How Much Does 2002 Ford Mustang Insurance Cost?

Are you regretting the purchase of an underperforming, overpriced car insurance policy? Don’t sweat it because there are lots of people in the same boat.

Companies like State Farm, Geico and Farmers Insurance promote their brand names with TV and radio ads and consumers find it hard to not get sucked in by the cute commercials and effectively compare rates to find the best deal.

If you currently have car insurance, you should be able to lower your premiums substantially using these tips. Finding affordable coverage is not that difficult. Nevertheless, vehicle owners can benefit by having an understanding of how the larger insurance companies sell online because it can help you find the best coverage.

Take advantage of every car insurance discount

Car insurance is expensive, but discounts can save money and there are some available that you may not even know about. Some trigger automatically when you get a quote, but a few need to be specially asked for before you will receive the discount.

  • Early Switch Discount – Select larger companies give a discount for signing up prior to the expiration date on your current policy. It could save around 10% when you buy insurance coverage online.
  • Braking Control Discount – Cars that have anti-lock braking systems have fewer accidents and will save you 10% or more.
  • Telematics Discount – People who choose to allow companies to spy on when and where they use their vehicle by using a telematics device in their vehicle such as State Farm’s In-Drive might get better premium rates if they show good driving skills.
  • Safety Course Discount – Taking time to complete a course teaching driver safety skills is a good idea and can lower rates if your company offers it.
  • Drivers Ed for Students – It’s a good idea to have your young drivers enroll in driver’s education in school.
  • Policy Bundle Discount – When you have multiple policies and insure them with the same company you may save up to 20% off your total premium.
  • Accident-Free Discounts – Drivers who don’t have accidents pay less as opposed to drivers who are more careless.

A quick disclaimer, some of the credits will not apply to your bottom line cost. Some only apply to specific coverage prices like collision or personal injury protection. So despite the fact that it appears all the discounts add up to a free policy, you won’t be that lucky. But all discounts will lower your policy premium.

To see a list of companies that offer many of these discounts, click here.

Get cheap auto insurance with these tips

Multiple criteria are used in the calculation when premium rates are determined. Some factors are common sense such as your driving record, but others are less apparent such as your credit history and annual miles driven.It’s important that you understand some of the elements that help determine the level of your policy premiums. When you know what positively or negatively controls the rates you pay, this enables informed choices that can help you get lower rates.

  • Single drivers may get higher rates – Having a significant other helps lower the price on your policy. Marriage translates into being more mature and responsible and statistics show married drivers tend to have fewer serious accidents.
  • Raise physical damage deductibles and save – Physical damage insurance, termed comprehensive and collision coverage on your policy, helps pay for damage to your vehicle. A few examples of covered claims could be a windshield shattered by a rock, collision with an animal, or theft. Deductibles for physical damage define how much you are required to spend out-of-pocket if you file a covered claim. The more damage repair cost you pay before a claim is paid (deductible), the less your company will charge you for insurance on Mustang coverage.
  • Big cities mean more claims – Being located in areas with lower population is a good thing when shopping for auto insurance. Less people means a lower chance of having an accident in addition to lower liability claims People who live in big cities have much more traffic and much longer commute distances. More time behind the wheel can result in more accidents.
  • Extra coverages could be costing you – There are many extra bells and whistles you can purchase on your auto insurance policy. Things like replacement cost coverage, accidental death, and motor club memberships may be wasting your money. They may seem good when talking to your agent, but your needs may have changed so think about removing them and cutting costs.
  • Teenage drivers pay more – Drivers with little experience are statistically proven to be less responsible with other occupants in the car so they pay higher auto insurance rates. Mature drivers are viewed as being more responsible, tend to cause fewer accidents and tend to be get fewer driving tickets.
  • Bad credit will cost you – An insured’s credit history can be an important factor in determining what you pay for auto insurance. Therefore, if your credit leaves room for improvement, you could save money insuring your 2002 Ford Mustang by improving your rating. Insureds that have high credit scores tend to be more responsible and file fewer claims than drivers with worse credit.
  • Reserve claims for larger damages – Auto insurance companies generally give the best rates to insureds who do not rely on their insurance for small claims. If you tend to file frequent claims, you can pretty much guarantee higher rates. Your insurance policy is designed for the large, substantial claims.

How to know if you need help

When buying proper insurance coverage for your personal vehicles, there isn’t really a “best” method to buy coverage. Every insured’s situation is different so your insurance should reflect that For example, these questions might point out whether your personal situation may require specific advice.

  • What if I total my 2002 Ford Mustang and owe more than it’s worth?
  • Should I get collision insurance on every vehicle?
  • Is my Ford Mustang covered if I use it for business?
  • Is my business laptop covered if it gets stolen from my vehicle?
  • Are split liability limits better than a combined single limit?
  • Do I have coverage for damage caused while driving under the influence?

If it’s difficult to answer those questions but one or more may apply to you, you might consider talking to an insurance agent. If you don’t have a local agent, complete this form or go to this page to view a list of companies.

Auto insurance 101

Understanding the coverages of a auto insurance policy can be of help when determining which coverages you need at the best deductibles and correct limits. Auto insurance terms can be confusing and nobody wants to actually read their policy. These are the usual coverages offered by auto insurance companies.

Comprehensive protection

Comprehensive insurance coverage pays for damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive can pay for claims like rock chips in glass, a tree branch falling on your vehicle and damage from flooding. The highest amount a auto insurance company will pay at claim time is the market value of your vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Collision protection

Collision coverage covers damage to your Mustang from colliding with another vehicle or an object, but not an animal. You have to pay a deductible then your collision coverage will kick in.

Collision coverage protects against things like damaging your car on a curb, sustaining damage from a pot hole, sideswiping another vehicle and scraping a guard rail. Collision is rather expensive coverage, so consider dropping it from older vehicles. It’s also possible to raise the deductible to bring the cost down.

Uninsured or underinsured coverage

Your UM/UIM coverage protects you and your vehicle when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for medical payments for you and your occupants and damage to your Ford Mustang.

Because many people have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is very important. Normally the UM/UIM limits are set the same as your liablity limits.

Liability insurance

Liability coverage can cover injuries or damage you cause to people or other property. This coverage protects you from legal claims by others, and doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits of 50/100/50 that translate to $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property. Occasionally you may see a combined single limit or CSL which provides one coverage limit with no separate limits for injury or property damage.

Liability can pay for claims like legal defense fees, pain and suffering, funeral expenses, attorney fees and medical expenses. How much liability coverage do you need? That is up to you, but buy as large an amount as possible.

Medical expense coverage

Medical payments and Personal Injury Protection insurance reimburse you for immediate expenses for things like funeral costs, prosthetic devices, surgery, doctor visits and dental work. They are used in conjunction with a health insurance program or if there is no health insurance coverage. Medical payments and PIP cover all vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay

A fool and his money are soon parted

When searching for the cheapest insurance coverage quotes, never reduce coverage to reduce premium. There are too many instances where an accident victim reduced liability limits or collision coverage and discovered at claim time they didn’t purchase enough coverage. The aim is to buy the best coverage you can find for the lowest price while still protecting your assets.

We covered quite a bit of information on how to get a better price on 2002 Ford Mustang insurance. The key concept to understand is the more rate comparisons you have, the more likely it is that you will get a better rate. You may even find the lowest rates come from an unexpected company. Regional companies can often insure niche markets at a lower cost than the large multi-state companies such as Progressive or Geico.

Much more information about car insurance can be read on the following sites: