Auto Insurance Rates for a Ford Mustang in Albuquerque

It takes a little time, but the best way to get budget car insurance rates in Albuquerque is to regularly compare prices from companies who sell auto insurance in New Mexico.

  1. Try to understand how insurance works and the changes you can make to lower rates. Many rating factors that increase rates such as distracted driving and a less-than-favorable credit history can be controlled by being financially responsible and driving safely. This article provides more information to help prevent costly coverage and get additional discounts that may have been overlooked.
  2. Request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO or State Farm, while agents who are independent can provide price quotes for many different companies. View insurance agents
  3. Compare the new quotes to the price on your current policy and see if there is a cheaper rate in Albuquerque. If you find a lower rate, ensure there is no coverage lapse between policies.
  4. Provide adequate notice to your current company to cancel the current policy and submit the required down payment along with the signed application to the new company. When you receive it, store the proof of insurance certificate above your visor, in the console, or in the glove compartment.

One key aspect when comparing rates is to try to use the same amount of coverage on every price quote and and to get prices from every insurance company. This helps ensure a level playing field and a complete rate analysis.

Discount Ford Mustang insuranceIt’s a known fact that insurance companies don’t want their customers to go rate shopping. Insureds who compare other prices are inclined to switch to a new company because there is a great chance of finding coverage at a more affordable price. A study discovered that drivers who shopped around every year saved $3,450 over four years compared to policyholders who never compared other company’s rates.

If finding the cheapest price for car insurance in Albuquerque is your ultimate objective, then having a good understanding the best ways to find and compare car insurance can save time and make the process easier.

Most larger insurance companies make it easy to get pricing direct online. Getting Ford Mustang insurance prices online is quite simple as all you need to do is type in your required coverages as requested by the quote form. After you complete the form, their rating system collects reports for credit and driving violations and quotes a price based on many factors.

The ability to get online price quotes for Ford Mustang insurance in Albuquerque streamlines rate comparisons, and it is imperative to have as many quotes as possible if you are searching for the most affordable premium possible.

To compare pricing, compare rates now from the companies shown below. If you have a policy now, it’s recommended you input deductibles and limits identical to your current policy. Doing this guarantees you will be getting a rate comparison based on similar coverages.

The following companies offer price comparisons in New Mexico. In order to find cheap auto insurance in Albuquerque, we recommend you click on several of them to get the best price comparison.

Coverage information

The coverage table shown next covers different insurance coverage prices for Ford Mustang models. Having a better understanding of how insurance premiums are established can be useful when making smart buying decisions.

Ford Mustang Insurance Rates in Albuquerque, NM
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Mustang 2-Dr Convertible $158 $338 $310 $18 $92 $916 $76
Mustang 2-Dr Coupe $158 $338 $386 $22 $116 $1,020 $85
Mustang GT 2-Dr Convertible $178 $390 $310 $18 $92 $988 $82
Mustang GT 2-Dr Coupe $178 $390 $386 $22 $116 $1,092 $91
Mustang Shelby GT500 2-Dr Convertible $198 $492 $310 $18 $92 $1,110 $93
Mustang Shelby GT500 2-Dr Coupe $218 $544 $386 $22 $116 $1,286 $107
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Above prices assume married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Estimates do not factor in garaging location in Albuquerque which can influence coverage prices significantly.

Deductible analysis

One of the hardest decisions when shopping for car insurance is how high or low should comp and collision deductibles be. The figures shown below determine how much more rates are between low and high physical damage coverage deductibles. The first rate quote example uses a $100 comprehensive and collision deductible 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 $278 $590 $322 $20 $96 $1,331 $111
Mustang 2-Dr Coupe $278 $590 $402 $24 $120 $1,439 $120
Mustang GT 2-Dr Convertible $312 $680 $322 $20 $96 $1,455 $121
Mustang GT 2-Dr Coupe $312 $680 $402 $24 $120 $1,563 $130
Mustang Shelby GT500 2-Dr Convertible $348 $858 $322 $20 $96 $1,669 $139
Mustang Shelby GT500 2-Dr Coupe $384 $946 $402 $24 $120 $1,901 $158
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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 $154 $310 $322 $20 $96 $902 $75
Mustang 2-Dr Coupe $154 $310 $402 $24 $120 $1,010 $84
Mustang GT 2-Dr Convertible $174 $358 $322 $20 $96 $970 $81
Mustang GT 2-Dr Coupe $174 $358 $402 $24 $120 $1,078 $90
Mustang Shelby GT500 2-Dr Convertible $194 $452 $322 $20 $96 $1,084 $90
Mustang Shelby GT500 2-Dr Coupe $214 $500 $402 $24 $120 $1,260 $105
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Table data does not factor in vehicle location which can raise or lower insurance rates noticeably.

