Car insurance for Mustangs

InsuranceA Mustang costs on average $2,077 per year for a full-coverage policyBased on Bankrate’s review and comparison of average premiums from Quadrant information Services. Mustangs, as with luxury vehicles, are costly to insure and maintain. Insurance for Mustangs can be more expensive than for an economy sedan like the Toyota Camry due to their engine capabilities and specialty parts. Also, the rate of crashes is higher. You have many options as a Mustang owner to find low-cost auto insurance and save money.

How does a Mustang affect your car insurance rates?

Comparing rates across the country, Mustang owners pay about $2,077 per year in insurance premiums. This is 24% more than the average $1,674 annual premium for other car owners. Why is this?

Crash data is likely to be the answer. These reports are used by insurance companies to determine which models are most likely to be in an accident. Unfortunately, a 2017 report by the Insurance Institute for Highway Safety found that Mustangs have some of the country’s highest death rates. This indicates that the higher premiums charged may be insurance companies’ way of offsetting a higher risk of bodily injury claims, which cost them $18,417 on average.

What is the cost of insurance for a Mustang

Insurance costs for Mustangs will vary depending on many factors. Due to the higher replacement cost, an EcoBoost may be more expensive to insure than a Shelby GT500.

Here’s an average price for auto insurance premiums for all Mustang models:

Insurers also have different insurance costs. Each insurer uses different criteria to determine your rates. Some may charge you more or less depending upon the car you drive. According to our insurance company data, Mustang owners tend to find more favorable rates from USAA, Amica and Erie, while MetLife charged the highest premiums, (based on rates prior to when the company was acquired by Farmers).

The table below shows the average cost of insuring a Mustang with the most popular carriers.

Other than your car, what factors affect your car insurance?

Although owning a Mustang could increase your auto insurance premiums, that’s only one factor insurance companies consider when assessing risk. Your car is just one contributing factor to your overall insurance rates. Here are some other factors that could affect your premiums.

  • Age
  • Gender
  • Localization
  • Miles driven
  • Marital status
  • Driving history
  • Credit score
  • Occupation
  • Type of policy
  • Maximum coverage
  • Deductible

How can you save money when buying Mustang car insurance?

It doesn’t need to cost a lot to get insurance for your Mustang. These are some ways to lower the cost of your coverage.

  • Respect the rules of the road.Maintaining a clean driving record is one of the best ways you can lower your insurance rates. Keep your speed down and obey traffic laws. Tickets can increase your insurance rate and could even lead to your insurer dropping you.
  • Safe driving is a must.The crash rate for Mustangs is higher than average. This could mean that your rates could skyrocket if you get in an accident. Many insurers offer safe driving discounts for those who aren’t in any accident. Some insurers offer safe driving programs, which track your driving habits and can help you get a lower rate if there are no unsafe driving behaviors such as hard braking or fast acceleration.
  • Credit buildingA good credit score can help you lower your insurance rates. It also helps you to show financial responsibility. Pay down your existing balances, and make timely payments to improve your credit score.
  • Avoid custom parts.It can be costly to insure custom parts. You may need to purchase additional insurance to cover modifications to your Mustang that are not covered by standard auto insurance. Talk to your insurance company and request a quote before you make any changes, even minor ones.
  • Take a look around.Before you decide on the best company for you, it is worth comparing rates from different carriers. It may surprise you at the differences in prices.

Questions frequently asked

Is Mustang insurance expensive?

The Mustang is 24% more costly to insure than an average car. It costs about $2,077 per the year to insure, compared with the $1,674 average premium. This is based on Bankrate’s analysis of annual premiums quoted by Quadrant Information Services.

Why is Mustang insurance more expensive?

Mustangs may pay more insurance because of the higher number of traffic fatalities. Your auto insurance rate will be determined by other factors, which can make your policy more affordable or less.

Where can I get cheap insurance for my Mustang Mustang?

Mustang owners might get lower rates from Amica, USAA and Erie on average. Even if your vehicle is a luxury one, you can still save on car insurance. You can lower your car insurance costs by avoiding custom parts, safe driving and improving credit scores. You may be able to get a better deal by comparing quotes from different insurers, as prices vary between companies. It would be a good idea to compare quotes from different providers, as rates can differ.