims and get fewer tickets.
  • Costs also based on gender – Statistics demonstrate women tend to be less risk to insure than men. This data doesn’t prove that men are worse drivers. Both sexes tend to get into fender benders in similar percentages, but the males tend to have more serious accidents. They also get cited for more serious violations like reckless driving and DUI.
  • Adjust deductibles and save – Insurance for physical damage to your car, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your Ford. Some instances where coverage would apply are a dented fender, vandalism, and burglary. The deductibles you choose tell how much you are required to pay in the event of a claim. The more damage repair cost you have to pay, the less your insurance coverage will be for Shelby GT500 coverage.
  • Big city or small town – Being located in areas with lower population is a positive aspect when talking about insurance coverage. Less people living in that area translates into fewer accident claims and a lower car theft rate. People in densly populated areas tend to have congested traffic and much longer commute distances. More time commuting means more chance of being in an accident.
  • Higher prices for demanding occupations – Occupations like judges, airline pilots and financial analysts generally have the highest rates in part from intense work-related stress and long work hours. Other jobs such as actors, athletes and retirees get better rates for Shelby GT500 coverage.

Tailor your insurance coverage coverage to you

When choosing proper insurance coverage, there really is no cookie cutter policy. Everyone’s situation is a little different and a cookie cutter policy won’t apply. For instance, these questions might point out whether or not you may require specific advice.

  • Should I get collision insurance on every vehicle?
  • What if I total my 2022 Ford Shelby GT500 and owe more than it’s worth?
  • Is business property covered if stolen from my car?
  • Do I need more liability coverage?
  • Is my teenager covered with friends in the car?
  • Can I afford low physical damage deductibles?
  • Am I covered if I crash into my own garage door?
  • Do I really need UM/UIM coverage?

If you can’t answer these questions but a few of them apply, you might consider talking to an agent. If you want to speak to an agent in your area, take a second and enter your zip code. It’s fast, free and may give you better protection.

Specific coverage details

Learning about specific coverages of your policy can be of help when determining the right coverages at the best deductibles and correct limits. The terms used in a policy can be confusing and reading a policy is terribly boring. Shown next are the usual coverages offered by car insurance companies.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses like surgery, dental work and hospital visits. 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 you and your occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay

Liability coverage

This coverage provides protection from injuries or damage you cause to people or other property by causing an accident. This insurance protects YOU from claims by other people. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 50/100/50 that translate to a limit of $50,000 per injured person, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged property. Alternatively, you may have one limit called combined single limit (CSL) which combines the three limits into one amount rather than limiting it on a per person basis.

Liability can pay for claims such as bail bonds, attorney fees, pain and suffering and medical expenses. How much liability should you purchase? That is up to you, but you should buy higher limits if possible.

Collision insurance

Collision coverage covers damage to your Shelby GT500 resulting from colliding with another car or object. A deductible applies then your collision coverage will kick in.

Collision insurance covers things such as hitting a mailbox, colliding with another moving vehicle and backing into a parked car. This coverage can be expensive, so consider removing coverage from vehicles that are older. You can also bump up the deductible in order to get cheaper collision rates.

Comprehensive insurance

Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things like falling objects, vandalism, theft and hitting a deer. The maximum amount you’ll receive from a claim 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 (UM/UIM)

Uninsured or Underinsured Motorist coverage gives you protection when other motorists are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Due to the fact that many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is very important. Frequently the UM/UIM limits are set the same as your liability limits.

Feed the piggy bank

You just read many ideas to save on 2022 Ford Shelby GT500 insurance. The most important thing to understand is the more companies you get premium rates for, the better your chances of lowering your premium rates. Consumers may even find the best auto insurance rates are with a lesser-known regional company. Regional companies may have significantly lower premium rates on certain market segments compared to the large companies like Allstate, GEICO and Progressive.

While you’re price shopping online, never skimp on coverage in order to save money. There have been many cases where someone dropped physical damage coverage and discovered at claim time that they should have had better coverage. Your aim should be to buy the best coverage you can find at the best price, not the least amount of coverage.

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