What To Know
- One month of coverage for a Mustang can actually be equal to the annual rates of an average car insurance policy, unless of course you go with Freeway Insurance for the cheapest car insurance.
- When a car insurance provider sees that they will insure a car like a Ford Mustang, the first thing they think to themselves is what will happen if that car is involved in an accident.
Car Insurance For a Ford Mustang
What is not to like about the Ford Mustang? It has a place in American history as one of the foremost sports cars. Fast And The Furious and Transformers each featured a Mustang in a shape or form. One of the fastest sports car that everyone to purchase is a mustang. It just looks so good going down the road. Of course, the one drawback that every Mustang buyer thinks about isn’t the fuel economy or reliance but the cost of car insurance for such a vehicle. Like all high-performance muscle cars, Ford Mustangs can fetch some hefty car insurance rates. One month of coverage for a Mustang can actually be equal to the annual rates of an average car insurance policy, unless of course you go with Freeway Insurance for the cheapest car insurance. It takes some effort to find low-cost Ford Mustang insurance, but it’s not impossible.
How Much Is Car Insurance For a Ford Mustang?
We can tell you right off the bat that getting car insurance for a Ford Mustang can cost upwards of $2,235 for a six-month policy. That’s just for the first half of the year; by the end of the year, the $2,235 is doubled. This is also the rate for a driver of around 30 years old with a degree of driving experience. The average cost of car insurance per year is around $1,630. That’s four times less than the cost of car insurance for a Ford Mustang.
How is Car Insurance For a Ford Mustang Priced by an Insurer?
By looking at how some of the largest car insurance providers price their Ford Mustang policies, you can see the difference in how each one looks at them during the underwriting process.
- Allstate – Allstate is where we got the example of $2,235 for a six-month policy; for a whole year of coverage, it would add up to $4,470 annually.
- Farmers – Farmers provide lower annual rates for a Ford Mustang than Allstate does, with $2,574 for a whole year of coverage.
- Geico – Geico is where you can find the lowest rates for a Ford Mustang, assuming you are an experienced driver. Annual rates from them can go for about $16,108, which is around the average cost of car insurance in the United States.
- Progressive – Progressive insurance is more than Geico’s but less than Farmer’s. Annual rates from them for a Mustang would be around $1,892. There are several states that pay more than that for basic car insurance.
- State Farm – State Farm and Progressive’s Ford Mustang insurance rates are pretty neck-in-neck. A policyholder with State Farm would pay around $1,994 annually.
Why is Ford Mustang Car Insurance so Expensive?
When a car insurance provider sees that they will insure a car like a Ford Mustang, the first thing they think to themselves is what will happen if that car is involved in an accident. Mustang parts and repairs are more expensive than average. That is why insurance companies compensate for it with increased rates. They also consider the car’s speed capabilities and handling and how younger drivers can handle it. Because of that, some car insurance companies won’t underwrite a Mustang policy if the driver is a minor. At the same time, drivers of Mustangs don’t experience a true decrease in their insurance policies until they turn 30.
Can Young Drivers Get Car Insurance For a Ford Mustang?
Even without a car like a Ford Mustang, younger and new drivers are known for having the highest car insurance rates. Having a muscle car like a Mustang can drive those already high rates to even greater amounts. Let’s look at the different young driver age groups and how much they can be paying to insure a Ford Mustang:
- 16 years old – Looking at the insurance providers in the previous section, a 16-year-old’s car insurance rates for a Ford Mustang can be anywhere from $7,632 to $22,390 annually.
- 18 years old – Looking at the insurance providers in the previous section, an 18-year old’s car insurance rates for a Ford Mustang can be anywhere from $6,562 to $20,822 annually.
- 20 years old – Looking at the insurance providers in the previous section, a 20-year-old’s car insurance rates for a Ford Mustang can be anywhere from $5,028 to $17,650 annually.
- 22 years old – Looking at the insurance providers in the previous section, a 22-year-old’s car insurance rates for a Ford Mustang can be anywhere from $3,718 to $15,646 annually.
The best way for young drivers of Mustangs to have cheap car insurance rates is to be added to their parent’s own auto policy as they grow older and have more of a driving record.
What is The Cheapest Ford Mustang to Get Car Insurance For?
Studies have shown that older Ford Mustangs are cheaper to get car insurance for than the newer models. For example, a 2011 Mustang costs around $2,088, assuming that the driver is older and has a tangible driving record. In conclusion, these types of cars are usually best reserved for older drivers and are not recommended as a first car. However, if you can resist, prepare for high insurance rates until you’re 30.