The preferred way to get budget auto insurance rates in Miami is to start doing a yearly price comparison from different companies who provide car insurance in Florida.
- Get a basic knowledge of how car insurance works and the steps you can take to prevent high rates. Many things that result in higher rates like speeding tickets, careless driving and an unacceptable credit history can be rectified by making minor changes in your lifestyle.
- Request price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give prices from one company like Progressive or Allstate, while independent agents can provide rate quotes from multiple sources. View rates
- Compare the price quotes to the premium of your current policy to see if cheaper Mustang coverage is available in Miami. If you can save money, verify that coverage does not lapse between policies.
A good tip to remember is that you’ll want to compare identical coverage information on each quote request and and to get quotes from as many auto insurance providers as possible. This provides a fair price comparison and a complete selection of prices.
Smart shoppers know that auto insurance companies don’t want their policyholders to compare prices. Drivers who shop for lower rates are very likely to move their business because there is a high probability of finding a more affordable policy. A recent study showed that drivers who compared rates once a year saved as much as $3,500 over four years as compared to drivers who don’t make a habit of comparing rates.
If finding discount rates on insurance is your ultimate target, then having some knowledge of the best way to quote and compare insurance coverage can save time and make the process easier.
If you’re already insured, you will definitely be able to find better prices using the techniques covered below. This article’s intent is to tell you how to get online quotes and how to save the most money. But Florida consumers must learn the way companies price insurance differently because rates are impacted by many factors.
How to compare Ford Mustang insurance quotes in Miami
To find the cheapest Ford Mustang rate quotes, there are several ways to compare rate quotes from local Miami auto insurance companies. The recommended way to find competitive Ford Mustang insurance rates consists of shopping online.
Just remember that getting more free quotes increases your odds of finding the best offered rates.
The companies in the list below provide quotes in Florida. If you want cheap auto insurance in Florida, we suggest you get rates from several of them to get the most competitive price.
Coverage information
The table below highlights a range of prices for Ford Mustang models. Being able to understand how insurance prices are calculated can help guide drivers when making informed decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Mustang 2-Dr Convertible | $298 | $516 | $546 | $32 | $164 | $1,556 | $130 |
| Mustang 2-Dr Coupe | $298 | $516 | $684 | $40 | $204 | $1,742 | $145 |
| Mustang GT 2-Dr Convertible | $338 | $594 | $546 | $32 | $164 | $1,674 | $140 |
| Mustang GT 2-Dr Coupe | $338 | $594 | $684 | $40 | $204 | $1,860 | $155 |
| Mustang Shelby GT500 2-Dr Convertible | $376 | $750 | $546 | $32 | $164 | $1,868 | $156 |
| Mustang Shelby GT500 2-Dr Coupe | $414 | $828 | $684 | $40 | $204 | $2,170 | $181 |
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Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Premium amounts do not factor in the specific area where the vehicle is garaged which can modify premium rates noticeably.
The information below illustrates how your choice of deductibles and can influence Ford Mustang insurance costs for different categories of driver ages. The premium estimates are based on a married male driver, full coverage, and no discounts are applied.
Age, gender, and Ford Mustang insurance
The illustration below compares Ford Mustang yearly insurance costs for male and female drivers. The data is based on no tickets, no at-fault accidents, full physical damage coverage, $1,000 deductibles, marital status is single, and no discounts are factored in.
Full coverage versus liability only rates
The information below illustrates the comparison of Ford Mustang premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Florida. The information is based on no driving violations, no at-fault accidents, $250 deductibles, drivers are not married, and no policy discounts are applied.
When to drop comp and collision
There isn’t a written rule for phasing out physical damage coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
For example, let’s say your Ford Mustang replacement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $5,000 after the deductible is paid. If it’s costing in excess of $500 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.
There are some circumstances where dropping full coverage is not a good idea. If you haven’t satisfied your loan, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should not eliminate full coverage.
Check for these seven discounts
Some insurance providers do not list every discount very clearly, so here is a list a few of the more well known and the harder-to-find discounts you could be receiving when you buy Miami car insurance online. If you aren’t receiving every discount you deserve, you are not getting the best rate possible.
- Accident-Free Discounts – Drivers with accident-free driving histories can earn big discounts compared to policyholders that have many claims.
- Driver Training Discounts – Passing a course that instructs on driving safety is a good idea and can lower rates and easily pay for the cost of the class.
- Renewal Discounts – Some companies reward drivers for switching to them early. This can save 10% or more.
- College Student – Children who are attending college and won’t have access to an insured vehicle could qualify for this discount.
- Pay Early and Save – If you pay your entire premium ahead of time instead of monthly or quarterly installments you can actually save on your bill.
