How to Save on Ford Mustang Insurance in Buffalo

Insurance quote for Ford Mustang in BuffaloThe preferred way to find affordable quotes for Ford Mustang insurance is to make a habit of regularly comparing prices from insurers who provide auto insurance in Buffalo. Prices can be compared by following these steps.

A tip to remember is to compare similar deductibles and liability limits on every quote request and and to look at as many carriers as you can. This provides a fair rate comparison and the best rate selection.

It’s easy to assume that auto insurance companies want to keep your business as long as possible. Consumers who get comparison quotes at least once a year will, in all likelihood, move their business because there is a great chance of finding a more affordable policy premium. A recent car insurance study revealed that people who compared rates once a year saved $865 a year as compared to drivers who never shopped around for better prices.

If finding the lowest price for insurance in Buffalo is the reason for your visit, then having a good understanding the best ways to shop for cheaper coverage can help simplify the task of finding more affordable coverage.

Auto insurance data for a Ford Mustang

The coverage information shown below highlights a range of insurance costs for Ford Mustang models. Knowing how rates are formulated can be valuable when making informed coverage decisions.

Ford Mustang Insurance Rates in Buffalo, NY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $98 $218 $254 $16 $76 $662 $55
Mustang 2-Dr Coupe $98 $218 $318 $18 $96 $748 $62
Mustang GT 2-Dr Convertible $112 $250 $254 $16 $76 $708 $59
Mustang GT 2-Dr Coupe $112 $250 $318 $18 $96 $794 $66
Mustang Shelby GT500 2-Dr Convertible $124 $316 $254 $16 $76 $786 $66
Mustang Shelby GT500 2-Dr Coupe $136 $348 $318 $18 $96 $916 $76
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Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New York minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Premium costs do not factor in vehicle location which can modify premium rates significantly.

Physical damage deductibles: Should you raise them?

One common question asked by Buffalo drivers is where to set your physical damage deductibles. The following tables may aid in understanding how much more you’ll pay when you select higher and lower deductibles. The first set of prices uses a $100 comprehensive and collision deductible and the second rate table uses a $1,000 deductible.

Ford Mustang insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $228 $484 $264 $16 $80 $1,097 $91
Mustang 2-Dr Coupe $228 $484 $330 $20 $100 $1,187 $99
Mustang GT 2-Dr Convertible $258 $558 $264 $16 $80 $1,201 $100
Mustang GT 2-Dr Coupe $258 $558 $330 $20 $100 $1,291 $108
Mustang Shelby GT500 2-Dr Convertible $286 $704 $264 $16 $80 $1,375 $115
Mustang Shelby GT500 2-Dr Coupe $316 $778 $330 $20 $100 $1,569 $131
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Ford Mustang insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $126 $256 $264 $16 $80 $742 $62
Mustang 2-Dr Coupe $126 $256 $330 $20 $100 $832 $69
Mustang GT 2-Dr Convertible $142 $294 $264 $16 $80 $796 $66
Mustang GT 2-Dr Coupe $142 $294 $330 $20 $100 $886 $74
Mustang Shelby GT500 2-Dr Convertible $158 $372 $264 $16 $80 $890 $74
Mustang Shelby GT500 2-Dr Coupe $176 $410 $330 $20 $100 $1,036 $86
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New York minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Rate information does not factor in vehicle location which can decrease or increase coverage rates substantially.

Using the premium rates above, we can conclude that using a $100 deductible will cost in the ballpark of $35 more each month or $420 every year averaged for all Mustang models than choosing the higher $1,000 deductible. Because you would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you go more than 26 months between claims, you would come out ahead if you opt for a higher deductible.

The information below shows how choosing a deductible and can raise or lower Ford Mustang yearly insurance costs for different age categories. The information is based on a married male driver, comprehensive and collision coverage, and no policy discounts are applied.

Illustration showing the impact of accidents and violations

The chart below demonstrates how traffic citations and accident claims impact Ford Mustang insurance premiums for each age group. The premium estimates are based on a single male driver, full coverage, $1,000 deductibles, and no discounts are applied.

