The Ford Explorer is an SUV that comes in many model years and trims. If you’ve recently purchased a Ford Explorer, you may be excited to get on the road. But before you do, you’ll need to get car insurance that will cover you in the case of any accidents. There are many factors that can determine your ultimate car insurance decision, and the price is a major consideration. Read on to learn more about insuring your Ford Explorer and to discover some insurance options that might work best for you.
Why Should You Insure Your Ford Explorer?
No matter which vehicle you choose to drive, it’s important to have car insurance that covers you in the case of an accident or emergency. When you purchase car insurance, you agree to pay a monthly or yearly fee in exchange for the knowledge that you’ll receive payment to help you manage a damaged vehicle or any accident-related medical bills. You may also receive liability coverage, which covers you in case you cause an injury or damage to another driver’s vehicle during an accident.
In most states, it’s required by law that all drivers have car insurance before hitting the open road. While the exact coverage requirements can vary, it’s important to have some sort of safety net so that you won’t be finally responsible for all the damages caused by an accident. In addition, some car lenders may even require you to have insurance before you’re able to finance a vehicle. If you’re making plans to purchase the Ford Explorer of your dreams, make plans to find insurance that works for your ride.
Is It Expensive To Insure a Ford Explorer?
Your insurance rates can depend on a variety of factors, such as your demographic information, employment history, or driving record. But did you know that insurance rates can also depend on the type of vehicle that you drive? The reason for this is that more expensive vehicles can often have a more expensive premium rate. If you ever get in an accident that requires a new vehicle, your insurance company will often pay up to the price of your vehicle, minus your deductible. A more expensive vehicle may require more coverage for replacement, thus a higher rate.
Another reason that the type of vehicle you’re driving can affect your rate is that a vehicle with more power may end up costing more for coverage. Since an insurance company bases your rate partially on the likelihood of you needing to file a claim, a more powerful, faster vehicle can potentially lead to an accident or other costly incident. If you drive a particularly expensive ride, it may also require more coverage in case it’s stolen.
When it comes to the Ford Explorer, you can rest easy knowing that your ride costs about $200 less to insure than the national average. At $1,228 per year, on average, Ford Explorer insurance is reasonably priced. This may be because the vehicle is cheaper and has a lower horsepower rating than some industry competitors.
Best Companies for Ford Explorer Insurance
There are many factors that can go into your decision of which company to trust with your Ford ride. Here are some of the best options you can select, according to MoneyGeek:
The average rate to insure a Ford Explorer with Geico is $1,062 per year. This is well below the average price for Ford Explorer insurance. With high ratings for claim and user satisfaction, Geico is a good option to explore for your Ford.
If you want Progressive to cover your Ford Explorer, the average cost will be $1,179 per year. While slightly above Geico’s cost, this is still below the national average price for Explorer insurance. Progressive also consistently earns high customer satisfaction ratings, so you can’t go wrong looking into your options here.
Ford Explorer insurance with State Farm will set you back $1,225 per year, on average. This is about the national average for Ford Explorers, although there are many different possible rates and options that go into an average calculation. Your individual rates with State Farm may be even lower than you think, especially with potential discounts like those for good drivers.
Ford Explorer Insurance by Model Year
The Ford Explorer comes in a few model years, all offering slightly different insurance rates. Within each model, you can also select a variety of Explorer trims offering additional features at various prices. While there may be many factors that go into deciding which Explorer is best for you, looking over these insurance prices from insurance.com can help you get a better idea of what it might cost to get coverage.
The average cost to insure a 2018 Explorer is $1,626 per year. This number offers an average of prices across 2018 model trims. As an older but cheaper option, you’ll enjoy relatively affordable insurance for this model.
For the 2019 model Ford Explorers, the average insurance premium is $1,649 per year. Of the three options here, this is the highest. However, its price is comparable to that of the 2018 model.
To insure your 2020 Ford Explorer, it will cost $1,604 per year on average. This is the lowest of the three models mentioned here. Some reasons that this price may be cheaper include updated safety features and options on newer Ford Explorer models.
What Factors Should You Consider When Selecting Coverage for Your Ford Explorer?
Besides price, there are other factors you can consider when looking to insure your Ford Explorer. One thing you can look into is the customer service ratings for each company. You can also research potential discounts, like those for good students or drivers with a clean record. Since insurance rates can vary greatly based on your location, you may also want to see if you can find a better deal on coverage for your Ford Explorer with other national companies, or any smaller, local companies. Premium rates can also depend on the amount and type of coverage you need.
Your Ford Explorer is an important investment, so it’s crucial that you treat it like one. Effective car insurance can keep you and your vehicle safe without breaking the bank. Before you make any decisions about your insurance, do as much research as you can. This can help guarantee that you’re as satisfied with your coverage as you are with your new Ford.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.