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Car insurance for Mustangs in 2023

Updated Dec 09, 2022
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If you are thinking about buying a Ford Mustang, you may be wondering how expensive your new car would be to insure. Sports cars like Mustangs, which are typically designed for speed, have statistically higher crash rates than many other types of vehicles. Plus, the Ford Mustang is built with specialty parts and features unique engine components that can drive up repair costs if the vehicle is damaged in an accident. The higher price tag also means the replacement cost may be higher if it is totaled in a covered accident.

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How driving a Mustang influences your insurance rates

Comparing rates across the country, Mustang owners pay an average of $2,188 per year for full coverage car insurance. This comes out to 24 percent more than the average car owner in the United States, who can expect to pay $1,771 per year on average.

If you’re wondering why such a large gap exists between the national average full coverage premium and the average for Ford Mustang owners, the answer may lie in crash data. Insurance companies use crash statistics to assess which models are more likely to be involved in an accident. Sports cars, like the Ford Mustang, generally cost more to insure because insurance companies might consider their drivers more likely to drive recklessly. The speed capabilities of sports cars can also play a role in premiums, as crashes that happen at higher speeds tend to be more severe and therefore more expensive.

How much is insurance for a Mustang?

The cost of insurance for your Mustang will depend on many different factors, not the least of which is the specific model you own. For example, a Shelby GT500 may cost quite a bit more to insure than an EcoBoost due to its much higher replacement cost.

With that said, here’s the average price of auto insurance premiums for a Ford Mustang, accounting for all models:

Average annual minimum coverage premium Average annual full coverage premium
$494 $2,188

Average rates also vary by insurer. Every company has a different algorithm to rate policies. Some may place more emphasis on policyholders having a clean driving record, while others may care more about the age of the policyholder. Additionally, most insurers may charge different rates depending on the type of car you own. According to our insurance company data, Mustang owners tend to find the lowest full-coverage rates with Erie, Amica and USAA, while Allstate had the highest average full coverage premium.

See the table below for a list of the average cost to insure a Mustang with popular carriers.

Average annual premiums for Ford Mustangs by company

Average minimum coverage premium Average full coverage premium
USAA $289 $1,649
Amica $345 $1,646
Erie $351 $1,303
Auto-Owners $356 $1,681
Geico $362 $1,951
Progressive $431 $1,950
State Farm $467 $1,681
Travelers $526 $1,898
Allstate $545 $3,030
Nationwide $550 $1,858
American Family $656 $2,391

What factors influence your car insurance other than your car?

Owning a Mustang can make your auto insurance premiums higher than average, but that’s not all the insurance companies look at to determine risk. Your car is just one contributing factor to your overall insurance rates. Here’s a list of other criteria that can affect your premiums:

  • Age (in all states except HI)
  • Gender (in all states except CA, HI, MA, MI, MT, NC and PA)
  • Location
  • Annual mileage
  • Marital status
  • Driving history
  • Credit score (in all states except CA, HI, MA and MI)
  • Occupation
  • Policy type
  • Coverage amount
  • Deductible levels

How can you save money on Mustang car insurance?

Getting insurance for your Mustang doesn’t have to be expensive. Here are a few ways to reduce the cost of coverage:

  • Avoid tickets. One of the best ways to help keep insurance rates low is to maintain a spotless driving history. Avoid speeding and follow traffic laws; tickets may increase your rate, and too many infractions may even cause your insurer to drop you.
  • Practice safe driving. Mustangs are often associated with above-average crash rates, which means getting in an accident could send your rates skyrocketing. Most insurers give a safe driving discount to those who stay claim-free. Many even offer safe driving programs that track your habits and can fetch you a lower rate if you avoid unsafe behaviors like fast acceleration and hard braking.
  • Build your credit. Having a good credit score may help lower your insurance rates by demonstrating financial responsibility. Consider using your credit sparingly, paying down existing balances and making payments on time to help raise your score. Note that California, Hawaii, Massachusetts and Michigan do not allow insurance companies to use credit checks to influence insurance premiums.
  • Avoid custom parts. Custom parts can be expensive to insure. Standard auto insurance policies do not typically cover any modifications you make to your Mustang, which means you may have to buy extra insurance to cover them. At the very least, talk to your insurer and get a quote for the additional coverage before you start making changes — even seemingly minor ones.
  • Shop around. You might want to compare rates from multiple carriers before choosing the company that is best for you. You may be surprised by the difference in prices.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2019 Ford Mustang, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Rates are determined based on 2021 Quadrant Information Services data.

Written by
Lizzie Nealon
Insurance Contributor

Lizzie Nealon is an insurance contributor for Bankrate and enjoys making home, auto and life insurance digestible for readers so they can prepare for the future.

Edited by Insurance Editor