I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: Mar 18, 2021

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The iconic Ford Mustang has been in production since 1964 and is one of the most recognizable sports cars throughout the United States. The latest embodiment has been named the best sports car by U.S. News with an overall score of 8.8 out of 10.

If you drive the Mustang, chances are you want to protect it and keep it in mint condition, especially the beautiful mustang gt. At the same time, you want to get the best price for your insurance policy.

This guide aims to teach you more about the contributing elements that influence insurance quotes as well as other factors to consider when you own a Ford Mustang.

How Much Does Ford Mustang Auto Insurance Cost?

Car insurance companies play a game of risk each time they take on a new client. They look at several different factors including safety features, safe driver history, credit record, make and model, trim package, the likelihood of theft, and replacement costs.

The make and model of your car is a major factor that directly influences the price of your car insurance.

Ford Mustangs are classified as sports cars or muscle cars, increasing your insurance costs.

To get an accurate idea of how much your Ford Mustang insurance will cost, let’s look at the risks related to the vehicle you drive and how the best car insurance companies, such as Allstate and Geico to name two, view it.

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What Affects Mustang Insurance Cost?

mustang

The price of your Ford Mustang auto insurance rates is affected by a variety of elements such as your driving record, age, and where you live, causing rates can vary from one person to the next.

  • Safety Ratings
  • Coverage Type
  • Claims Frequency
  • Theft Rate
  • Make and Model

Safety Rating & Damage Threshold

Safety ratings and damage thresholds greatly affect the overall price of car insurance costs.

If a car has exceptional safety ratings, this can potentially bring the price down. Let’s look at what the IIHS and NHTSA deem safe and what specific safety features the Ford Mustang contains.

As of 2020, Ford offers the Ford Safe and Smart Technology packages. The Ford Safe package comes with these standard safety features: Auto Emergency Braking, Adaptive Cruise Control, Pre-Collision Assist, High Beam headlamps, Rain Sensing Wipers, and Lane-keeping System as well as other now standard features such as airbags and anti-lock brakes.

Insurance companies offer driver discounts that can greatly reduce your auto insurance costs. Make sure you mention all of the safety features when comparing costs between carriers and getting your car insurance quote.

The damage threshold relies on how easily and cheaply a car can be replaced in the event of an accident. A slightly damaged vehicle may result in a huge repair bill due to costly spare parts, causing your car insurance premium to increase. Ford car parts are more readily accessible than say specialized car parts on a BMW or Mercedes.

According to the National Highway Traffic Safety Administration, the 2020 Ford Mustangs perform exceptionally well in crash situations, awarding it a G rating for side, frontal, and rollover crash protection.

These results could make a positive impact on the cost of your insurance premium.

Vehicle NameOverall RatingFrontal Crash RatingSide Crash RatingRollover Rating
2019 Ford Mustang GT350R 2 DR RWD5 out of 5 Stars5 out of 5 Stars5 out of 5 Stars5 out of 5 Stars
2018 Ford Mustang 2 DR RWD5 out of 5 Stars5 out of 5 Stars5 out of 5 Stars5 out of 5 Stars
2017 Ford Mustang 2 DR RWD5 out of 5 Stars5 out of 5 Stars5 out of 5 Stars5 out of 5 Stars
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The type of insurance, such as collision and comprehensive coverage, you choose will also affect your budget. Let’s break down both and see which type lowers your insurance prices.

Comprehensive and Collision Insurance

One of the key factors that shape the cost of comprehensive and collision insurance is the overall cash value of your car.

Collision coverage does just as it sounds. If your car collides with another car or object, any damages are covered by your policy.

Comprehensive coverage or full coverage covers not only collisions, but also other damaging factors such as vandalism, hail, or fire damage.

Should you choose comprehensive coverage, expect your car insurance rates to be slightly higher.

This table illustrates the price you would expect to pay when buying a Ford Mustang certified from a dealer in the San Francisco area, according to Kelley Blue Book.

The out-the-door target price of a car includes state and local sales tax, Department of Motor Vehicles’ fees, and documentation fees.

The below prices indicate that newer Ford Mustangs may result in increased insurance rates.

Vehicle NameFair Purchase PriceOut-the-door Target Price
2019 Ford Mustang GT350R 2 DR RWD$47,407$52,622
2018 Ford Mustang 2 DR RWD$24,397$27,081
2017 Ford Mustang 2 DR RWD$22,260$24,709
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Claims Frequency and Potential to Cause Damage

Claims frequency and damage potential affect car insurance pricing too.

An increase of claims by drivers of a certain vehicle often results in insurance providers hiking up the prices for other drivers of the same vehicle.

Basically, sports cars or muscle cars tend to land in the high-risk category. Insurance providers feel cars like the Ford Mustang or Dodge Charger will likely have more claims than a Honda Odyssey or Toyota Camry.

Also, the mustang is a popular car amongst young drivers. The younger you are the more expensive your auto insurance will be.

According to the Insurance Institute for Highway Safety, Highway Loss Data Institute, the 2017 Ford Mustang GT350 2dr has a four percent higher than the national average claim rate for collision claims and eight percent lower than the national average claim rate for comprehensive claims.

These are quite low rates and are some of the best for mid-sized sports cars.

Insuring a Ford Mustang could be cheaper than insuring similar vehicles, thanks to these respectable claim rates.

Theft Rate

It’s logical to believe the more desirable a car, the more likely to be stolen, affecting the price you pay for insurance.

The National Insurance Crime Bureau’s Hot Wheels Report doesn’t feature the Ford Mustang on its list of most stolen vehicles, but that’s not to say that the desirability factor couldn’t lead to paying more for your insurance.

Your location also plays a role in the desirability of theft. For example, a Subaru is more likely to be stolen in Oregon than a Ford Mustang. The state in which you live, such as Louisiana, Michigan, Maine, or New York, plays a role in the prevalence and desirability of your car.

Providers often take into account any alarm or anti-theft systems you have installed on your vehicle and many offer a discount for these add-ons.

Make and Model

Ford Mustang insurance rates are directly affected by the make and model year of your car. Choosing between a coupe, the EcoBoost or gt makes a difference in the overall average costs.

Average insurance costs vary from state to state, but the general rule of thumb is the more expensive the MSRP is more your monthly premiums will cost.

Best Companies for Ford Mustang Insurance

When it comes to getting the best insurance for your Ford Mustang, it pays to shop around and get comparison quotes. Many companies will give free quotes.

Get auto insurance quotes from a minimum of three companies and make sure to read plenty of reviews so you get a good idea of how efficient they are at handling claims.

Companies such as Allstate, Geico, and State Farm are all highly rated companies, but it’s also beneficial to research independent agencies. Also, make sure you are comfortable with your insurance agent.

As some models of Mustang are high-performance sports cars, you may require specialty insurance that not all companies offer.

To see if you are eligible for insurance discounts, ask insurers questions such as:

  • Will I get a discount because of my clean driving record?
  • Are there low mileage discounts available?
  • Do you provide alternate payment methods that may offer discounted rates?
  • Can I bundle policies to receive a lower rate?

Hopefully, you feel a little more comfortable and confident researching and negotiating cheap car insurance that fits your budget.