How Much Does It Cost to Insure a Ford Mustang?
Last Updated on January 21, 2023
If you’re shopping for a Ford Mustang, then it’s important to compare car insurance costs.
Depending on your state, your driving history, and the type of Ford Mustang you own, you could pay anywhere from $1,500 to $5,000 per year to insure a Ford Mustang.
How much does it cost to insure a Ford Mustang? Which company offers the best insurance coverage for Ford Mustang drivers? Keep reading to discover everything you need to know about the cost of Ford Mustang car insurance.
The Average Ford Mustang Driver Pays $1,903 Per Year for Car Insurance
The average Ford Mustang driver in the United States pays around $1,903 per year for car insurance, according to quotes provided to our model driver profiles.
In comparison, the average American pays around $1,450 per year for car insurance, which means Ford Mustang owners pay hundreds of dollars more per month than the nationwide average.
However, the cost of Ford Mustang car insurance varies widely depending on personal factors, state insurance laws, and your specific Ford Mustang model, among other coverage options.
Factors that Influence Ford Mustang Car Insurance Prices
Although the average Ford Mustang driver pays $1,903 per year for car insurance, you could pay significantly more or less than this amount depending on several factors.
Factors that influence the cost of Ford Mustang car insurance include:
Age and Gender: All insurers use age and gender to calculate insurance premiums. Younger, more inexperienced drivers pay more for car insurance than older drivers. Similarly, teenage males pay significantly more for car insurance than teenage females, while middle-aged males pay less for car insurance than females of the same age.
Driving History: Driving history impacts car insurance premiums significantly. If you have multiple speeding tickets, DUIs, at-fault accidents, and other serious incidents on your driving record, then you’ll pay more for car insurance than someone with a clean driving history.
State Factors: State insurance laws can raise or lower Ford Mustang car insurance significantly. Drivers in some states, including Michigan and Florida, pay notoriously high prices for car insurance. Drivers in other states, like Maine and Idaho, pay significantly lower prices for car insurance. Additionally, some states have high numbers of uninsured motorists, while others have low numbers. All of these factors could raise or lower car insurance premiums for your Ford Mustang.
Annual Mileage: The average American drives around 13,000 miles per year. If you drive significantly more or less than that number, then you could pay more or less for car insurance. Drivers who drive fewer than 6,000 miles per year, for example, may qualify for low mileage car insurance on their Ford Mustang.
ZIP Code and Location: On your car insurance application, your insurer will ask where your car is parked most nights. Your insurer uses your ZIP code to calculate insurance premiums. If you park your car in a ZIP code with low rates of car theft and low accident rates, then you’ll pay lower premiums than someone who parks their car in a ZIP code with high rates of car theft and high accident rates.
Credit Score: Your credit score impacts insurance premiums in all states. Drivers with a low credit score pay more for car insurance than drivers with a high credit score. However, if you are insuring a Ford Mustang in Hawaii, Massachusetts, or California, then insurers will not use your credit score to calculate premiums, as it’s against the law.
Model Year: You could pay as little as $1,000 per year to insure an older Ford Mustang or as much as $5,000 per year to insure a newer Ford Mustang. Depending on the model year of your Ford Mustang, you could pay significantly different rates for car insurance.
What’s the Best Company for Ford Mustang Car Insurance?
Ford Mustang owners have plenty of options for car insurance. Unlike high-end sports cars, Ford Mustangs do not require specialty insurance or classic car insurance. Instead, you can shop around for insurance from ordinary providers.
The best car insurance companies for Ford Mustang owners, according to our research, include:
- USAA: $1,405 per year
- GEICO: $1,656 per year
- State Farm: $1,711 per year
- Allstate: $1,754 per year
- Progressive: $1,799 per year
- Liberty Mutual: $1,845 per year
- Farmers: $1,904 per year
- Nationwide: $1,967 per year
- Travelers: $2,002 per year
Premiums vary widely across the United States. State Farm may offer the cheapest Ford Mustang car insurance in one state, for example, while another insurer offers the cheapest Ford Mustang car insurance in another state.
Other Things to Know Before Insuring a Ford Mustang
Insuring a Ford Mustang is similar to insuring any type of vehicle. However, there are certain factors that could impact Ford Mustang car insurance premiums, including:
Older Versus Newer Models: Older Ford Mustangs are cheaper to insure than newer Ford Mustangs. If your Ford Mustang has a model year in the 1990s or 2000s, then you could pay hundreds – even thousands – less per year than someone with a new 2020+ Ford Mustang. However, classic or rare Ford Mustang models could cost more to insure than newer models because of their unique value.
High Vehicle Theft Rates: The Ford Mustang is not the most stolen vehicle in the United States, although it is one of the most stolen sporty vehicles in the United States. According to a recent report, the Chevrolet Camaro, Ford Mustang, and Dodge Challenger are the three most-stolen sporty vehicles in the United States. Depending on vehicle theft rates in your ZIP code, insurers may charge higher rates. If your Ford Mustang is stolen, then your insurer needs to cover the cost of replacing your stolen vehicle.
Electric Versus Gas-Powered: Is your Ford Mustang gas-powered or electric-powered? In 2020, Ford release the first-ever electric-powered Mustang, the Mach-E. Typically, electric vehicles cost more to repair than gas-powered vehicles. However, many insurers also offer discounts on electric-powered vehicles. If you drive an electric Ford Mustang, then you could pay lower insurance premiums than someone who drives a gas-powered Ford Mustang.
Trim Level: Ford Mustangs have different trim levels and other options. Depending on the trim of your vehicle, you could pay more or less for car insurance. Someone who drives a Ford Mustang Ecoboost Convertible, for example, pays nearly $600 per year less for car insurance than someone who drives a Ford Mustang Shelby GT500.
How Ford Mustang Trim Level Impacts Insurance Premiums
All Ford Mustangs have the same make and model. However, insurers consider trim level when calculating premiums. Depending on your trim level and other vehicle-specific factors, you could pay significantly more or less for Ford Mustang car insurance.
According to our research, here’s how much the average Ford Mustang driver will pay for each trim level:
- Ecoboost Convertible: $1,602 per year
- Ecoboost Coupe: $1,612 per year
- Ecoboost Premium Convertible: $1,643 per year
- Ecoboost Premium Coupe: $1,664 per year
- Mach-E: $1,702 per year
- GT Coupe: $1,753 per year
- GT Premium Convertible: $1,769 per year
- GT Premium Coupe: $1,802 per year
- Bullitt Coupe: $1,849 per year
- Mach-1: $1,931 per year
- Mach-1 Premium: $2,062 per year
- Shelby GT500: $2,153 per year
When shopping around for car insurance, insurers will ask which trim level your Ford Mustang has, then use this information to calculate insurance premiums.
Final Word on Ford Mustang Insurance Costs
The Ford Mustang is one of the most popular sports cars in the United States. Today, it’s easy to find good car insurance for a Ford Mustang.
By shopping around, comparing quotes, and checking with different insurers in your area, you can ensure you’re getting the best possible insurance for your Ford Mustang.