How Much is Mustang Insurance?
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Since its introduction in 1964, the Ford Mustang has been an icon of American roads. With its athletic coupe styling and sporty performance, the Mustang is a fun car for enjoying the drive.
But hidden among the excitement of owning and driving a Ford Mustang is the reality of the costs needed to keep it running its best and insured against traffic collisions.
Given the Mustang's image of performance driving and sporty good times, it may seem like it costs more to insure than the average vehicle. But is that really the case?
How much does it cost to insure a Ford Mustang? What companies offer the best car insurance rates for a Mustang? Let's look closer at Ford Mustang insurance quotes.
Auto insurance explained
Car insurance coverage provides a financial safeguard if you experience a traffic collision or other incident that causes damage to your vehicle or causes injuries. Vehicle repairs and medical treatments can cost thousands of dollars, and your auto insurance policy comes to the rescue with necessary reimbursement.
Wherever you live in the U.S., you're probably required to purchase a minimum amount of car insurance. However, some states have unique regulations that give drivers other alternatives. These locations include New Hampshire, Virginia, Texas, New Jersey, and Massachusetts.
Auto insurance policies aren't all the same and vary in their cost and coverage levels, depending on several factors like your driving history, where you live, and the plan you select.
After you pick a policy from your insurance provider, you pay insurance premiums either month to month or on an annual basis to keep it active.
A car insurance policy consists of many particular types of coverage like liability, comprehensive, collision, uninsured or underinsured motorist, personal injury protection, and medical payments. Every category contains a payout limit, with both collision and comprehensive requiring a deductible amount before you receive benefits.
Comprehensive coverage helps pay for vehicle repairs related to weather, theft, vandalism, or other events outside your control.
Liability coverage provides financial protection when you cause an accident and others experience property damage or bodily injury.
When your vehicle's damaged from a traffic collision or you hit a stationary object, your collision coverage pays for time spent in a repair facility.
Some drivers on the road don't carry adequate auto insurance or have none at all. And if they cause an accident, damage, or injuries they cause may not be reimbursed. That's where uninsured and underinsured motorist coverage goes into effect, ensuring you receive the funds you need to recover.
Personal injury protection (also referred to as PIP) assists with the cost of medical treatment after an accident and goes one step further with help for lost income or childcare.
Medical payments coverage, or MedPay, helps pay for treatment if you, your passengers, or a family member driving your car sustain injuries in an accident.
Certain car insurance companies offer discounts to both active-duty and veterans of the U.S. Armed Forces, those with clean driving records, and young drivers with good grades.
Once you buy a car insurance policy, your carrier mails you a printed card detailing your coverage, usually kept inside your vehicle. If a collision occurs, this card shows proof of insurance as well as the details of your plan. Though printed cards are standard, some companies also provide digital versions.
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Ford Mustang car insurance rates
When a company determines the auto insurance rates for a particular vehicle, they assess factors like crash data, repair costs, and the driver's age.
Since the Mustang is a sports car with high-performance capabilities, its car insurance costs run higher than regular sedans and SUVs. Insurance carriers see sports cars as more likely to be driven recklessly and involved in accidents, along with having higher associated repair expenses.
That's why the national average cost of annual full coverage Mustang insurance stands at $2,188 ($182 monthly), which is 31 percent more than the typical vehicle's yearly median expense of $1,674 ($140 monthly).
Factors affecting Ford Mustang insurance cost
Ford Mustang car insurance quotes aren't the same across the board, with different variables leading to a range of rates.
Depending on the trim level, you may wind up paying more or less for Mustang insurance. For instance, a Shelby GT500 with a supercharged V8 engine will cost more to insure than a standard Mustang with an Ecoboost four-cylinder.
A driver's age also plays heavily into the price of Ford Mustang insurance. For a 16-year-old, the average cost for a six-month policy is $5,948 ($991 monthly). Once someone reaches the age of 30, the price of Mustang insurance levels out, with a six-month premium costing $1,252 ($209 monthly).
The company you choose to insure your Mustang also makes a substantial difference in the cost of insurance. Erie leads the way with the lowest average annual full coverage premium for Mustang insurance, costing $1,303 ($109 monthly). On the other end of the spectrum is Allstate, with a yearly full coverage premium of $3,030 ($253 monthly). Different insurance companies fall somewhere in between, with Nationwide, State Farm, and Geico, whose annual premiums are $1,858, $1,681, and $1,951 (or $155, $140, and $163 monthly), respectively.
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2015 Ford Mustang GT Premium (from $29,250)
Mustang insurance in summary
While the Ford Mustang is an ideal blend of style, performance, and fun, you'll probably pay more to insure one. Because of its image as a sports car, insurers see the Mustang as a risk and consequently charge higher premiums.
But remember, the cost of Mustang insurance varies widely and depends on a driver's age, the vehicle's trim level, and the particular insurance company.
2017 Ford Mustang EcoBoost (from $22,950)
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All prices are based on vehicle availability and pricing as of
April 15, 2022
Pricing shown is not guaranteed and does not include taxes or other product fees.