The Ford Mustang is a classic muscle vehicle from the United States. It was first released in 1964 and rapidly became the fastest-selling muscle vehicle in American history (selling over 400,000 units the first year). It has remained a mainstay in American cuisine since then.
These creatures have been seen in Hollywood blockbusters, are driven by people of all ages and genders, and are guaranteed to turn heads no matter what year or model they are.
However, if you’re wondering how much it costs to cover a Ford Mustang, you should know that while they’re not the cheapest cars to insure, they’re also not the most costly when compared to other luxury and sports cars. They’ll still cost you a little more.
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.
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 and 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.
Average Cost To Insure A Ford Mustang Per Year
A Mustang’s average insurance cost is $170 per month or $2,000 per year, however, the usual range is between $1,200 and $2,500 per year. It might cost more than twice as much as the national average for vehicle insurance!
These rates are influenced by a variety of things. The age of the driver is possibly the most important aspect in all of this. It’s no secret that more teenagers and early 20-somethings than any other demographic drive mustangs.
Young drivers under the age of 25 are, nevertheless, the most expensive to insure. Individuals over the age of 35 or senior drivers over the age of 65 are often the drivers that receive the best coverage car insurance prices.
A teenager might pay up to $11,195 on average (Allstate rate) to ensure his Ford Mustang, while adults could pay as little as $804 yearly to cover a new Ford Mustang, depending on the auto insurance carriers.
For a Ford Mustang, the cheapest car insurance rates we received were from GEICO, which averaged $75 per month or $900 per year, and Plymouth Rock Insurance, which averaged $70 per month or $820 per year.
Old Mustangs, on the other hand, are among the most affordable 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.
MUSTANG GT INSURANCE COST
How much is insurance for a Mustang GT, you ask?
| Year | Cost Per Month | Cost Per Year |
|---|---|---|
| 2022 | $315 | $,3780 |
| 2021 | $294 | $3,528 |
| 2020 | $270 | $3,240 |
| 2019 | $212 | $2,538 |
| 2018 | $150 | $1,800 |
| 2017 | $97 | $1,656 |
- The average monthly cost of Ford Mustang GT insurance is $200, or $2,400 per year.
- The average cost of insurance for a 2022 Mustang GT is $315 per month or $3,780 per year.
- The average cost of insurance for a 2021 Mustang GT is $294 per month or $3,528 per year.
- On average, the cost of insurance for a 2020 Mustang GT is $270 per month or $3,240 per year.
- The average cost of insurance for a 2019 Mustang GT is $212 per month or $2,538 per year.
- The average cost of insurance for a 2018 Mustang GT is $150 per month or $1,800 per year.
- On average, 2017 Mustang GT insurance costs $97 per month or $1,656 per year.
Most insurance companies will sign you up for a 6-month or 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.
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 a 22 year old is significantly lower, approximately $2,500 yearly on average.
More data below:
| Age | Cost Per Month | Cost 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 Econoboost Insurance Cost
- The cost of insurance for a 2019 Mustang EcoBoost coupe is $2,496 per year, or $208 per month.
- The annual insurance cost for a 2020 Mustang EcoBoost coupe is $2,597, or $216 each month.
- The cost of insurance for a 2021 Mustang EcoBoost coupe is $2,600 per year, or $216.67 per month.
- The cost of insurance for a 2022 Mustang EcoBoost coupe is $2,645 per year, or $220.42 per month.
How to save money on Mustang insurance?
There are ways to make car insurance for your Mustang more affordable, including:
- Insure an older model: Insuring older Mustangs is less expensive than insuring current Mustangs. The 2011 Mustang, for example, is 28% less expensive to insure than the most recent model.
- Add your kid to your existing insurance coverage to save up to $5,000 per year. Bundling discounts of up to 25% are available from Allstate. Get a quick quote from Allstate today!
- Discount for students: Students with a high GPA receive a 7 percent reduction on their tuition. If you or your child is under the age of 23, Progressive may be able to offer you a nice student discount. To see if you qualify, contact Progressive right away!
- Military discount: Premiums for children of military members and veterans are reduced by up to 15%.
- Share one car: List your teen as an occasional driver to get a decreased rate on their Mustang. Families sharing one car are provided with an average 15% discount.
- Safe driving discount: If you’ve got a clean record, you’re eligible for a discount with your insurance company. Liberty Mutual offers safe drivers up to 30% off. Contact Liberty Mutual to see how much you can save, today!
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 your 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 as the older gas-powered Mustangs, the Mach-E is loaded with safety features, has 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 use to decide the price of coverage.
If you have a clean driving record without any recent tickets, reports, 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
You’ll be able to choose between basic liability car insurance (the state-required minimum) and full-coverage insurance when acquiring automobile insurance (which covers all possible accidents).
Basic liability insurance is often reasonable depending on where you live, but it won’t cover your personal bills or vehicle damage if you’re found at fault in an accident.
Most banks will need you to obtain full coverage auto insurance if you’re financing your new Mustang. This is to protect their investment (which they technically still own, until you pay them off in full).
Full-coverage policies typically include:
- Bodily injury liability coverage.
- Comprehensive coverage.
- Collision insurance coverage.
- Property damage coverage.
- Rental car coverage.
- GAP insurance covers the cost of your car payments if your car is declared a “total loss.”
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