How to Compare Memphis Ford Mustang Insurance

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Insurance quote for Ford Mustang in MemphisIt's well known that insurance companies don't want their customers to go rate shopping. Consumers who shop around for cheaper prices are highly likely to switch companies because of the high probability of finding coverage at a more affordable price. A study discovered that drivers who shopped around annually saved about $3,400 over four years compared to policyholders who never shopped around for better prices.

If finding low prices for insurance is your ultimate goal, then learning about how to shop for insurance premiums can help you succeed in saving money.

The best way to find cheaper prices for auto insurance rates is to annually compare prices from insurance carriers who provide car insurance in Memphis.

First, get a basic knowledge of how insurance companies determine prices and the things you can control to keep rates in check. Many policy risk factors that are responsible for high rates like at-fault accidents and a substandard credit score can be improved by making small lifestyle or driving habit changes.

Second, obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from a single company like Progressive or Farmers Insurance, while agents who are independent can provide price quotes for a wide range of companies. Begin your rate comparison

Third, compare the quotes to your existing coverage to see if you can save by switching companies. If you can save some money and decide to switch, verify that coverage does not lapse between policies.

Fourth, provide notification to your current company of your intention to cancel your current policy. Submit the application along with any required down payment for your new coverage. As soon as you can, store the certificate of insurance with the vehicle registration.

The most important part of shopping around is to try to compare identical coverages on each quote and and to get quotes from as many different insurance providers as possible. Doing this ensures an accurate price comparison and the best price selection.

If you have a current insurance policy, you will definitely be able to save money using the ideas you're about to read. Finding affordable insurance coverage in Memphis is actually quite simple. Although Tennessee consumers can benefit by having an understanding of the way insurance companies determine premium rates because rates fluctuate considerably.

Companies offering Ford Mustang insurance in Tennessee

The providers in the list below provide comparison quotes in Memphis, TN. To get cheap auto insurance in Memphis, we suggest you get price quotes from several of them in order to find the most competitive rates.

Detailed insurance information

The information below highlights different insurance coverage prices for Ford Mustang models. Learning as much as possible about how rate quotes are formulated can help guide drivers when making decisions when choosing a new policy provider.

Ford Mustang Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $176 $350 $294 $18 $88 $926 $77
Mustang 2-Dr Coupe $176 $350 $368 $22 $110 $1,026 $86
Mustang GT 2-Dr Convertible $198 $404 $294 $18 $88 $1,002 $84
Mustang GT 2-Dr Coupe $198 $404 $368 $22 $110 $1,102 $92
Mustang Shelby GT500 2-Dr Convertible $222 $510 $294 $18 $88 $1,132 $94
Mustang Shelby GT500 2-Dr Coupe $244 $562 $368 $22 $110 $1,306 $109
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Prices above based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Rates do not factor in the specific area where the vehicle is garaged which can influence coverage prices substantially.

Policy deductible comparison

One of the hardest decisions when shopping for car insurance is which deductibles should you choose. The comparisons below may help to illustrate the rate differences when you choose different comp and collision deductibles. The first set of prices uses a $100 deductible and the second data table uses a $1,000 deductible.

Ford Mustang insurance premium rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $248 $528 $288 $18 $86 $1,193 $99
Mustang 2-Dr Coupe $248 $528 $360 $22 $108 $1,291 $108
Mustang GT 2-Dr Convertible $280 $608 $288 $18 $86 $1,305 $109
Mustang GT 2-Dr Coupe $280 $608 $360 $22 $108 $1,403 $117
Mustang Shelby GT500 2-Dr Convertible $312 $768 $288 $18 $86 $1,497 $125
Mustang Shelby GT500 2-Dr Coupe $344 $848 $360 $22 $108 $1,707 $142
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Ford Mustang insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $138 $278 $288 $18 $86 $808 $67
Mustang 2-Dr Coupe $138 $278 $360 $22 $108 $906 $76
Mustang GT 2-Dr Convertible $156 $320 $288 $18 $86 $868 $72
Mustang GT 2-Dr Coupe $156 $320 $360 $22 $108 $966 $81
Mustang Shelby GT500 2-Dr Convertible $174 $406 $288 $18 $86 $972 $81
Mustang Shelby GT500 2-Dr Coupe $192 $448 $360 $22 $108 $1,130 $94
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Price information does not factor in specific location information which can affect coverage rates noticeably.

Based on this data, we can arrive at the conclusion that using a $100 deductible will cost you about $38 more each month or $456 annually than opting for the higher $1,000 deductible. Since you would have to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you go more than 24 months between claim filings, you would probably be better off if you decide on a higher deductible.

Full coverage versus liability-only in Memphis

The information below illustrates the difference between Ford Mustang car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. Data assumes no tickets, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are factored in.

