The Ford Mustang is one of the most famous vehicles in the world, and it continues to dominate as one of the top muscle cars on the market. With impressive engine power and a host of other amenities, it’s no secret why the Mustang has consistently ranked among the best. While driving a Mustang can certainly make you feel as if your status is elevated, there are other considerations to make before purchasing one that can significantly impact your ownership or leasing experience. Since the Ford Mustang is a high-powered muscle car, it can have substantially higher insurance premiums than most other vehicles.
Keep reading to find out more about the Mustang and how to obtain car insurance for it without going broke.
What Is a Mustang?
The Mustang is a popular sports car famous for its powerful engine and impressive speed. Some models of the Mustang can exceed 400 horsepower, which significantly improves its ability to accelerate. Because of this, insurance rates for the Mustang are often substantially higher than those of other vehicles. The Mustang’s reputation as a racing car also contributes to high insurance rates. Companies fear that inexperienced drivers may race their sports cars out in public, posing an obvious safety hazard.
As a specialty model, the Mustang costs more to repair and maintain than a typical Ford vehicle. Because of this, insurance companies often charge more in premiums to anticipate the cost of having to cover damage and repairs in the future. Like most sports cars, the Mustang can also attract thieves, making it especially important for owners to have coverage in case of theft. These factors contribute to insurance costs for the Mustang consistently ranking among the highest of all vehicles.
What Is Car Insurance?
Car insurance refers to a type of contract you can make with an insurance company. You agree to pay a monthly or annual premium to protect your car against unforeseen circumstances. Auto insurance comes in many shapes and sizes, with some packages covering physical damage from severe weather and vandalism. In contrast, others focus more on protecting the driver’s liability in case of an accident. Some insurance companies specialize in auto insurance, while others offer discounts for bundling your homeowner’s or renter’s insurance with your car.
Whichever policies you choose to take out, it’s important to have a quality car insurance plan to cover you and your Mustang, as repairs on the sports car can be substantial. While you can expect to pay more per month in car insurance than someone driving a sedan, you can still shop smartly to ensure you get the best coverage and deal possible for you and your beloved vehicle.
How Much Does Mustang Car Insurance Cost?
The amount you pay in car insurance costs for a Ford Mustang can depend on various factors. The insurance provider you use is one of the biggest factors, as costs can vary widely from one company to another. Here are the average costs of a six-month policy for some of them:
- Geico: $804
- Progressive: $946
- State Farm: $997
- Farmers: $1,287
- Allstate: $2,235
According to ValuePenguin, age is a major contributor to your premium cost when you insure a Mustang. On average, they report that the cost to insure a Ford Mustang is $209 per month for a 30-year-old driver. An 18-year-old, by comparison, can expect to pay upwards of $773 per month in insurance, which is more than three times the amount paid by the 30-year-old driver.
The year and model of your Mustang can also impact how much you pay for insurance. ValuePenguin also reports that it costs less to insure older models of the sports car than new ones, with a 2011 model costing nearly 30% less than a brand new one.
The Mustang is available in several trim levels. The GT has a V8 engine with strong horsepower and torque. It costs more to insure than the EcoBoost models, which have a turbo four-cylinder engine. It’s still quick, but not as fast as the V8-powered GT.
Tips for Reducing Mustang Car Insurance Costs
Due to its reputation as a muscle car, insurance costs for Mustangs can be considerably high. Here are some tips that may help decrease how much you have to pay, saving you money in the long run:
- Maintain a safe driving record: The Mustang is known for being a strong and fast vehicle, which is one of the main reasons its premiums can be so expensive. You can reduce this cost by maintaining a safe driving record, which can often score you significant discounts per month with your insurance company if you prove minimal accidents or road citations.
- Shop for discounts: Another tip for reducing the insurance costs of your Mustang is to shop around different companies in search of the best quotes and deals. Compare quotes to encourage agents to offer competitive rates and inform yourself of every discount you may be eligible for, including student or senior discounts.
- Bundle home and auto insurance: Many insurance companies offer different types of coverage beyond your vehicles. If you’re already paying other companies for homeowner’s or renter’s insurance, inquire about bundling home and auto, which often comes with various discounts that can save you up to 20% on insurance costs per year.
Driving a Mustang certainly comes with perks, especially the ability to handle such a powerful and iconic vehicle. But with the status of riding in a muscle car also comes the responsibility of paying insurance, which can often add up quickly for vehicles with a reputation for speed. It’s important to find an insurance plan for your Mustang that will protect you and your vehicle in case of an accident or other damages such as vandalism, theft, or severe weather.
You can drive with confidence with the right insurance policy, knowing you have protection. And you’ll save money along the way by applying as many discounts and bundles as possible.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
