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Ford Mustang Car Insurance Cost & Cheap Quotes (2021)

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Ford Mustang Insurance Cost | Insuring American Muscle

The Ford Mustang is a classic American muscle car. Originally introduced to the market in 1964, it quickly became the fastest-selling muscle car in the nation's history (selling over 400,000 units the first year). Since then, it has remained an American staple.

These beasts have been featured in Hollywood hit movies, are driven by almost every age and gender, and are guaranteed to make a statement - no matter what year/model your car is.

But for those of you who are wondering how expensive it is to insure a Ford Mustang, while they are not the cheapest cars to insure, they're also not the most expensive cars to insure compared to other luxury and sports cars, however, they're still going to cost you a bit more per year to insure than an old-school Toyota Camry.

Whether you're thinking of purchasing a Ford Mustang or you're just curious about how much is the average Ford Mustang insurance cost, we're here to tell you everything that you need to know about the average cost insurance companies charge for this car, what factors affect this, and how to compare car insurance quotes.

Read more: Ford Focus Insurance Cost


How Much is Car Insurance For a Ford Mustang?

The total cost of your insurance policy for your Ford Mustang will vary considerably based on your age, driving record, the year/model of the car, and how much insurance you're purchasing. For instance, if you have an older-model 2016 or 2017 Ford Mustang with a V6 engine, you'll pay considerably less than somebody trying to insure a brand-new 2022 8-cylinder GT model.

Still wondering how much is insurance for a Mustang? Well, Mustang insurance rates may get pricey!

Average Cost To Insure A Ford Mustang Per Year

The average insurance cost of a Mustang is $170 monthly or $2,000 yearly, however the average range is between $1,200 and $2,500 a year. It may get over twice the national average car insurance cost! 

These rates depend on a number of different factors. Possibly the biggest factor in all of this is the age of the driver.

It's no secret that most teenagers and young 20-somethings drive mustangs more than just about any other demographic. However, young drivers under age 25 are also the most expensive to insure. Drivers who get the best coverage car insurance rates are typically individuals over age 35 or senior drivers over age 65.

Depending on the car insurance companies, a teenager could pay up to $11,195 on average (Allstate rate) to insure his Ford Mustang, while adults could pay as low as $804 annually to cover a new Ford Mustang.

The cheapest car insurance quotes that we've got for a ford mustang were with GEICO, that averaged $75 per month or $900 per year and Plymouth Rock Insurance, averaging $70 per month or $820 per year.

That said, old mustangs are considered among the cheapest sports cars to insure.

How Much Does it Cost to Insure a Ford Mustang Per Month?

So, let's just say that you got quotes for a full-coverage policy for your Mustang GT at $2,000 per year. Now, suppose you put $200 down (an estimated average) to start your policy. That leaves $1,800 to pay off over the course of the next 11 months.

Doing the math, you would pay an average of $165 per month in insurance costs.


Here's some more information.

Cheap Auto Insurance Near Me

MUSTANG GT INSURANCE COST

How much is insurance for a Mustang GT, you ask? 


YearCost Per MonthCost Per Year
2020$270$3,240
2019$212$2,538
2018$150$1,800
2017$97$1,656


The average Ford Mustang GT insurance cost is roughly $200 per month or $2,400 per year.

2020 Mustang GT insurance cost is $270 per month or $3,240 per year, on average.

2019 Mustang GT insurance cost is $212 per month or $2,538 per year on average.

2018 Mustang GT insurance cost is $150 per month or $1,800 per year on average.

2017 Mustang GT insurance cost is $97 per month or $1,656 per year on average.

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Most insurance companies will either sign you up for a 6-month or a 12-month policy. You can usually save a bit of money by going with a longer contract, but a shorter 6-month policy will give you more room to negotiate a better deal or change insurance companies later down the road.

MUSTANG INSURANCE COST BY AGE

Like all car insurance policies, Mustang car insurance cost vary by age.

How much is insurance for a 16 year old with a Mustang? 

With car insurance for young drivers being more expensive in general as they are considered a high risk, a 16 year old driver should expect to pay $6,000 a year for his or her Mustang insurance policy on average.