Based on these figures, using a $100 deductible will cost you approximately $42 more each month or $504 a year than quoting the higher $1,000 deductible. Since you would have to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you normally average more than 21 months between claim filings, you would more than likely save some money if you choose a higher deductible.

The information below shows how choosing a deductible and can raise or lower Ford Mustang insurance costs for different age groups. Data assumes a single female driver, full coverage, and no other discounts are factored in.

Should you buy full coverage?

The chart below compares Ford Mustang car insurance costs with and without physical damage coverage. The rates are based on no claims or driving violations, $250 deductibles, drivers are single, and no discounts are factored in.

Deciding between full coverage and liability only

There isn’t a written rule that is best for determining when to drop full coverage, but there is a general school of thought. If the yearly cost of full coverage is more than around 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.

For example, let’s assume your Ford Mustang claim settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $7,000 after paying your policy deductible. If you are paying more than $700 annually to have full coverage, then it’s probably a good time to buy liability coverage only.

There are a few situations where dropping full coverage is not financially feasible. If you haven’t satisfied your loan, you are required to maintain full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should maintain full coverage.

Three good reasons to insure your Ford vehicle

Despite the high cost, insurance is required in New Mexico but also provides important benefits.

First, just about all states have compulsory liability insurance requirements which means state laws require specific limits of liability protection in order to drive the car legally. In New Mexico these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if your car has a loan, almost all lenders will have a requirement that you carry insurance to ensure they get paid if you total the vehicle. If the policy lapses, the bank or lender will purchase a policy for your Ford at a much higher rate and require you to pay the higher premium.

Third, car insurance preserves both your assets and your Ford Mustang. It will also provide coverage for medical transport and hospital expenses for yourself as well as anyone injured by you. Liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of your driving. If mother nature or an accident damages your car, your car insurance policy will pay all costs to repair after the deductible has been paid.

The benefits of insuring your car greatly outweigh the cost, especially with large liability claims. According to a recent study, the average American driver is currently overpaying as much as $700 annually so it’s very important to do a rate comparison each time the policy renews to help ensure money is not being wasted.

Auto insurance coverage information

Understanding the coverages of a insurance policy aids in choosing the best coverages at the best deductibles and correct limits. Policy terminology can be impossible to understand and nobody wants to actually read their policy.

Comprehensive insurance – Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims like fire damage, a tree branch falling on your vehicle, damage from getting keyed, falling objects and damage from flooding. The highest amount a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision – Collision insurance covers damage to your Mustang from colliding with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.

Collision coverage pays for things such as sideswiping another vehicle, crashing into a ditch and damaging your car on a curb. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to raise the deductible on your Mustang to get cheaper collision coverage.

Auto liability – This protects you from injuries or damage you cause to other’s property or people that is your fault. It protects you from legal claims by others, and doesn’t cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 25/50/10 which means $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and $10,000 of coverage for damaged property. Some companies may use a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability insurance covers claims such as loss of income, emergency aid, attorney fees and structural damage. How much coverage you buy is a personal decision, but consider buying as much as you can afford. New Mexico requires minimum liability limits of 25/50/10 but you should think about purchasing more liability than the minimum.

The next chart shows why buying low liability limits may not be high enough to adequately cover claims.

Uninsured/Underinsured Motorist (UM/UIM) – This provides protection when other motorists are uninsured or don’t have enough coverage. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.

Since many New Mexico drivers only purchase the least amount of liability that is required (New Mexico limits are 25/50/10), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is very important. Most of the time these limits do not exceed the liability coverage limits.

Med pay and Personal Injury Protection (PIP) – Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses such as nursing services, pain medications and prosthetic devices. They are often used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. It covers both the driver and occupants as well as any family member struck as a pedestrian. PIP is not universally available and may carry a deductible

New Mexico car insurance companies

Finding the best insurer can be difficult considering how many companies there are to choose from in Albuquerque. The company ratings shown below could help you analyze which auto insurance companies you want to consider buying from.

Best Car Insurance Companies in Albuquerque
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
USAA 98 100 100 94% A++ 98.6
American Family 98 89 100 86% A 95.4
State Farm 88 93 96 90% A++ 92.4
The Hartford 94 92 90 89% A+ 91.7
AAA Insurance 88 89 95 91% A 91.2
GEICO 84 93 93 89% A++ 90.3
The General 89 91 89 88% A- 90
Titan Insurance 90 87 91 95% A+ 89.6
Progressive 84 91 93 87% A+ 89.5
Mercury Insurance 88 91 90 85% A+ 89.4
Allstate 85 90 92 88% A+ 89.3
Nationwide 87 88 84 90% A+ 88.7
Liberty Mutual 84 87 93 88% A 88.5
21st Century 85 86 87 88% A 86.7
Esurance 85 80 95 87% A+ 85.9
Safeco 85 85 85 86% A 85.8
Travelers 80 87 87 83% A++ 85.2
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Data Source: Best Car Insurance Companies