Unfortunately, most insurance buyers in Texas renewed their policy with the same company for a minimum of four years, and just under half have never even compared rates from other companies. Many consumers in the U.S. can cut their rates by $859 a year just by shopping around, but they don't know the benefits if they switched to a more affordable policy.
The best way to get low-cost Ford Mustang insurance in El Paso is to start comparing prices yearly from providers who can sell car insurance in Texas. This can be done by following these guidelines.
- Step 1: It will benefit you to learn about auto insurance and the measures you can take to prevent high rates. Many things that result in higher rates like accidents, traffic violations, and a bad credit score can be controlled by being financially responsible and driving safely. This article provides information to get low prices and get additional discounts.
- Step 2: Request price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can give quotes from a single company like GEICO or Farmers Insurance, while independent agencies can quote prices for a wide range of insurance providers.
- Step 3: Compare the new rate quotes to the premium of your current policy to determine if you can save on Mustang insurance. If you find better rates and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
A good tip to remember is to use the same level of coverage on each quote request and and to get rate quotes from every company you can. This enables the most accurate price comparison and a complete price analysis.
Quoting and buying the best car insurance policy in El Paso is not as difficult as people think. If you have a current car insurance policy or want to find a cheaper company, use these money-saving tips to get lower rates and possibly find even better coverage. You only need to know the most time-saving way to shop their coverage around online from multiple companies.
Getting a low cost price on insurance is not rocket science. The only requirement is to invest a few minutes comparing price quotes from some recommended companies.
The companies shown below are our best choices to provide free quotes in Texas. If more than one company is shown, we suggest you visit several of them to find the lowest car insurance rates.
Facts and figures for Ford Mustang insurance
The rate table displayed below showcases different insurance prices for Ford Mustang models. Being more informed about how auto insurance prices are formulated can assist in making smart choices when buying a car insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Mustang 2-Dr Convertible | $328 | $698 | $382 | $22 | $114 | $1,544 | $129 |
| Mustang 2-Dr Coupe | $328 | $698 | $476 | $28 | $142 | $1,672 | $139 |
| Mustang GT 2-Dr Convertible | $370 | $804 | $382 | $22 | $114 | $1,692 | $141 |
| Mustang GT 2-Dr Coupe | $370 | $804 | $476 | $28 | $142 | $1,820 | $152 |
| Mustang Shelby GT500 2-Dr Convertible | $412 | $1014 | $382 | $22 | $114 | $1,944 | $162 |
| Mustang Shelby GT500 2-Dr Coupe | $454 | $1120 | $476 | $28 | $142 | $2,220 | $185 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Prices do not factor in vehicle location which can alter prices substantially.
Can higher deductibles save money?
One of the hardest decisions when shopping for car insurance is how high should your deductibles be. The comparisons below sum up the rate difference between high and low insurance deductibles. The first data table uses a $250 deductible and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Mustang 2-Dr Convertible | $294 | $584 | $382 | $22 | $114 | $1,421 | $118 |
| Mustang 2-Dr Coupe | $294 | $584 | $476 | $28 | $142 | $1,549 | $129 |
| Mustang GT 2-Dr Convertible | $332 | $672 | $382 | $22 | $114 | $1,547 | $129 |
| Mustang GT 2-Dr Coupe | $332 | $672 | $476 | $28 | $142 | $1,675 | $140 |
| Mustang Shelby GT500 2-Dr Convertible | $370 | $850 | $382 | $22 | $114 | $1,763 | $147 |
| Mustang Shelby GT500 2-Dr Coupe | $408 | $938 | $476 | $28 | $142 | $2,017 | $168 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Mustang 2-Dr Convertible | $240 | $472 | $382 | $22 | $114 | $1,230 | $103 |
| Mustang 2-Dr Coupe | $240 | $472 | $476 | $28 | $142 | $1,358 | $113 |
| Mustang GT 2-Dr Convertible | $270 | $542 | $382 | $22 | $114 | $1,330 | $111 |
| Mustang GT 2-Dr Coupe | $270 | $542 | $476 | $28 | $142 | $1,458 | $122 |
| Mustang Shelby GT500 2-Dr Convertible | $300 | $686 | $382 | $22 | $114 | $1,504 | $125 |
| Mustang Shelby GT500 2-Dr Coupe | $332 | $756 | $476 | $28 | $142 | $1,734 | $145 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Premium costs do not factor in garaging location in El Paso which can change coverage rates significantly.
Based on the data above, we can derive that using a $250 deductible costs about $19 more each month or $228 for a full year averaged for all Mustang models than opting for the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you go at least 13 months between claim filings, you would more than likely save some money if you elect the higher deductible. Here is the way you can do this calculation yourself.
| Average monthly premium for $250 deductibles: | $139 |
| Average monthly premium for $500 deductibles (subtract): | - $120 |
| Monthly savings from raising deductible: | $19 |
| Difference between deductibles ($500 - $250): | $250 |
| Divide difference by monthly savings: | $250 / $19 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 13 months |
The illustration below demonstrates how deductibles and can raise or lower Ford Mustang insurance premiums for each age group. The information is based on a married female driver, full physical damage coverage, and no discounts are factored in.
Impact of careless driving on El Paso car insurance rates
The diagram below shows how speeding tickets and accident claims can drive up Ford Mustang insurance costs for each age group. The rates are based on a single male driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
Ford Mustang liability-only versus full coverage
The diagram below shows the difference between Ford Mustang yearly insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Texas. The rates are based on no accidents or driving violations, $500 deductibles, drivers are single, and no discounts are applied.
Are you wasting money paying for full coverage?