On the other hand, Mustang insurance cost for 22 year old is significantly lower, approximately $2,500 yearly on average.

More data below:

AgeCost Per MonthCost Per Year
16$500$6,000
17$396$4,750
18$292$3,500
19$271$3,250
20$250$3,000
21$229$2,750
22$208$2,500
30$83$1,000

MUSTANG ECOBOOST INSURANCE COST

A 2019 Mustang EcoBoost coupe insurance cost is $2,496 a year or $208 per month.

A 2020 Mustang EcoBoost coupe insurance cost is $2,597 a year or $216 a month.


Are Mustangs Expensive to Fix?

Ford Mustang maintenance and repair cost ranges from $77 to $5132. The average maintenance cost for Ford Mustang is $712 per year.


Top Factors That Affect Ford Mustang Insurance Rates

Generally speaking, Ford Mustangs are considered high-risk sports cars. This is why your standard insurance rate will cost a bit more when compared to an economy car or a small SUV packed with safety features.

However, there are a number of other factors that are going to affect your average insurance for your Ford Mustang. Let's take a quick look.

Older Model Vs. New Ford Mustang

If you're driving one of the older "fox-body" models from the late-90s or early-2000s, then you're monthly premium is going to be a good deal cheaper than if you purchased a brand-new 2020+ Ford Mustang.

Although older models are still considered "high-risk," the value of the vehicle is significantly cheaper, driving the cost of coverage down. Ultimately, you're comparing a $7,000 used vehicle to a brand-new $35,000 vehicle.

Gasoline Vs. Electric Ford Mustang

In late-2020, Ford released its first-ever electric-powered Mustang - the Mach-E. Although this new model shares some of the same design aspects with the older gas-powered Mustangs, the Mach-E is loaded with safety features, is four-doors (not a two-door coupe), and is incredibly efficient.

That being said, you'll likely get a better insurance policy rate on an electric Mustang than you would for a gas-guzzling V8.

Personal Driving Record And Age

Your personal driving record is one of the biggest factors that insurance companies used to decide the price of coverage. If you have a clean driving record without any recent tickets, repos, or accident reports, then you'll get quotes for far less than a driver who has had previous tickets or accidents.

Age is another major factor. The younger you are, the more you'll pay since you have less experience behind the wheel and are more likely to be involved in a crash. Drivers under 25 are the most expensive to insure, while drivers over 65 typically get the cheapest coverage.

Full Coverage Vs. Liability Insurance

When purchasing car insurance, you'll be able to choose between basic liability car insurance (the state-required minimum) and full-coverage insurance (covers all possible accidents). Depending on the state you live in, basic liability insurance is generally affordable but will not cover your personal costs or vehicle damage if you're found at-fault in an accident.

If you're financing your new Mustang, most banking institutions also require you to purchase full-coverage auto insurance in order to protect their investment (which they technically still own, until you pay them off in full).

Full-coverage policies typically include:

Compare Ford Mustang Insurance Quotes

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How To Get Ford Mustang Car Insurance

Getting insurance for your new (or used) Ford Mustang is easy! Here's how to go about the process.

Find Car Insurance Companies And Compare Quotes

First, you'll want to shop around and compare quotes in order to get the best deal on your coverage. While you could call each insurer individually, the fastest method is just to get a quote for your Ford Mustang insurance online, which you can easily do through this page. Just fill in your zip code, click over to the company websites, fill in their forms and you will get your quotes via email or at their websites.

Apply For Discounts

Once you figure out the provider you want to work with, ask them about any discounts that you can apply for such as:

  • Safe driver discount.

  • Military discount.

  • Good student/Good grades discount.

  • Electric vehicle discount.

Sign Your Contract

Once you've got a solid quote, simply give the car insurance provider the necessary information about your vehicle and your driver's license information, and you'll be good to go!


sources:

  1. https://www.forbes.com/sites/samabuelsamid/2019/11/17/2021-ford-mustang-mach-ethe-pony-goes-electric/?sh=5ca1711c434e 

  2. https://www.iii.org/automobile-financial-responsibility-laws-by-state

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