Automobile

Mustang GT Insurance Cost: Everything You Need to Know

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.

        You can save up to $400 on insurance for your Mustang GT by shopping around for policies with different companies. Experts recommend checking for a more affordable insurance option by getting new quotes about once a year.

        Check this out if you need additional information, resources, or guidance on car insurance.

        Sources:

        Ford Mustang Car Insurance Costs & Cheap Quotes (2021) | Insuranks.com

        Are Ford Mustangs expensive to insure? [Rates + Coverage Guide] | expertinsurancereviews.com

        How Much Is Insurance for a Ford Mustang? | valuepenguin.com

        How much does Mustang insurance cost? | cover.com

        2020 Ford Mustang Pricing, Review, and Specs | caranddriver.com

        Car Insurance| caranddriver.com

        How Much Does Car Insurance On A Mustang For An 18-Year-Old Cost? | consumerinsurancereport.com

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