Ford Mustang liability-only versus full coverage

The chart below visualizes the comparison of Ford Mustang yearly insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no violations or claims, $100 deductibles, single marital status, and no discounts are factored in.

Deciding between full coverage and liability only

There is no clear-cut rule of when to exclude full coverage, but there is a general guideline. If the yearly cost of comp and collision coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.

For example, let’s pretend your Ford Mustang claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $6,000 after paying your policy deductible. If it’s costing you more than $600 annually for physical damage coverage, then it might be time to buy liability only.

There are some cases where buying only liability insurance is not in your best interest. If you still have a lienholder on your title, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage.

New York auto insurance companies

Choosing a highly-rated insurance provider is hard considering how many companies provide coverage in New York. The company ratings shown next can help you pick which car insurance providers to look at when shopping your coverage around.

Top 10 Buffalo Car Insurance Companies Ranked by Claims Service

  1. Progressive
  2. USAA
  3. Liberty Mutual
  4. State Farm
  5. GEICO
  6. Nationwide
  7. Allstate
  8. The General
  9. The Hartford
  10. 21st Century

Top 10 Buffalo Car Insurance Companies Ranked by Customer Service

  1. Mercury Insurance
  2. The Hartford
  3. American Family
  4. Progressive
  5. USAA
  6. Travelers
  7. State Farm
  8. GEICO
  9. Allstate
  10. Farmers Insurance

Information about specific coverages

Learning about specific coverages of a car insurance policy helps when choosing the best coverages and proper limits and deductibles. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording.

Collision coverage protection

Collision coverage covers damage to your Mustang from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims such as colliding with another moving vehicle, sustaining damage from a pot hole and crashing into a ditch. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. You can also choose a higher deductible on your Mustang to get cheaper collision coverage.

Comprehensive car insurance

Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things such as a tree branch falling on your vehicle, falling objects, damage from a tornado or hurricane, vandalism and hitting a bird. The maximum payout a car 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.

Coverage for uninsured or underinsured drivers

Your UM/UIM coverage protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. Covered losses include medical payments for you and your occupants and also any damage incurred to your Ford Mustang.

Due to the fact that many New York drivers only carry the minimum required liability limits (25/50/10 in New York), their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Normally these limits are identical to your policy’s liability coverage.

Liability car insurance

This protects you from damage or injury you incur to people or other property. This insurance protects YOU against claims from other people, and does not provide coverage for your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 25/50/10 which stand for a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and $10,000 of coverage for damaged property. Another option is a combined single limit or CSL that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability can pay for claims like bail bonds, loss of income and pain and suffering. How much liability coverage do you need? That is a decision to put some thought into, but buy higher limits if possible. New York requires minimum liability limits of 25/50/10 but it’s recommended drivers buy higher limits.

The chart below shows why the minimum limit may not be adequate.

Coverage for medical expenses

Medical payments and Personal Injury Protection insurance pay for immediate expenses like hospital visits, prosthetic devices, pain medications, rehabilitation expenses and funeral costs. The coverages can be used to fill the gap from your health insurance plan or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP is not an option in every state and may carry a deductible

Cheap car insurance premiums are possible

When shopping online for car insurance, make sure you don’t skimp on critical coverages to save a buck or two. In too many instances, someone dropped physical damage coverage only to regret at claim time that they should have had better coverage. Your objective should be to purchase a proper amount of coverage for the lowest cost while not skimping on critical coverages.

Throughout this article, we presented a lot of tips how to compare Ford Mustang insurance rates in Buffalo. The key concept to understand is the more rate quotes you have, the higher the chance of saving money. You may even find the lowest rates are with a company that doesn’t do a lot of advertising.

Drivers who switch companies do it for any number of reasons including high prices, delays in responding to claim requests, policy non-renewal and unfair underwriting practices. Regardless of your reason for switching companies, choosing a new insurance company is pretty simple and you could end up saving a buck or two.

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