Mustang GT Insurance Cost: Everything You Need to Know (2024)

The Ford Mustang GT insurance cost is $142 per month, according to ValuePenguin. The cheapest provider, Plymouth Rock Insurance, charges just $68 per month to insure this sports car. Overall, insurance on a Mustang costs $44 more every month than the average insurance cost for all vehicles. The GT version of the 2021 Mustang is a fastback coupe that provides expansive horsepower. This guide provides you with details about the cost of coverage before you invest in this iconic sports car.

Average Mustang GT Insurance Cost

Insuranks.com lists the average monthly and annual costs to insure a Mustang GT by model year as:

2020: $270/$3240
2019: $212/$2538
2018: $150/$1800
2017: $97/$1650

The website reports that drivers pay an average of $216 a month or $2597 annually to insure a 2020 Mustang EcoBoost coupe and an average of $208 per month or $2496 per year for the 2019 version of the same vehicle. Consumer Insurance Reviews reports that the cost to insure a 2011 Mustang GT is about 28 percent less than the cost for a brand-new model.

According to Expert Insurance Reviews, geographic location dramatically impacts the amount you pay for auto insurance. For example, you can save about $1016 a year on coverage for your Ford Mustang if you live in Seattle versus New York.

The website ranks the best insurance companies for Mustang GT drivers:

Nationwide
Farmers Insurance
Chubb
USAA
Travelers Insurance
Allstate
Liberty Mutual
Progressive
GEICO
State Farm

Mustang GT Insurance Cost by Driver Age

Young drivers pay more on average to insure a Mustang GT. Expert Insurance Reviews reports that 16-year-old drivers pay five times more than 30-year-old drivers with the same vehicle, which is about $5948 for six months of coverage.

ValuePenguin lists the average cost by age for Mustang coverage from five major insurance companies:

State Farm: $3816 at age 16, $3218 at age 18, $2514 at age 20, $1859 at age 22, $1625 at age 25, and $997 at age 30
Progressive: $4481 at age 16, $3664 at age 18, $2136 at age 20, $1518 at age 22, $1037 at age 25, and $946 at age 30
GEICO: $2850 at age 18, $1242 at age 20, $1013 at age 22, $889 at age 25, and $804 at age 30
Farmers Insurance: $4298 at age 16, $2990 at age 18, $2543 at age 20, $1747 at age 22, $1509 at age 25, and $1287 at age 30
Allstate: $11,195 at age 16, $10,411 at age 18, $8825 at age 20, $7823 at age 22, $2507 at age 25, and $2235 at age 30

According to Consumer Insurance Reports, 18-year-old drivers pay from $3281 to $10,411 to insure a Ford Mustang GT. Male drivers pay about 10 percent more than female drivers in this age group, except in states that prohibit insurance companies from using gender as a factor in pricing.

Factors in Mustang GT Insurance Cost

Your cost for a Mustang GT auto insurance policy will vary based on a range of factors, including the vehicle trim and year, the desired coverage, your age, your geographic location, your driving history, and your history of insurance coverage.

Cover.com reports that Mustang insurance usually costs more than other vehicles' coverage because these sports cars have more expensive parts. If you get in an accident, your Mustang will cost more to repair than a less expensive vehicle. Repair costs increase even more if you have high-tech options such as dynamic brake support, forward collision warning, and lane departure warning.

Mustangs that have larger engines with higher horsepower cost more to insure. Some models top 400 horses, which increases your risk of being involved in a high-speed accident in your sports car. Providers balance the higher risk with a higher insurance cost.

The high rate of theft for sports cars such as Mustangs influences their insurance premiums. While Cover.com notes that the Mustang is the second-most-stolen sports car, it's easier to recover than higher-end models that end up getting sold in other countries.

Safety ratings also affect insurance costs. The Ford Mustang consistently receives five-star overall crash test ratings from the National Highway and Traffic Safety Administration, which helps keep its premiums affordable. The 2020 Ford Mustang has safety equipment that includes airbags, four-wheel anti-lock disc brakes, lane departure warning, traction control, daytime running lights, electronic stability control, braking assistance, and lane keeping assistance.

Maintaining a good driving record can keep the cost of insuring your Mustang affordable. Expert Insurance Reviews reports that your annual coverage premium could increase by more than 200 percent after just one traffic ticket.

Ask about discounts when you get quotes for Mustang GT insurance. For example, you could qualify for savings for maintaining a good driving record or enrolling in more than one insurance policy with the same company.

Consumer Insurance Reports says you can save up to 25 percent by bundling your homeowner's or renter's insurance with your auto coverage or by adding another driver to your policy. You can also save 15 percent or more from many companies if you are a current member of the military or a veteran. Safe driving discounts max out at 30 percent at many insurance companies.

FAQs

Mustang GT Insurance Cost: Everything You Need to Know? ›

Yes, Mustangs are expensive to insure, since Mustangs are sports cars, accidents are statiscally more likely because of the specialized vehicle features meant for speed.

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Why are Ford Mustangs so expensive to insure? ›

Yes, Mustangs are expensive to insure, since Mustangs are sports cars, accidents are statiscally more likely because of the specialized vehicle features meant for speed.

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Are older Mustangs cheaper to insure? ›

Cost of Insuring a Ford Mustang by Model Year

Newer models are typically more expensive to insure than older ones because a car's value depreciates over time. It's no different for the Ford Mustang — a full coverage policy for a 2009 model costs $1,205 per year, but you'll pay over $703 more to insure a 2022 car model.

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Is it expensive to insure a Mustang GT? ›

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.

Are Mustangs expensive to maintain? ›

The Ford Mustang Reliability Rating is 3.5 out of 5.0, which ranks it 20th out of 24 for midsize cars. The average annual repair cost is $709 which means it has average ownership costs. The severity of repairs is average and the frequency of those issues is low, so major repairs are uncommon for the Mustang.

Do Mustangs lose value quickly? ›

A Ford Mustang will depreciate 20% after 3 years and have a 3 year resale value of $18,954. The iconic Ford Mustang does a great job at holding its value, and ranks in the top 25% of popular models at both years 5 and 7.

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Are Fords more expensive to insure? ›

Ford Car Insurance: The Bottom Line. Overall, we found that Ford insurance is affordable for most drivers. There are some Ford models — like the Bronco Sport, Escape and Edge — that cost less to insure than Ford's larger vehicles, which include the Transit and Expedition.

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Is a Ford Mustang a sports car on insurance? ›

Well-known models such as the Chevrolet Camaro, Chevrolet Corvette, Ford Mustang and Dodge Challenger can be thought of as mid-level sports cars. Despite their classification as sports cars, these vehicles don't typically need any additional coverage beyond standard requirements.

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Is it worth it to buy a Mustang? ›

Mustang, go for it. It's one of the most useable sporty cars in India. Lusty V8 engine, timeless styling, good reliability, runs just fine on regular petrol (although higher octane is preferred when available), and clears most bumps & bad roads... Team BHP was part of an all-India highway tour in the Mustang.

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