- Senior Discount – Drivers over the age of 55 may be able to get a small discount on rates.
- Homeowners Savings – Owning your own home or condo can earn you a little savings because it is proof that your finances are in order.
We need to note that most of the big mark downs will not be given to the entire policy premium. Some only apply to individual premiums such as collision or personal injury protection. So even though they make it sound like all the discounts add up to a free policy, you’re out of luck. Any amount of discount will definitely lower your policy premium.
The diagram below compares Ford Mustang auto insurance costs with and without policy discounts. The information is based on a male driver, no violations or accidents, Florida state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, marriage, multi-car, claim-free, and multi-policy discounts applied.
A few companies that may have many of the previously listed discounts include:
If you need affordable Ford Mustang insurance quotes, ask each company the best way to save money. Savings might not be offered everywhere. To see insurance companies with discount rates in Florida, click here.
Here’s why car insurance is not optional
Even though it’s not necessarily cheap to insure a Ford in Miami, buying car insurance is a good idea for several reasons.
- The majority of states have compulsory liability insurance requirements which means state laws require specific limits of liability in order to drive the car legally. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your Ford Mustang has a lienholder, most banks will require that you have physical damage coverage to protect their interest in the vehicle. If coverage lapses or is canceled, the bank may insure your Ford at a much higher premium rate and force you to pay for it.
- Car insurance preserves not only your car but also your financial assets. Insurance will pay for medical expenses for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, also pays for attorney fees and expenses if you are sued as the result of your driving. If mother nature or an accident damages your car, comprehensive and/or collision insurance will pay to repair the damage.
The benefits of carrying enough insurance more than offset the price you pay, especially when you need to use it. Unknowingly, the average driver is overpaying more than $865 each year so you should quote and compare rates at every policy renewal to ensure rates are inline.
Get rate quotes but buy from a local neighborhood Miami car insurance agent
Some people prefer to get advice from a local agent and doing that can be a smart decision One of the benefits of price shopping on the web is that you can find the best rates and still have a local agent.
After completing this short form, the quote information is instantly submitted to agents in your area who will give competitive quotes and help you find cheaper coverage. It’s much easier because you don’t need to even leave your home because quoted prices will be sent straight to your inbox. Get lower rates and a licensed agent to talk to. If you wish to compare rates from one company in particular, you just need to go to their quote page and give them your coverage information.
Selecting an company should depend on more than just a cheap price quote. Get answers to these questions too.
- Do they feel the quoted coverages are adequate?
- Do they offer rental car reimbursement?
- How much training do they have in personal risk management?
- Do they have cheaper tiers of coverage?
- How much will you save each year by using a higher deductible?
- Do they carry Errors and Omissions coverage?
- What discounts might you be missing?
- Do they have designations such as AIC, CPCU, or CIC?
Once you have received positive feedback as well as offering an affordable quote, you may have found a company that meets the criteria to adequately provide insurance.
Auto insurance policy specifics
Understanding the coverages of your policy aids in choosing appropriate coverage for your vehicles. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring.
Auto liability
Liability coverage will cover damage or injury you incur to other people or property that is your fault. It protects YOU against claims from other people, and doesn’t cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have liability limits of 10/20/10 that means you have a limit of $10,000 per injured person, a limit of $20,000 in injury protection per accident, and a limit of $10,000 paid for damaged property.
Liability can pay for claims like medical services, attorney fees, repair costs for stationary objects, emergency aid and loss of income. The amount of liability coverage you purchase is your choice, but you should buy as large an amount as possible. Florida requires drivers to carry at least 10/20/10 but it’s recommended drivers buy more liability than the minimum.
The illustration below demonstrates why low liability limits may not be high enough to cover claims.
Auto collision coverage
Collision coverage pays to fix your vehicle from damage resulting from a collision with another car or object. You have to pay a deductible then your collision coverage will kick in.
Collision insurance covers things like damaging your car on a curb, colliding with a tree and driving through your garage door. Paying for collision coverage can be pricey, so you might think about dropping it from older vehicles. Drivers also have the option to increase the deductible on your Mustang in order to get cheaper collision rates.
Comprehensive auto insurance
Comprehensive insurance will pay to fix damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers claims like fire damage, hail damage, damage from getting keyed, damage from flooding and a broken windshield. The highest amount a auto insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.
Coverage for medical expenses
Medical payments and Personal Injury Protection insurance pay for bills for things like ambulance fees, chiropractic care, pain medications and prosthetic devices. They can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and also covers if you are hit as a while walking down the street. PIP is not universally available but it provides additional coverages not offered by medical payments coverage
Coverage for uninsured or underinsured drivers
Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your Ford Mustang.
Because many people only purchase the least amount of liability that is required (10/20/10), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family.