Save on 2005 Ford GT Insurance Rates

Looking for cheaper auto insurance rates for your Ford GT? I can’t think of a single person who looks forward to paying for auto insurance, especially knowing they are paying too much. Insurance companies such as Allstate, Liberty Mutual and State Farm continually bombard you with TV and radio ads and it can be hard to see past the geckos and flying pigs and effectively compare rates to find the best deal.

It’s a great practice to price shop coverage yearly because prices are constantly changing. Despite the fact that you may have had the lowest price on GT insurance a few years ago you may be paying too much now. There is a lot of bad advice regarding auto insurance online, so we’re going to give you some great ways to quit paying high auto insurance rates.

Some factors that can determine what Ford GT insurance costs

An important part of buying insurance is that you know some of the elements that help determine the price you pay for auto insurance. Having a good understanding of what influences your rates helps enable you to make changes that could result in much lower annual insurance costs.

The following are some of the items that factor into premiums.

  • Big city or small town – Being located in a rural area can be a good thing when talking about auto insurance. Lower population means a lower chance of having an accident as well as less vandalism and auto theft. Drivers who live in large cities have much more traffic to deal with and longer commutes to work. More time commuting means more change of being in an accident.
  • Pay less if you’re married – Being married helps lower the price on your auto insurance policy. Having a significant other translates into being more mature than a single person it has been statistically shown that married drivers get in fewer accidents.
  • Don’t cancel a policy without a new one in place – Driving your car without having proper coverage is against the law and auto insurance companies will penalize you for letting your coverage lapse. Not only will you pay more, getting caught without coverage might get you a steep fine or even jail time.
  • Battle of the sexes – The statistics show women tend to be less risk to insure than men. However, don’t assume that women are better drivers. Both sexes cause accidents in similar percentages, but the male of the species cause more damage and cost insurance companies more money. Men also tend to get cited for more serious violations like reckless driving and DUI.
  • Traffic citations inflate rates – A bad driving record impacts your car insurance rates tremendously. Even one ticket may increase your cost twenty percent or more. Drivers with clean records receive lower rates than bad drivers. If you have serious violations such as hit and run, DWI or reckless driving convictions may find they need to submit a SR-22 form with the DMV in their state in order to continue driving.
  • Lower rates with optional equipment – Driving a car that has an advanced theft prevention system can get you a discount on your auto insurance. Anti-theft features like GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder your vehicle from being stolen.

Companies offer discounts so take them!

Car insurance companies don’t list every discount in a way that’s easy to find, so the following is a list of some of the best known and also the lesser-known discounts you could be receiving. If you aren’t receiving every discount you deserve, you are paying more than you should be.

  • Life Insurance – Select insurance companies reward you with better rates if you take out a life insurance policy as well.
  • Employee of Federal Government – Employees or retirees of the government can earn a discount up to 10% on GT insurance with certain companies.
  • Theft Prevention Discount – Cars that have factory anti-theft systems are stolen less frequently and earn discounts up to 10%.
  • Driver Safety – Completing a course in driver safety could cut 5% off your bill and easily recoup the cost of the course.
  • College Student – Any of your kids living away from home attending college and do not have access to a covered vehicle can receive lower rates.

Consumers should know that most discount credits are not given to the overall cost of the policy. Some only apply to specific coverage prices like comp or med pay. Just because it seems like having all the discounts means you get insurance for free, companies wouldn’t make money that way.

Insurance companies that may offer some of the above discounts include:

Check with each insurance company which discounts you may be entitled to. All car insurance discounts might not apply in your state.

Beware of misleading insurance ads

Drivers can’t ignore all the ads for cheaper car insurance from the likes of Progressive, GEICO, Allstate and State Farm. They all seem to have a common claim of big savings after switching your coverage to them.

How can each company say the same thing?

All companies are able to cherry pick for the driver they prefer to insure. For instance, a profitable customer could be over the age of 40, a clean driving record, and chooses high deductibles. Any new insured who meets those qualifications will get very good rates and as a result will probably save when they switch companies.

Potential customers who don’t qualify for the requirements must pay a higher premium which usually ends up with the driver buying from a lower-cost company. Company advertisements say “customers that switch” not “people who quote” save that kind of money. This is how insurance companies can advertise the savings. This illustrates why it’s extremely important to compare as many rates as you can. It’s not possible to predict the company that will give you the biggest savings on Ford GT insurance.

Do I just need basic coverages?

When choosing the best insurance coverage, there is no “best” method to buy coverage. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. Here are some questions about coverages that can aid in determining whether or not you may require specific advice.

  • Should I rate my 2005 Ford GT as pleasure use or commute?
  • Should I buy additional glass protection?
  • When do I need to add a new car to my policy?
  • When should I not file a claim?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • If my pet gets injured in an accident are they covered?
  • Do I need PIP (personal injury protection) coverage in my state?

If you’re not sure about those questions but a few of them apply, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area. It is quick, free and may give you better protection.

Insurance coverage breakdown

Having a good grasp of your policy helps when choosing the right coverages and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and coverage can change by endorsement. Below you’ll find typical coverage types offered by insurance companies.

Comprehensive or Other Than Collision – This coverage pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims such as hitting a deer, theft, falling objects, hail damage and fire damage. The highest amount your insurance company will pay is the actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Liability auto insurance – This coverage will cover injuries or damage you cause to people or other property. This coverage protects you from legal claims by others, and does not provide coverage for damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 50/100/50 that means you have a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged propery.

Liability can pay for claims such as repair bills for other people’s vehicles, loss of income and bail bonds. How much liability should you purchase? That is up to you, but consider buying higher limits if possible.

UM/UIM Coverage – This 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 and also any damage incurred to your Ford GT.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Collision coverage – This coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things like backing into a parked car, driving through your garage door, colliding with a tree and damaging your car on a curb. Collision is rather expensive coverage, so consider removing coverage from lower value vehicles. You can also choose a higher deductible to save money on collision insurance.

Medical costs insurance – Coverage for medical payments and/or PIP reimburse you for expenses for doctor visits, rehabilitation expenses, prosthetic devices, pain medications and chiropractic care. The coverages can be utilized in addition to your health insurance program or if you lack health insurance entirely. Coverage applies to not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. Personal injury protection coverage is not an option in every state but can be used in place of medical payments coverage

Best coverage at the best price

We just covered many tips how you can lower your 2005 Ford GT insurance rates. It’s most important to understand that the more rate quotes you have, the more likely it is that you will get a better rate. You may be surprised to find that the best price on car insurance is with some of the lesser-known companies. These smaller insurers may often insure only within specific states and give getter rates than the large multi-state companies such as Allstate or State Farm.

While you’re price shopping online, never buy poor coverage just to save money. There are too many instances where an accident victim reduced uninsured motorist or liability limits only to regret that it was a big mistake. Your strategy should be to get the best coverage possible at the best price while not skimping on critical coverages.

Additional car insurance information is located at these links: