The best way we recommend to find the cheapest price for car insurance rates is to make a habit of comparing prices annually from companies who sell auto insurance in Lexington. Drivers can shop around by following these steps.
First, spend a few minutes and learn about how auto insurance works and the things you can control to lower rates. Many factors that are responsible for high rates like traffic tickets, fender benders, and poor credit history can be amended by making minor changes in your lifestyle. Keep reading for instructions to help reduce premium rates and get additional discounts.
Second, request rate estimates from direct, independent, and exclusive agents. Exclusive and direct companies can provide rates from one company like GEICO and State Farm, while agents who are independent can provide rate quotes for a wide range of insurance providers. Click to view companies
Third, compare the new quotes to the premium of your current policy and see if you can save money. If you can save some money and make a switch, ensure coverage does not lapse between policies.
The critical component of shopping around is that you’ll want to compare identical limits and deductibles on every quote request and and to look at all possible companies. This enables an accurate price comparison and the best price selection.
It’s hard to fathom, but the vast majority of insurance customers have purchased from the same company for over three years, and practically 40% of insurance customers have never compared rates from other carriers. Drivers in Lexington could save an average of approximately 30% each year, but they just don’t want to compare other rate quotes.
Cheap companies for Ford Mustang insurance in Kentucky
The companies shown below are ready to provide price comparisons in Lexington, KY. If multiple companies are listed, we suggest you get prices from several of them to find the most affordable car insurance rates.
Coverage information
The coverage table displayed next showcases detailed analysis of prices for Ford Mustang models. Having knowledge of how premiums are figured can help guide drivers when making informed coverage decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Mustang 2-Dr Convertible | $178 | $316 | $428 | $26 | $128 | $1,076 | $90 |
| Mustang 2-Dr Coupe | $178 | $316 | $534 | $32 | $160 | $1,220 | $102 |
| Mustang GT 2-Dr Convertible | $200 | $362 | $428 | $26 | $128 | $1,144 | $95 |
| Mustang GT 2-Dr Coupe | $200 | $362 | $534 | $32 | $160 | $1,288 | $107 |
| Mustang Shelby GT500 2-Dr Convertible | $224 | $458 | $428 | $26 | $128 | $1,264 | $105 |
| Mustang Shelby GT500 2-Dr Coupe | $246 | $506 | $534 | $32 | $160 | $1,478 | $123 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Price estimates do not factor in zip code location which can affect premiums noticeably.
Should you raise deductibles?
One common question asked by Lexington drivers is which deductible level should you buy. The figures shown below may help to conceptualize the price difference of buying low and high deductibles. The first rate table uses a $250 comprehensive and collision deductible and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Mustang 2-Dr Convertible | $252 | $500 | $326 | $20 | $98 | $1,221 | $102 |
| Mustang 2-Dr Coupe | $252 | $500 | $408 | $24 | $122 | $1,331 | $111 |
| Mustang GT 2-Dr Convertible | $284 | $576 | $326 | $20 | $98 | $1,329 | $111 |
| Mustang GT 2-Dr Coupe | $284 | $576 | $408 | $24 | $122 | $1,439 | $120 |
| Mustang Shelby GT500 2-Dr Convertible | $318 | $728 | $326 | $20 | $98 | $1,515 | $126 |
| Mustang Shelby GT500 2-Dr Coupe | $350 | $804 | $408 | $24 | $122 | $1,733 | $144 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Mustang 2-Dr Convertible | $156 | $316 | $326 | $20 | $98 | $916 | $76 |
| Mustang 2-Dr Coupe | $156 | $316 | $408 | $24 | $122 | $1,026 | $86 |
| Mustang GT 2-Dr Convertible | $176 | $362 | $326 | $20 | $98 | $982 | $82 |
| Mustang GT 2-Dr Coupe | $176 | $362 | $408 | $24 | $122 | $1,092 | $91 |
| Mustang Shelby GT500 2-Dr Convertible | $196 | $458 | $326 | $20 | $98 | $1,098 | $92 |
| Mustang Shelby GT500 2-Dr Coupe | $216 | $506 | $408 | $24 | $122 | $1,276 | $106 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Estimates do not factor in specific location information which can modify premiums considerably.
Based on these figures, using a $250 deductible will cost you approximately $30 more each month or $360 annually across all Ford Mustang models than quoting the higher $1,000 deductible. Since you would pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have at a minimum 25 months between claims, you would most likely save money by selecting a higher deductible.
Calculate deductible break even point
| Average monthly premium for $250 deductibles: | $119 |
| Average monthly premium for $1,000 deductibles (subtract): | – $89 |
| Monthly savings from raising deductible: | $30 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $30 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 25 months |
One thing to note is that higher deductibles results in more money out-of-pocket at claim time. You will want to have enough money in the bank in the event you have to pay the deductible to have repairs made.
