Everything You Need to Know

Insurance on a Mustang can be costly, especially if you are a teen driver or have a less than perfect driving record. Don’t give up on your dreams of driving a Mustang, because there are ways you can reduce your insurance costs.

How Much Is Insurance on a Mustang?

Insurance on a Mustang can be expensive. This is due to a few reasons, including:

  • Mustangs can be more expensive to repair: Mustang parts can be costlier, which means repair and replacement costs are higher. Insurance companies will factor this into rates.
  • Mustangs have bigger engines: Bigger engines tend to have more power. This can lead to speeding and a greater chance of an accident.
  • Higher theft rates: Many people admire Mustangs, meaning they are more likely to be stolen. In fact, according to Cover.com, it is the second most commonly stolen vehicle.

    Mustangs can be fun and thrilling to drive, but they can also increase your risk as a driver. Insurance companies will consider your likelihood of filing a claim when calculating your rates.

    How Does Age Affect Mustang Insurance Rates?

    Mustang insurance is even more expensive for younger drivers, specifically those who are under the age of 18 years. According to ValuePenguin, the average annual rate to insure a Ford Mustang for a 16-year-old driver is $5948 for a six-month policy. This is approximately five times the rate of a 30-year-old driver with the same vehicle. Additionally, some insurance companies may deny coverage altogether. Fortunately, insurance rates will usually begin to decrease as you get older.

    Best Insurance Providers for Mustang Drivers

    These are a few of the best insurance providers for Mustang drivers, based on age:

    Allstate

    • 16-years: Average six-month rate of $11,195.
    • 18-years: Average six-month rate of $10,411.
    • 20-years: Average six-month rate of $8825.
    • 22-years: Average six-month rate of $7823.
    • 25-years: Average six-month rate of $2507.
    • 30-years: Average six-month rate of $2235.

      Farmers

      • 16-years: Average six-month rate of $4298.
      • 18-years: Average six-month rate of $2990.
      • 20-years: Average six-month rate of $2543.
      • 22-years: Average six-month rate of $1747.
      • 25-years: Average six-month rate of $1509.
      • 30-years: Average six-month rate of $1287.

        Geico

        • 16-years: Information is not available.
        • 18-years: Average six-month rate of $2850.
        • 20-years: Average six-month rate of $1242.
        • 22-years: Average six-month rate of $1013.
        • 25-years: Average six-month rate of $889.
        • 30-years: Average six-month rate of $804.

          State Farm

          • 16-years: Average annual rate of $3816.
          • 18-years: Average six-month rate of $3281.
          • 20-years: Average six-month rate of $2514.
          • 22-years: Average six-month rate of $1859.
          • 25-years: Average six-month rate of $1625.
          • 30-years: Average six-month rate of $997.

            Progressive

            • 16-years: Average annual rate of $4481.
            • 18-years: Average six-month rate of $3664.
            • 20-years: Average six-month rate of $2136.
            • 22-years: Average six-month rate of $1518.
            • 25-years: Average six-month rate of $1037.
            • 30-years: Average six-month rate of $946.

              In addition to age, these rates will also be affected by other factors like your location, driving record, and the specific year and model of the Ford Mustang that you drive. Some Ford Mustang models have a higher purchase cost, as well as more expensive parts, which will make them more expensive to insure. It is also important to consider if your Mustang is a classic. Classic car insurance is only available with some providers.

              Most insurance providers have requirements as to what is, and is not, considered a classic car. It is always a good idea to check with them when insuring an older Ford Mustang.

              How to Find Cheap Mustang Insurance

              Considering insurance rates is an important part of owning a Ford Mustang. There may be things that you can do to get cheaper insurance rates:

              • Shop around: Compare insurance quotes among multiple providers to find the best rates. Insurance companies frequently change their rates and how they calculate them. It is also a good idea to continue shopping around at the end of each policy. Check rates and ensure that you are still paying the best rates and that you have enough coverage.
              • Splurge on the safety features: Vehicles that are equipped with safety features tend to have better rates. If possible, splurge on the extra safety features, such as parking or collision avoidance systems.
              • Ask about insurance discounts: Most insurance companies offer some types of discounts. Find out if you qualify for certain discounts, like a good driver or multi-vehicle policy discount.
              • Raise your deductible: Raising your deductible will also lead to cheaper monthly payments. As long as you’re willing to pay more out of pocket if you have to file a claim, this can be an easy way to reduce your insurance premium.
              • Evaluate your coverage needs: You may or may not need full coverage, depending on the details and value of your vehicle. If you drive an older Mustang, the total value of the vehicle may not be enough to justify paying full coverage. However, if you drive a lease or you have an auto loan on your Ford Mustang, then you may be required to have full coverage.
              • Consider a cheaper model: A general rule is that the more expensive a vehicle is, the more that it will cost to insure. You can still drive a Ford Mustang, but a cheaper model may get you better rates.

                If age is leading to high Mustang rates, you might consider staying on a parent’s policy for longer. Adding a teen driver to an insurance policy is usually cheaper than a teen taking out their own insurance policy.

                In addition to these cost-saving tips, it is also important to maintain a good driving record. Things like a DUI, traffic violations, or accidents on your record can significantly increase your rates. When you factor in the already higher cost of Mustangs, adding in other risk factors can make insurance an expensive cost.

                Finding affordable insurance on a Mustang is not easy, but shopping around and comparing quotes is just one thing that you can do for better rates. Whether you are considering a Mustang or you already have one, finding the right amount of coverage at a price you can afford is necessary.

                Check this out if you need additional information, resources, or guidance on car insurance.

                Sources:

                How Much Is Insurance for a Ford Mustang?

                How much does Mustang insurance cost?

                View Photos of the 2021 Ford Mustang Mach 1

                Cheap to Insure Classic Cars: Everything You Need to Know

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