When to drop comp and collision

There is no specific rule for excluding physical damage coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than about 10% of the vehicle's replacement cost less your deductible, then you may want to consider only buying liability coverage.

For example, let's assume your Ford Mustang settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $3,000 after paying your policy deductible. If premium cost is more than $300 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.

There are some conditions where dropping physical damage coverage is not in your best interest. If you still have a lienholder on your title, you must maintain physical damage coverage to protect the lienholder's interest in the vehicle. Also, if you don't have enough money to buy a different vehicle in case of an accident, you should keep full coverage.

Find Ford Mustang Insurance More Affordably

An important part of buying insurance is that you know the different types of things that come into play when calculating your premiums. When you know what positively or negatively positively or negatively impacts your premiums, this empowers consumers to make smart changes that can earn you lower rates.

  • Get married and pay less - Having a spouse actually saves money when shopping for car insurance. It demonstrates that you tend to be less irresponsible and insurance companies like that married couples file fewer claims.
  • Tickets and citations cost more than a fine - Drivers with clean records have lower premiums than their less careful counterparts. Even a single chargeable violation could increase your next policy renewal by twenty percent. Drivers unfortunate enough to have license-revoking citations like DUI or willful reckless driving may find they need to file a proof of financial responsibility form (SR-22) with their state motor vehicle department in order to legally drive.

    The information below highlights how traffic violations and at-fault collisions can raise Ford Mustang annual premium costs for different age groups of insureds. The premiums assume a married female driver, full physical damage coverage, $100 deductibles, and no discounts are taken into consideration.

  • Liability coverage safeguards assets - The liability coverage on your policy will afford coverage if ever you are found liable for causing personal injury or damage in an accident. It will provide for a legal defense which can cost a lot. Liability insurance is quite affordable when compared to the cost of physical damage coverage, so drivers should buy more than the minimum limits required by law.
  • Long commutes cost more - Driving more miles annually the higher your rate. Almost all companies charge rates based on how the vehicle is used. Vehicles that sit idle most of the time cost less to insure than cars that get driven a lot. It's a good idea to make sure your car insurance declarations sheet reflects the correct driver usage. Having an incorrect usage rating on your Mustang may be wasting your money.
  • Women pay lower prices - Over time, data shows that females take fewer risks when driving. This data doesn't prove that women are better drivers. Men and women cause accidents at a similar rate, but men tend to have more serious accidents. They also receive more major tickets like DWI (DUI) or reckless driving.

    The information below shows the comparison of Ford Mustang premium costs for male and female drivers. The rates are based on a clean driving record, no claims, full coverage, $500 deductibles, single status, and no discounts are factored in.

  • More policies can equal more savings - Most larger insurers will give better rates to customers who have multiple policies with them. It's known as a multi-policy discount. Even with this discount applied, it's in your best interest to compare other Memphis Mustang insurance rates to help guarantee you have the best rates. Consumers may find better rates by buying insurance from more than one company.
  • Bump up physical damage deductibles to lower rates - Coverage for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, helps pay for damage to your vehicle. Some examples of covered claims would be collision with another vehicle, hitting a deer, or theft. Comp and collision deductibles represent how much money you are willing to pay out-of-pocket before your car insurance pays a claim. The higher the amount you are required to pay out-of-pocket, the better rate you will receive.
  • Ford Mustang insurance loss data - Auto insurance companies use past insurance losses to help determine costs. Models that the data determines to have a trend towards higher claims will have higher rates.

    The next table illustrates the compiled insurance loss statistics for Ford Mustang vehicles. For each policy coverage, the statistical loss for all vehicles, as an average, is considered to be 100. Percentage values below 100 suggest losses that are better than average, while percentages above 100 show a trend for more claims or an increased chance of larger losses than average.

    Ford Mustang Insurance Loss Statistics
    Vehicle Make and 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

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

Get discounts on Memphis car insurance

Car insurance is not cheap, but you may qualify for discounts that can help lower your rates. Some trigger automatically at quote time, but some need to be inquired about prior to getting the savings.Cheaper car insurance with discounts

  • Accident Forgiveness - This one is not really a discount per se, but a few companies such as State Farm and Progressive will let one accident slide before raising your premiums as long as you don't have any claims for a set time period.
  • Service Members Pay Less - Having a family member in the military may qualify for rate reductions.
  • Driver Education Discount - Make teen driver coverage more affordable by requiring them to successfully take a driver's education course as it will make them better drivers and lower rates.
  • Braking Control Discount - Cars that have anti-lock braking systems can reduce accidents and will save you 10% or more on Mustang insurance in Memphis.
  • Organization Discounts - Participating in qualifying employment or professional organizations could qualify you for a break on your bill.
  • Defensive Driver Discount - Taking a course teaching defensive driver skills is a good idea and can lower rates if you qualify.
  • Multi-line Discount - Insurance companies who offer life insurance give better prices if you take out a life policy as well.