Annual premiums for males versus females
The illustration below illustrates the comparison of Ford Mustang annual premium costs for male and female drivers. The price estimates are based on no claims, a clean driving record, comprehensive and collision coverage, $500 deductibles, marital status is single, and no additional discounts are factored in.
Discounts mean cheaper rates for Ford Mustang insurance in Lexington
The price of auto insurance can be rather high, but you might be missing out on some discounts that you may not even be aware of. Some of these discounts will be visible when you complete an application, but a few must be asked for prior to getting the savings. If you check and find you aren’t receiving every discount possible, it’s possible you qualify for a lower rate.
- Government Employee Discount – Being employed by or retired from a federal job may qualify for a discount when you quote Lexington car insurance with some auto insurance companies.
- Multiple Policy Discount – If you can combine your homeowners and auto policy and place coverage with the same company they may give you a discount of up to 20% and get you low cost Ford Mustang insurance.
- Own a Home and Save – Simply owning a home can earn you a little savings since owning and maintaining a home requires personal responsibility.
- Switch and Save Discount – Some insurance companies provide a discount for switching to them before your current coverage expires. You could save around 10% when you buy Lexington car insurance online.
- Passive Restraints and Air Bags – Options like air bags and/or automatic seat belt systems could see savings up to 30%.
- Driver’s Ed – It’s a good idea to have your young drivers enroll and complete driver’s education in school.
Keep in mind that many deductions do not apply to the overall cost of the policy. The majority will only reduce individual premiums such as comp or med pay. So when it seems like you would end up receiving a 100% discount, insurance companies wouldn’t stay in business.
The chart below compares Ford Mustang insurance rates with and without discounts being applied to the rates. The rates are based on a female driver, no claims or driving violations, Kentucky state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, multi-car, safe-driver, claim-free, marriage, and homeowner discounts applied.
Companies and some of the discounts are shown below.
- Progressive policyholders can earn discounts including multi-policy, online signing, online quote discount, homeowner, continuous coverage, and good student.
- SAFECO offers premium reductions for anti-lock brakes, homeowner, safe driver, multi-car, teen safety rewards, teen safe driver, and accident prevention training.
- American Family has discounts for good driver, bundled insurance, accident-free, air bags, and early bird.
- MetLife may include discounts for claim-free, good driver, accident-free, multi-policy, and good student.
- GEICO has savings for seat belt use, emergency military deployment, multi-policy, multi-vehicle, federal employee, and driver training.
- The Hartford discounts include anti-theft, air bag, driver training, good student, bundle, defensive driver, and vehicle fuel type.
If you need lower rates, check with all companies you are considering what discounts are available to you. All car insurance discounts might not be offered in Lexington. To see auto insurance companies who offer free Ford Mustang insurance quotes in Lexington, click here.
Smart Buyers Save on Insurance
Consumers need to have an understanding of a few of the rating criteria that play a part in calculating your policy premiums. If you have some idea of what positively or negatively impacts your premiums, this allows you to make good choices that may result in much lower annual insurance costs. Many factors are used when pricing auto insurance. Some of the criteria are obvious like your driving record, but other criteria are not quite as obvious like your continuous coverage and annual miles driven.
Pay more if you have a long commute – Having an address in less populated areas of the country may provide you with better prices when trying to find low car insurance rates. Fewer drivers on the road means fewer accidents and also fewer theft and vandalism claims. Drivers who live in large Kentucky cities tend to have much more traffic and a longer drive to work. More time behind the wheel means a statistically higher chance of an accident.
Don’t cut corners with liability protection – Liability insurance is the coverage that protects you if ever you are determined to be liable for damages from an accident. This coverage provides you with a defense in court which can cost a lot. Liability is cheap compared to other policy coverages, so drivers should make sure they buy enough to cover all assets.
Younger drivers pay high costs – Older, more experienced drivers are more responsible, tend to file fewer claims, and are generally more financially stable. Beginning drivers are known to be less responsible when at the wheel of a vehicle so they pay higher insurance rates.
The following chart uses these variables: single driver, full coverage with $250 deductibles, and no discounts or violations.
What’s your car’s crash test rating? – Safer cars are cheaper to insure. Safer cars reduce occupant injuries and better occupant protection translates directly to fewer claims and lower rates for you. If your Ford has at least an “acceptable” rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.
Raise deductibles and save – Comprehensive and collision coverage deductibles tell how much you are required to pay if the claim is covered. Physical damage coverage, also known as collision and other-than-collision, covers damage that occurs to your car. Some examples of claims that would be covered are collision with another vehicle, fire damage, and damage caused by road hazards. The larger the amount the insured has to pay upfront, the better rate you will receive.
Always have insurance – Driving any period of time without insurance is a big no-no and as a result your rates will increase for letting your insurance lapse. In addition to paying higher premiums, being ticketed for driving with no insurance may result in a steep fine or even jail time. Then you may be required to submit proof of financial responsibility or a SR-22 with the Kentucky motor vehicle department.
Does your employer cost you more? – Did you know your career choice can influence rates? Jobs such as lawyers, social workers, and financial analysts tend to have higher rates than average attributed to intense work situations and extremely grueling work hours. On the flip side, jobs such as farmers, athletes and retirees receive lower rates.
Insure car and home with the same company – Most larger insurance companies afford a discount to people that purchase more than one policy such as combining an auto and homeowners policy. Discounts can be five, ten or even twenty percent. Even if you’re getting this discount consumers should still compare Ford Mustang rates in Lexington to verify if the discount is saving money.
Loss probability for a Ford Mustang – Car insurance companies include the past claim trends for vehicles to help set a rate to offset losses. Models that are shown to have higher loss trends will have higher premium rates. The data below shows the collected loss data for Ford Mustang vehicles.
For each policy coverage type, the claim probability for all vehicles, regardless of make or model, is equal to 100. Values under 100 are indicative of better than average losses, while percentage numbers above 100 indicate higher probability of having a loss or an increased likelihood of larger losses.
| 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
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Tailor your car insurance coverage to you
Always keep in mind that when comparing proper insurance coverage for your personal vehicles, there isn’t really a one-size-fits-all type of policy. Everyone’s situation is unique.
Here are some questions about coverages that may help highlight if your insurance needs may require specific advice.
- Is business property covered if stolen from my car?
- Is water damage covered by my policy?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- Am I better off with higher deductibles on my Ford Mustang?
- Am I covered if I crash into my own garage door?
- How can I get the company to pay a claim?
- Does coverage extend to my business vehicle?
If it’s difficult to answer those questions but one or more may apply to you then you might want to talk to an agent. To find an agent in your area, take a second and complete this form. It’s fast, doesn’t cost anything and can help protect your family.
Get rate quotes but buy from a local Lexington insurance agency
Some consumers just want to go talk to an agent and that is a personal choice. Licensed agents are trained to spot inefficiencies and help in the event of a claim. One of the great benefits of getting free rate quotes online is that you can obtain the best rates and still choose a local agent.
To make it easy to find an agent, after completing this simple form, your insurance data gets sent to insurance agents in Lexington who will return price quotes for your coverage. There is no need to contact any insurance agencies as quotes are delivered to you directly. In the event you want to quote rates from a specific auto insurance provider, just jump over to their website and fill out their quote form.
Picking the best insurance company requires more thought than just the bottom line cost. Any agent in Lexington should be willing to answer these questions.
- What are their preferred companies if they are an independent agency?
- How often do they review policy coverages?
- Does the agent have a valid license to sell insurance in Kentucky?
- Will they make sure you get an adequate claim settlement?
- By raising physical damage deductibles, how much would you save?
- Which insurance companies are they affiliated with?
- How will an accident affect your rates?
Once you have good answers to your questions and locked in a price quote, it’s possible that you found a company that will properly insure your vehicles. Just understand that policyholders can cancel your coverage whenever you choose to so don’t feel that you’re stuck with a specific agent for the full policy term.
More effort can pay off
Affordable Ford Mustang insurance in Lexington is attainable from both online companies and from local agencies, so get free Lexington car insurance quotes from both of them in order to have the best price selection to choose from. A few companies do not offer online quoting and usually these smaller companies prefer to sell through independent agents.
You just read a lot of information how to find lower-cost Ford Mustang insurance in Lexington. The key thing to remember is the more times you quote, the higher the chance of saving money. Consumers may even find the biggest savings come from a small local company.
When shopping online for insurance, do not skimp on critical coverages to save a buck or two. In many cases, consumers will sacrifice full coverage and learned later they didn’t have enough coverage. The goal is to purchase plenty of coverage at a price you can afford but still have enough coverage for asset protection.
Even more information can be found in the articles below:
- Cellphones, Texting and Driving (iihs.org)
- How Much are Auto Insurance Quotes for a 20 Year Old Female in Lexington? (FAQ)
- Who Has Affordable Car Insurance Quotes for 19 Year Olds in Lexington? (FAQ)
- What Auto Insurance is Cheapest for a Dodge Ram in Lexington? (FAQ)
- Who Has Affordable Car Insurance Rates for a Ford Explorer in Lexington? (FAQ)
- Who Has Cheap Lexington Car Insurance for a Kia Forte? (FAQ)
- How Much is Lexington Auto Insurance for 4×4 Vehicles? (FAQ)
- Senior Drivers (Insurance Information Institute)
- Neck Injury FAQ (iihs.org)
- Safety Tips for Teen Drivers (Insurance Information Institute)
- Comprehensive Coverage (Liberty Mutual)