Auto Insurance Quotes for a Ford Mustang in Jersey City

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It takes a few minutes, but the best way to save money on Ford Mustang insurance is to compare prices regularly from companies who sell auto insurance in Jersey City.

  • Step 1: Read and learn about policy coverages and the changes you can make to prevent rate increases. Many policy risk factors that result in higher rates such as getting speeding tickets and a negative credit score can be eliminated by paying attention to minor details. Later in this article we will cover additional tips to get better rates and find missing discounts.
  • Step 2: Compare rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can give quotes from a single company like Progressive or State Farm, while independent agencies can give you price quotes for a wide range of companies.
  • Step 3: Compare the new quotes to your existing policy to determine if switching companies saves money. If you can save some money and decide to switch, make sure there is no lapse in coverage.
  • Step 4: Provide proper notification to your current company to cancel your current policy. Submit payment and a completed application to your new carrier. As soon as you can, place your new proof of insurance certificate above your visor, in the console, or in the glove compartment.

The key aspect of shopping around is to compare the same level of coverage on every quote request and to quote with as many companies as you can. Doing this enables a fair price comparison and a complete rate analysis.

Insurance rates Ford Mustang in Jersey CityA recent NerdWallet.com study revealed that a large majority of consumers kept their coverage with the same car insurance company for a minimum of four years, and 38% of drivers have never compared rates to find cheaper insurance. Many drivers in Jersey City could save roughly $716 every year by just comparing rate quotes, but they mistakenly think it's difficult to shop around.

If you have insurance now, you stand a good chance to be able to cut your premiums using the concepts covered in this article. The purpose of this article is to help educate you on the best way to buy inexpensive car insurance and some tricks to saving. Nevertheless, New Jersey car owners need to have an understanding of the way insurance companies price insurance differently and use it to find better rates.

How to lower your Ford Mustang insurance cost in Jersey City

There are several ways of comparing rates from many available insurance companies in New Jersey. The recommended way to find competitive Ford Mustang insurance rates is to perform an online rate comparison. When quoting insurance, remember that having more price comparisons helps locate the best rates.

The companies shown below can provide free quotes in New Jersey. To locate the best auto insurance in Jersey City, NJ, it's highly recommended you visit two to three different companies in order to find the lowest rates.

Statistics and details

The information shown next showcases detailed analysis of coverage costs for Ford Mustang models. Being aware of how insurance prices are established can assist in making decisions on which insurance to purchase.

Ford Mustang Insurance Rates in Jersey City, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $302 $594 $480 $28 $144 $1,548 $129
Mustang 2-Dr Coupe $302 $594 $600 $36 $180 $1,712 $143
Mustang GT 2-Dr Convertible $340 $684 $480 $28 $144 $1,676 $140
Mustang GT 2-Dr Coupe $340 $684 $600 $36 $180 $1,840 $153
Mustang Shelby GT500 2-Dr Convertible $380 $864 $480 $28 $144 $1,896 $158
Mustang Shelby GT500 2-Dr Coupe $418 $954 $600 $36 $180 $2,188 $182
Get Your Own Custom Quote Go

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Table data does not factor in your specific Jersey City location which can lower or raise auto insurance rates significantly.

Car insurance deductibles

One common question asked by Jersey City drivers is what deductibles to buy. The comparisons below may help you to understand the costs and benefits between high and low insurance deductibles. The first rate comparisons uses a $100 comprehensive and collision deductible and the second price chart uses a $500 deductible.

Ford Mustang insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $414 $880 $480 $28 $144 $1,971 $164
Mustang 2-Dr Coupe $414 $880 $600 $36 $180 $2,135 $178
Mustang GT 2-Dr Convertible $466 $1014 $480 $28 $144 $2,157 $180
Mustang GT 2-Dr Coupe $466 $1014 $600 $36 $180 $2,321 $193
Mustang Shelby GT500 2-Dr Convertible $520 $1280 $480 $28 $144 $2,477 $206
Mustang Shelby GT500 2-Dr Coupe $574 $1412 $600 $36 $180 $2,827 $236
Get Your Own Custom Quote Go
Ford Mustang insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $302 $594 $480 $28 $144 $1,548 $129
Mustang 2-Dr Coupe $302 $594 $600 $36 $180 $1,712 $143
Mustang GT 2-Dr Convertible $340 $684 $480 $28 $144 $1,676 $140
Mustang GT 2-Dr Coupe $340 $684 $600 $36 $180 $1,840 $153
Mustang Shelby GT500 2-Dr Convertible $380 $864 $480 $28 $144 $1,896 $158
Mustang Shelby GT500 2-Dr Coupe $418 $954 $600 $36 $180 $2,188 $182
Get Your Own Custom Quote Go

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Information does not factor in specific Jersey City garaging location which can affect auto insurance rates significantly.

Based on the figures above, using a $100 deductible could cost the average driver approximately $42 more each month or $504 each year averaged for all Mustang models than opting for the higher $500 deductible. Since you would pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you tend to go at a minimum 10 months between claims, you would save money going with the higher deductible. The table below illustrates a better example of how you can do this calculation yourself.

Average monthly premium for $100 deductibles: $193
Average monthly premium for $500 deductibles (subtract): - $151
Monthly savings from raising deductible: $42
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $42
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 10 months

An important thing to remember is that higher deductibles means you will have to pay more of your own money when you have to file a claim. That will force you to have some extra savings in the event you have to pay more to get your vehicle repaired.

How much more does full coverage cost?

The chart below illustrates the comparison of Ford Mustang insurance costs with liability coverage only compared to full coverage. The data assumes a clean driving record, no claims, $250 deductibles, single marital status, and no policy discounts are applied.

