Best Insurance for a Ford Mustang in Newark

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Insurance quote for Ford Mustang in NewarkWant to know how to find cheaper Ford Mustang insurance in Newark? Searching for better insurance prices for a Ford Mustang in New Jersey could be an all-consuming task, but you can learn our insurance buying tips to make it easier. There are both good and bad ways to buy insurance so we're going to tell you the proper way to get price quotes for your Ford and obtain the best price possible either online or from Newark insurance agents.

It's shocking but the vast majority of consumers have remained with the same insurance company for more than four years, and approximately 40% of consumers have never even shopped around for cheaper coverage. Drivers in Newark could save $716 each year just by comparing rates, but most undervalue how much money they would save if they replace their high priced policy.

It's smart to compare rates quite often since insurance rates are usually higher with each renewal. Just because you found the best deal on Ford Mustang insurance in Newark a few years ago other companies may now be cheaper. You'll find a ton of advice on Mustang insurance online but in a few minutes you can learn some excellent ideas to find affordable insurance in Newark.

Locating the most cost-effective auto insurance policy in Newark is actually quite easy if you know where to start. If you have coverage now or just want cheaper coverage, you can learn to lower your rates without sacrificing coverage. Drivers only have to learn the most time-saving way to get comparison quotes online.

The auto insurance companies shown below have been selected to offer free rate quotes in New Jersey. To locate cheap car insurance in Newark, NJ, we recommend you visit two to three different companies in order to get a fair rate comparison.

Why you need quality insurance for your Ford Mustang

Even though it's not necessarily cheap to insure a Ford in Newark, car insurance is required for several reasons.

First, just about all states have mandatory insurance requirements which means it is punishable by state law to not carry a minimum amount of liability 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 you have a loan on your Ford Mustang, most banks will require that you have comprehensive coverage to guarantee loan repayment. If you default on your policy, the lender may have to buy a policy to insure your Ford at a significantly higher premium and force you to pay a much higher amount than you were paying before.

Third, insurance protects both your Ford Mustang and your assets. Insurance will pay for most medical and hospital costs that are the result of an accident. Liability coverage will also pay attorney fees if you are sued as the result of an accident. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage.

The benefits of buying enough insurance more than cancel out the cost, especially with large liability claims. But the average driver in New Jersey overpays more than $869 every year so it's important to compare rates at every renewal to make sure the price is not too high.

Ford Mustang insurance rate analysis

The information shown next highlights detailed analysis of coverage prices for Ford Mustang models. Being aware of how premiums are formulated can be useful when making smart choices when purchasing an insurance policy.

Ford Mustang Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $356 $862 $544 $32 $162 $1,956 $163
Mustang 2-Dr Coupe $356 $862 $678 $40 $204 $2,140 $178
Mustang GT 2-Dr Convertible $402 $992 $544 $32 $162 $2,132 $178
Mustang GT 2-Dr Coupe $402 $992 $678 $40 $204 $2,316 $193
Mustang Shelby GT500 2-Dr Convertible $448 $1254 $544 $32 $162 $2,440 $203
Mustang Shelby GT500 2-Dr Coupe $494 $1384 $678 $40 $204 $2,800 $233
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Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Table data does not factor in your specific Newark location which can increase or decrease auto insurance rates noticeably.

Physical damage deductible comparison

The hardest decision when buying coverage is where should you set your physical damage deductibles. The following tables outline how much more you'll pay between low and high deductibles. The first rate comparisons uses a $100 deductible for comprehensive and collision coverage and the second price grid uses a $1,000 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
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Ford Mustang insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $230 $464 $480 $28 $144 $1,346 $112
Mustang 2-Dr Coupe $230 $464 $600 $36 $180 $1,510 $126
Mustang GT 2-Dr Convertible $258 $534 $480 $28 $144 $1,444 $120
Mustang GT 2-Dr Coupe $258 $534 $600 $36 $180 $1,608 $134
Mustang Shelby GT500 2-Dr Convertible $288 $674 $480 $28 $144 $1,614 $135
Mustang Shelby GT500 2-Dr Coupe $318 $744 $600 $36 $180 $1,878 $157
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Information does not factor in specific garaging location which can influence price quotes considerably.

We can estimate from the data above that using a $100 deductible costs roughly $62 more each month or $744 every year than choosing the higher $1,000 deductible. Since you would have to pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you go at a minimum 15 months between claims, you would most likely save money by selecting a higher deductible.

Should you buy full coverage?

The information below illustrates the comparison of Ford Mustang insurance premiums with liability coverage only compared to full coverage. The data is based on no tickets, no at-fault accidents, $250 deductibles, marital status is single, and no additional discounts are factored in.

Guidelines for eliminating full coverage

There is no exact rule for eliminating full coverage, but there is a general convention. If the annual cost of coverage is 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.

For example, let's pretend your Ford Mustang settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $8,000 after you pay the deductible. If it's costing in excess of $800 a year for comprehensive and collision coverage, then you might want to consider buying only liability coverage.

There are a few situations where removing full coverage is not a good plan. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage.

Save with these discounts

Car insurance companies do not advertise all discounts very clearly, so below is a list a few of the more well known and also the more inconspicuous discounts that you may qualify for.Car insurance discounts

  • Telematics Discount - Newark drivers who agree to allow data collection to study when and where they use their vehicle by installing a telematics device like Drivewise from Allstate or In-Drive from State Farm may see discounts if they have good driving habits.
  • Multi-line Discount - Not all companies offer life insurance, but some may give you a small discount if you purchase life insurance.
  • Discount for Passive Restraints - Vehicles equipped with air bags and/or automatic seat belt systems can receive discounts of more than 20%.
  • Own a Home and Save - Just owning your own home may trigger a policy discount on car insurance since home ownership is proof of financial responsibility.
  • Multiple Cars - Buying coverage for multiple cars or trucks with the same company could earn a price break for each car.
  • Theft Deterrent System - Cars equipped with anti-theft or alarm systems prevent vehicle theft and therefore earn up to a 10% discount.
  • Full Payment Discount - By paying your policy upfront rather than paying in monthly installments you could save 5% or more.

It's important to note that some of the credits will not apply to the entire policy premium. Some only apply to the cost of specific coverages such as comprehensive or collision. So even though it sounds like all the discounts add up to a free policy, insurance companies wouldn't stay in business.

The illustration below shows the comparison of Ford Mustang insurance costs with and without discounts applied to the policy premium. The prices are based on a male driver, no tickets, no at-fault accidents, New Jersey state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, claim-free, safe-driver, multi-car, and marriage discounts applied.

A partial list of companies that may include these money-saving discounts include:

If you are trying to find the cheapest Ford Mustang rate quotes, ask all companies you are considering which discounts you qualify for. Discounts may not apply to policies in every state. To see a list of car insurance companies that can offer you the previously mentioned discounts in Newark, click here.