Ford Mustang Insurance Rate Quotes in Cincinnati

Has it been over a year since you last compared quotes for cheaper Ford Mustang insurance in Cincinnati? Overpriced Ford Mustang insurance in Cincinnati can drain your accounts and make it hard to pay other bills. Comparing rate quotes is a smart way to make ends meet.

A recent survey discovered that a large majority of drivers have bought auto insurance from the same company for at least the last four years, and 38% of customers have never compared rates with other companies. Consumers in Ohio can save about 55% each year, but they just don’t understand how easy it is to do a rate comparison.

Insurance companies such as Allstate and Progressive increase brand awareness with TV and radio ads and it is challenging if not impossible to sift through the bull and find the best price available.

If you have a current auto insurance policy, you should be able to cut your premiums using these techniques. Finding the cheapest auto insurance coverage in Cincinnati is quite easy if you know the best way to do it. Nevertheless, Ohio drivers can benefit by having an understanding of how companies calculate your policy premium and use it to find better rates.

The most recommended method to get policy rate comparisons for Ford Mustang insurance in Cincinnati is to realize almost all companies will pay a fee to provide you with a free rate quote. All you need to do is provide the companies a bit of rating information like if it has an anti-theft system, your general credit rating, how old drivers are, and coverage limits. Your details gets sent immediately to multiple top-rated companies and they return cost estimate almost instantly.

To start a quote now, click here and enter your zip code.

The companies shown below are ready to provide comparison quotes in Cincinnati, OH. If your goal is to find cheaper auto insurance in Cincinnati, it’s a good idea that you compare several of them to find the lowest auto insurance rates.

Rates and information analytics

The coverage table displayed next covers different coverage prices for Ford Mustang models. Having a better idea how auto insurance policy rates are figured can help guide drivers when making informed coverage decisions.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Information does not factor in Cincinnati location which can raise or lower coverage prices considerably.

Can higher deductibles save money?

One frequently asked question is at what level do you set your deductibles. The figures shown below illustrate the difference in cost between low and high coverage deductibles. The first rate comparisons uses a $100 physical damage coverage deductible and the second data table uses a $1,000 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Premium costs do not factor in Cincinnati location which can change coverage prices considerably.

Based on these figures, using a $100 deductible would cost the average driver about $30 more each month or $360 a year than opting for the higher $1,000 deductible. Because you would be required to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to go more than 30 months between claims, you would save money if you choose a higher deductible.

One big caveat is that higher deductibles means you will have to pay more out-of-pocket when you have a comprehensive or collision claim. You must have some extra funds in the event you need to pay the higher deductible in order to repair your vehicle.

The chart below illustrates how choosing a deductible and can change Ford Mustang insurance prices for different insured age categories. The data assumes a single female driver, comp and collision included, and no discounts are factored in.

Full coverage rates vs. liability-only in Cincinnati

The illustration below illustrates the comparison of Ford Mustang insurance premiums with full coverage and liability only. The information is based on no claims or violations, $100 deductibles, drivers are not married, and no policy discounts are applied.

When to buy liability coverage only

There is no clear-cut rule that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general convention. If the yearly cost of full coverage is 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let’s assume your Ford Mustang replacement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, you would only receive $6,000 after the policy deductible has been paid. If you are currently paying more than $600 annually for your policy with full coverage, then you might consider buying liability only.

There are some cases where dropping full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not consider dropping full coverage.

Components of Your Ford Mustang Insurance Prices

Many factors are used in the calculation when pricing auto insurance. Most are fairly basic such as your driving record, but others are less obvious such as whether you are married or how safe your car is. An important part of buying insurance is that you know some of the factors that help calculate the price you pay for car insurance. If you have a feel for what determines base rates, this allows you to make educated decisions that can earn you much lower annual insurance costs.

The list below includes a few of the things used by your company to calculate rates.