When to stop buying physical damage coverage

There is no specific rule to stop buying full coverage, but there is a general guideline. If the yearly cost of full coverage is about 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.

For example, let's assume your Ford Mustang replacement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company will settle for is $5,000 after paying your deductible. If you are paying in excess of $500 annually for comprehensive and collision coverage, then it might be time to buy liability only.

There are some scenarios where dropping physical damage coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not opt for liability only.

Protect more than your vehicle

Despite the fact that auto insurance is not cheap in Jersey City, paying for auto insurance is most likely required but also gives you several important benefits.

First, the majority of states have mandatory liability insurance requirements which means state laws require specific limits of liability protection if you want to drive legally. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.

Second, if your Mustang has a lienholder, almost every bank will have a requirement that you have physical damage coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Ford at a much higher rate and force you to reimburse them the higher price.

Third, auto insurance preserves both your car and your assets. Insurance will also pay for medical expenses for you, your passengers, and anyone else injured in an accident. One of the most valuable coverages, liability insurance, also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If your Ford gets damaged, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.

The benefits of buying enough insurance outweigh the cost, specifically if you ever have a liability claim. According to a 2015 survey, the average American driver is overpaying over $855 a year so it's important to compare rates each time the policy renews to help ensure money is not being wasted.

Informed Decisions Result in Lower Insurance Prices

The best way to find cheaper auto insurance is to take a look at a few of the rating criteria that play a part in calculating your auto insurance rates. When you know what positively or negatively controls the rates you pay, this enables you to make decisions that may reward you with lower auto insurance prices.

The itemized list below are some of the most rate-impacting factors auto insurance companies consider when setting prices.

  • Male costs may be higher - The statistics show females are less aggressive when driving. However, this does not mean females are better at driving than males. Men and women are responsible for fender benders in similar numbers, but guys cause more damage. Men also statistically get higher numbers of serious violations like DWI (DUI) or reckless driving. Young males are several times more likely to be in an accident and therefore pay the highest rates.

    The information below illustrates the comparison of Ford Mustang auto insurance rates for male and female drivers. The data is based on no driving violations, no at-fault accidents, full physical damage coverage, $250 deductibles, single marital status, and no discounts are taken into consideration.

  • How old are your drivers? - Young drivers in New Jersey tend to be inattentive and easily distracted when driving so they pay higher auto insurance rates. Parents adding a first-time driver to your policy can be quite pricey. More experienced drivers are more responsible, tend to file fewer claims, and receive fewer citations.

    The chart below is based on a single driver, full coverage with $1000 deductibles, and no discounts or violations.

  • Vehicle features can affect premiums - Owning a car that has a built-in theft deterrent system can save you a little every year. Systems that thwart thieves like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help prevent car theft and help bring rates down.
  • You may save more by bundling policies - Most larger auto insurance companies afford a discount to clients that purchase more than one policy. It's known as a multi-policy discount. Discounts can be anywhere from five to ten percent in most cases. Even if you already get this discount, it's in your best interest to comparison shop to confirm you are receiving the best rates possible.There is a good possibility that you can save more without the discount by buying from different companies
  • Policy lapses lead to higher premiums - Driving with no insurance is against the law and you will pay a penalty because you let your coverage have a gap. And not only will insurance be more expensive, the inability to provide proof of insurance could result in fines or a revoked license. Then you may be required to submit proof of financial responsibility or a SR-22 with the New Jersey DMV.
  • Single drivers take more risk - Having a wife or husband can actually save you money on your auto insurance policy. Having a significant other demonstrates that you tend to be more stable financially and statistics show married drivers tend to have fewer serious accidents.
  • Keep claims to a minimum - If you tend to file frequent claims, you shouldn't be surprised to get either policy cancellation or increased premiums. Auto insurance companies in New Jersey provide lower rates to people who file claims infrequently. Your car insurance is intended to be relied upon for the bigger claims that can't be paid out-of-pocket.
  • Drive less and pay lower prices - Driving more miles every year the higher your rates will be. Almost all companies apply a rate based on how the vehicle is used. Cars and trucks that sit idle most of the time can be on a lower rate level as compared to vehicles used primarily for driving to work. An incorrectly rated Mustang may be costing you higher rates. Verify your auto insurance policy is rated on the right rating data.
  • Ford Mustang historical loss data - Car insurance companies factor in insurance loss information when they calculate premium rates for each model. Models that statistically have higher frequency or amount of claims will cost more to insure. The table below demonstrates the insurance loss data for Ford Mustang vehicles.

    For each coverage type, the claim probability for all vehicles compiled together is considered to be 100. Values under 100 represent a good loss history, while values that are above 100 point to more frequent losses or a tendency for losses to be larger 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
    BETTER
    AVERAGE
    WORSE

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

Quote more to save more

Affordable Ford Mustang insurance in Jersey City can be sourced both online as well as from insurance agents, and you should compare rates from both to get a complete price analysis. Some insurance companies may not offer the ability to get a quote online and many times these regional insurance providers provide coverage only through independent agents.

When you buy Jersey City auto insurance online, do not sacrifice coverage to reduce premiums. There are a lot of situations where an insured dropped uninsured motorist or liability limits only to regret they didn't purchase enough coverage. Your objective should be to buy a smart amount of coverage at the best price and still be able to protect your assets.

We covered quite a bit of information on how to lower your Ford Mustang insurance rates in Jersey City. The most important thing to understand is the more rate comparisons you have, the better your chances of lowering your car insurance rates. You may even discover the lowest rates come from the least-expected company.

More information can be found at the links below