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Car insurance for Mustangs in 2023
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Since 1964, Ford Mustangs have been one of America's most beloved cars, but if you own one, you may not love the price you pay for insurance. While the national average cost of car insurance in general is $622 per year for minimum coverage and $2,014 for full coverage, Ford Mustang owners pay an average of $2,488 per year for full coverage, 24 percent higher than the national average. Minimum coverage for a Mustang is a more reasonable $602 per year. With Bankrate's insurance editorial team’s help, you may be able to score car insurance for your Mustang that is reasonably priced and provides robust coverage.
How much does it cost to insure a Ford Mustang?
Ford Mustang car insurance costs, on average, is $602 annually for state-mandated minimum coverage; full coverage, which includes collision and comprehensive insurance, averages $2,488 per year.
The cost of insuring 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.
Some of the factors that play a role in determining your premium rate are the following:
- Crash rate stats per make/model: Organizations such as the nonprofit Insurance Institute for Highway Safety (IIHS) test cars each year to determine how well they would fare in an accident. Cars with higher safety ratings are likely to earn owners lower premiums from insurers. The Ford Mustang Mach-E, for example, was a Top Safety Pick with the IIHS in 2022.
- Price of parts: Cars with cheaper parts, which are often made domestically, are generally cheaper to repair. Expensive imported parts, on the other hand, make for higher claims costs, and thus insurers will tend to charge more for premiums. The majority of parts for the Mustang are made in the U.S. or Canada, leading to lower-cost repairs.
- Safety features: Ford Mustangs include safety features such as rear view cameras, a lane-keeping system and a blind spot information system. These may lead to lower premium rates, since they are designed to keep you from having an accident. However, your savings may be mitigated by the fact that these high-technology features are often more expensive to repair when damaged.
Car insurance for a Ford Mustang
Average car insurance rates for any car 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. Other factors, from your gender to your credit-based insurance score (in most states) are also likely to play a role in determining your premium. Here are the average full coverage rates for each state for Ford Mustangs, which may be helpful to use a comparison when you are shopping for your own Mustang insurance.
|Average annual minimum coverage premium||Average annual full coverage premium|
Cheapest car insurance companies for Ford Mustang
Although your rates will vary depending on factors that are unique to your situation and car, some insurers are known for offering low rates in general. These five insurers are some of the best car insurance companies in the U.S., and all have average rates for Ford Mustangs that are below the general average, with Erie, Amica and USAA coming in on the top of the list. Note, however, that USAA only sells policies to military service members, veterans and their qualifying family members.
Ford Mustang features that impact insurance costs
While safety features are a plus when it comes to your insurance, they may not save you as much money as you might hope. If these features are high-tech, they will often rely on complex fixes if they are in need of repair. The savings you might earn from having a solid array of safety features may be limited by the corresponding increase in the cost to repair them. Here are some of the Mustang's safety features that could impact your auto insurance premium:
- Blind Spot Information System (BLIS): Ford's patented BLIS will alert you to vehicles in your blind spot, which could help you avoid a collision.
- Cross-traffic alert with braking: This feature detects stationary and moving objects that are behind your vehicle, alerting you to potential hazards such as pedestrians or garage pillars.
- Pre-collision assist with automatic emergency braking: This system scans the road ahead to alert you to potential collisions; brakes will apply automatically to avoid a crash.
- Front, side, overhead and knee airbags: A generous number of airbags helps you avoid injury if you are in a collision, keeping possible medical claims to a minimum.
- Ignition disable device: Mustangs are equipped with a device that prevents the engine from starting if the manufacturer key is not being used to help thwart theft.
Other car insurance coverage for Ford Mustang
Almost every state in the U.S. has minimum liability requirements for drivers to be on the road legally. Many insurance experts, however, recommend that you purchase more than the minimum required to give yourself more robust coverage. If you have a car loan, you may be required to purchase more—most frequently, collision and comprehensive insurance. Here are some of the more common optional coverages that you can purchase. Keep in mind that these are likely to impact your Mustang insurance cost.
- Collision insurance: Since liability insurance only covers the other car and driver in the event of an accident, you would need optional collision insurance to pay for damages to your own car in an at-fault accident.
- Comprehensive insurance: Along with collision, comprehensive insurance is part of a full coverage policy. It protects you from non-accident-related mishaps, including vehicle theft, damage from hitting an animal and weather-related damage.
- Roadside assistance: This coverage assists drivers by providing emergency roadside service if their vehicle breaks down, and will also generally cover towing within a certain number of miles if the issue cannot be immediately fixed.
- Gap insurance: If you have a car loan, you may want to consider gap insurance. If your car is totaled, this coverage means you won't have to pay your lender back out of pocket if you owe more than the car's depreciated value.
- Uninsured motorist coverage: Uninsured motorist coverage is mandatory in some, but not all, states. It covers medical bills if you are hit by a driver who has no insurance to cover medical costs. A separate policy will be required to cover property damage and is not available in all states. Either policy type may also pay for costs when you are involved in a hit-and-run accident. Underinsured motorist coverage pays to close the gap when someone hits you who has insurance, but not enough to cover the damage they caused.
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Model: To determine cost by vehicle type, we evaluated our base profile with a 2021 Ford Mustang applied (in place of base profile vehicle Toyota Camry).