There is no definitive formula that is best for determining when to drop physical damage coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let's assume your Ford Mustang replacement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $4,000 after paying the physical damage deductible. If it's costing in excess of $400 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are a few cases where only buying liability is not a good idea. If you still owe money on your vehicle, you have to carry full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should maintain full coverage.
Buying the right Ford Mustang insurance in Texas is an important decision
Despite the potentially high cost of Ford Mustang insurance, paying for insurance is required by state law in Texas and it also provides benefits you may not be aware of.
- Most states have minimum mandated liability insurance limits which means the state requires specific limits of liability in order to license the vehicle. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you bought your Ford with a loan, most banks will make it a condition of the loan 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 bank may buy a policy for your Ford at a significantly higher premium and require you to fork over the higher price.
- Insurance protects both your vehicle and your assets. It will also pay for most medical and hospital costs that are the result of an accident. Liability coverage will also pay attorney fees in the event you are sued. If you have damage to your Ford as the result of the weather or an accident, comprehensive and collision coverage will pay to have it repaired.
The benefits of buying enough insurance outweigh the cost, particularly for liability claims. As of last year, the average driver in Texas is currently overpaying as much as $850 per year so you should quote rates once a year at a minimum to ensure rates are competitive.
Do I just need basic coverages?
Keep in mind that when it comes to choosing adequate coverage, there really isn't a perfect coverage plan. Every situation is different and your car insurance should be unique as well.
For instance, these questions can help discover if you would benefit from professional advice.
- Is there coverage for injuries to my pets?
- What can I do if my company denied a claim?
- Do I need roadside assistance coverage?
- Can I get a multi-policy discount for packaging my home and auto coverage?
- What is no-fault insurance?
- Is pleasure use cheaper than using my Ford Mustang to commute?
If you're not sure about those questions, then you may want to think about talking to a licensed agent. To find lower rates from a local agent, fill out this quick form or you can also visit this page to select a carrier It's fast, free and you can get the answers you need.
Insurance coverages 101
Understanding the coverages of your insurance policy can help you determine the best coverages at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and coverage can change by endorsement. These are typical coverages found on the average insurance policy.
Auto collision coverage
This pays for damage to your Mustang resulting from colliding with another car or object. You will need to pay your deductible then your collision coverage will kick in.
Collision insurance covers claims like hitting a mailbox, backing into a parked car and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. You can also increase the deductible on your Mustang to get cheaper collision coverage.
Comprehensive auto coverage
Comprehensive insurance pays for damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against things such as hitting a deer, a broken windshield, damage from getting keyed, damage from a tornado or hurricane and hail damage. The highest amount your insurance company will pay is the actual cash value, so if the vehicle's value is low it's not worth carrying full coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Your UM/UIM coverage protects you and your vehicle's occupants when other motorists either have no liability insurance or not enough. Covered losses include injuries to you and your family as well as your vehicle's damage.
Since a lot of drivers only carry the minimum required liability limits (Texas limits are 30/60/25), their limits can quickly be used up. So UM/UIM coverage is very important. Most of the time these limits do not exceed the liability coverage limits.
Auto liability insurance
This provides protection from damage that occurs to other people or property. Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see limits of 30/60/25 that translate to $30,000 in coverage for each person's injuries, $60,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property. Another option is one limit called combined single limit (CSL) that pays claims from the same limit with no separate limits for injury or property damage.
Liability insurance covers claims like emergency aid, bail bonds and pain and suffering. How much liability should you purchase? That is a personal decision, but consider buying as much as you can afford. Texas requires drivers to carry at least 30/60/25 but you should consider buying higher limits.
The next chart demonstrates why low liability limits may not be high enough to adequately cover claims.
Medical payments and PIP coverage
Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for hospital visits, X-ray expenses and funeral costs. The coverages can be used to cover expenses not covered by your health insurance plan or if you do not have health coverage. They cover all vehicle occupants in addition to getting struck while a pedestrian. Personal Injury Protection is not an option in every state and may carry a deductible
Which auto insurance company is best in El Paso?
Finding a highly-rated company can be challenging considering how many different insurance companies sell coverage in El Paso. The company ratings displayed below can help you pick which providers you want to consider buying from.
Top 10 El Paso Car Insurance Companies Ranked by Customer Satisfaction
- USAA - 91%
- AAA Insurance - 90%
- Esurance - 90%
- Mercury Insurance - 89%
- Nationwide - 89%
- Travelers - 88%
- Progressive - 88%
- Safeco Insurance - 88%
- State Farm - 88%
- Allstate - 88%
Top 10 El Paso Car Insurance Companies Ranked by Claims Service
- Travelers
- Nationwide
- Allstate
- State Farm
- Liberty Mutual
- GEICO
- American Family
- Esurance
- Titan Insurance
- AAA Insurance
In the end, you can save money
When trying to cut insurance costs, never sacrifice coverage to reduce premiums. There are many occasions where an insured dropped full coverage and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. The goal is to get the best coverage possible at an affordable rate, not the least amount of coverage.
Lower-priced Ford Mustang insurance in El Paso is definitely available online and from local agencies, so you should compare both in order to have the best chance of saving money. Some insurance companies may not offer online rate quotes and usually these small, regional companies sell through local independent agents.
We covered many ways to reduce Ford Mustang insurance prices online in El Paso. The key concept to understand is the more you quote El Paso car insurance, the better likelihood of getting affordable Ford Mustang insurance quotes. Consumers may even find the best price on auto insurance is with the least-expected company. Smaller companies often have lower rates on specific markets compared to the large companies like Progressive and GEICO.
More learning opportunities
- Rental Car Insurance Tips (Insurance Information Institute)
- Frontal Crash Tests (iihs.org)
- Vehicle Insurance in the U.S. (Wikipedia)
- Five Mistakes to Avoid (Insurance Information Institute)
- Tread Depth and Tire Safety (State Farm)