You can save money using discounts, but most of the big mark downs will not be given to your bottom line cost. Most only cut the price of certain insurance coverages like medical payments or collision. Even though it may seem like you could get a free car insurance policy, nobody gets a free ride. But any discount will lower your premiums.

The example below illustrates the difference between Ford Mustang yearly insurance costs with and without discounts applied to the policy premium. The premiums assume a male driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, homeowner, claim-free, safe-driver, marriage, and multi-policy discounts applied.

A few popular companies and a partial list of their discounts are included below.

  • Progressive may include discounts for homeowner, multi-vehicle, online signing, good student, multi-policy, continuous coverage, and online quote discount.
  • MetLife policyholders can earn discounts including defensive driver, claim-free, good student, good driver, accident-free, multi-policy
  • Mercury Insurance includes discounts for good student, professional/association, annual mileage, good driver, ease of repair, and multi-policy.
  • Nationwide may have discounts that include good student, multi-policy, accident-free, anti-theft, Farm Bureau membership, and easy pay.
  • GEICO has discounts for defensive driver, emergency military deployment, seat belt use, anti-lock brakes, and military active duty.
  • AAA has savings for good student, pay-in-full, anti-theft, multi-policy, multi-car, good driver, and education and occupation.

When comparing rates, check with every prospective company to apply every possible discount. A few discounts may not apply to policies in Memphis.

Auto insurance agents can help

A small number of people still prefer to talk to a local agent and that is not a bad decision The best thing about getting free rate quotes online is the fact that you can find lower rates and also buy local.

Find insurance agent in MemphisAfter completing this quick form, the coverage information is submitted to companies in Memphis who will give competitive quotes for your insurance coverage. It's much easier because you don't need to find an agent on your own because quoted prices will be sent instantly to you. You can find better rates and an insurance agent to talk to. If you have a need to compare rates from a specific company, just search and find their rate quote page and submit a quote form there.

Choosing an provider requires you to look at more than just the premium amount. These are some valid questions you should ask.

  • Does the agency have a positive business rating?
  • How often do they review policy coverages?
  • Is there a local claims center in Memphis?
  • Which company do they place the most coverage with?
  • Will the quote change when the policy is issued?
  • Can glass claims be handled at your home?
  • Will the company cover a rental car if your car is getting fixed?

When looking for local Memphis agents, it can be helpful to understand the different types of agencies and how they are slightly different. Agencies in Memphis are either independent (non-exclusive) or exclusive.

Exclusive Insurance Agents

Exclusive agencies can only place business with one company and some examples include Farmers Insurance and State Farm. Exclusive agents cannot shop your coverage around so if the price isn't competitive there isn't much they can do. Exclusive agents are trained well in insurance sales which helps them sell insurance even at higher premiums.

The following is a short list of exclusive insurance agencies in Memphis who may provide you with rate quotes.

2861 Poplar Ave - Memphis, TN 38111 - (901) 652-8484 - View Map

5865 Ridgeway Center Pkwy #300 - Memphis, TN 38120 - (901) 761-6083 - View Map

2657 Appling Rd #101 - Memphis, TN 38133 - (901) 372-2228 - View Map

More Memphis agents

Independent Agents

These type of agents do not have single company limitations and that allows them to write policies with any number of different companies and possibly get better coverage at lower prices. If they quote lower rates, an independent agent can move your coverage and you don't have to switch agencies.

If you are comparing rate quotes, we recommend you get rate quotes from several independent agencies so that you can do a thorough price comparison.

Shown below is a list of independent agencies in Memphis that are able to give rate quotes.

6750 Poplar Ave #410 - Memphis, TN 38138 - (901) 562-0151 - View Map

1503 Union Ave Ste 220 - Memphis, TN 38104 - (901) 276-8571 - View Map

2670 Union Ave - Memphis, TN 38112 - (901) 321-1000 - View Map

More Memphis agents

What is YOUR best insurance company?

Affordable Ford Mustang insurance in Memphis can be purchased both online as well as from independent agents in Memphis, and you need to comparison shop both to have the best rate selection. Some insurance providers do not offer the ability to get quotes online and usually these smaller companies only sell coverage through independent insurance agencies.

While you're price shopping online, make sure you don't skimp on coverage in order to save money. There are a lot of situations where an insured cut full coverage to discover at claim time that a couple dollars of savings turned into a financial nightmare. The proper strategy is to purchase a proper amount of coverage at the best possible price while still protecting your assets.

In this article, we presented a lot of information how to find lower-cost Ford Mustang insurance in Memphis. The most important thing to understand is the more rate comparisons you have, the higher the chance of saving money. You may even find the best car insurance rates are with the smaller companies. Smaller companies often have lower premium rates on specific markets than their larger competitors like GEICO and State Farm.

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