• Younger driver insurance prices – Teenage drivers in Ohio have a tendency to be less responsible when driving with friends therefore car insurance rates are much higher. Older insureds are shown to be more cautious, tend to cause fewer accidents, and are safer drivers.

  The chart below assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.

• Are you male or female? – Statistics show that men are more aggressive behind the wheel. The data does not necessarily mean that females are better at driving than males. Both genders are in fender benders in similar numbers, but the males have costlier accidents. In addition to higher claims, males also get more serious tickets like DUI and reckless driving. Young men ages 16 to 20 have the highest risk to insure and therefore are the most expensive to insure.

  The example below shows the difference between Ford Mustang insurance costs for male and female drivers. The premiums assume a clean driving record, no claims, comprehensive and collision coverage, $500 deductibles, marital status is single, and no discounts are applied.

• Long commutes cost more – Driving more miles each year the more it will cost to insure it. Many insurance companies calculate rates partially by how you use the vehicle. Cars and trucks used primarily for pleasure use qualify for better rates than those that get driven frequently. It’s a smart idea to ensure your car insurance declarations sheet reflects annual mileage. An incorrectly rated Mustang can cost quite a bit.
• Lower premiums for cars with good safety ratings – Safe vehicles tend to have lower insurance rates. Highly rated vehicles help reduce the chance of injuries in an accident and lower rates of occupant injuries means lower claim amounts passed on to you as lower rates. If the Ford Mustang has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
• Does your occupation cost you more? – Occupations such as fire fighters, airline pilots, and emergency personnel have higher premium rates because of job stress and incredibly demanding work hours. On the other hand, occupations like actors, historians and homemakers generally pay rates lower than average.
• Vehicle theft costs us all – Selecting a car model with a theft deterrent system can help bring down rates. Theft prevention devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems help track and prevent car theft and help bring rates down.
• Urban residents pay more – Residing in a small town is a good thing when talking about car insurance. People in densely populated areas regularly have more auto accidents and longer commutes to work. Less people corresponds to lower accident rates and lower theft and vandalism rates.
• Do you have enough liability coverage? – The liability coverage on your policy provides coverage if you are found liable for physical damage or personal injury to other. This coverage provides for a legal defense starting from day one. Carrying liability coverage is mandatory and cheap when compared to the cost of physical damage coverage, so do not cut corners here.

• Ford Mustang claim statistics – Auto insurance companies use past insurance losses when determining insurance prices. Models that the data determines to have increased claim numbers or amounts will cost more for coverage. The table below shows the actual insurance loss data for Ford Mustang vehicles.

  For each policy coverage type, the claim amount for all vehicles as a whole is equal to 100. Percentage numbers below 100 imply a favorable loss record, while numbers above 100 indicate more frequent claims or an increased chance of a larger loss.

  
  

  Ford Mustang Insurance Loss Statistics

  Specific Ford Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Ford Mustang 2dr	175	80	131	109	136	117
  Ford Mustang GT 2dr	171	61	143	82

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics from IIHS.org for 2013-2015 Model Years

Why you need to buy insurance

Despite the high cost, insuring your vehicle is not optional due to several reasons.

First, most states have minimum mandated liability insurance limits which means it is punishable by state law to not carry a specific level of liability insurance coverage if you don’t want to risk a ticket. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if you have a loan on your Ford Mustang, almost all lenders will force you to have full coverage to ensure loan repayment if the vehicle is totaled. If you do not keep the policy in force, the lender will be forced to insure your Ford at a significantly higher premium and make you pay the higher premium.

Third, insurance protects both your assets and your vehicle. It will also provide coverage for medical bills for yourself as well as anyone injured by you. One of the most valuable coverages, liability insurance, will also pay attorney fees if you are named as a defendant in an auto accident. If your Ford gets damaged, your policy will cover the repair costs.

The benefits of insuring your car are definitely more than the cost, particularly for liability claims. Despite what companies tell you, the average driver is overpaying over $810 a year so you should quote and compare rates once a year at a minimum to ensure rates are competitive.