Ford Mustang Car Insurance: Average Rates, Cheapest Companies, and How to Save

Ford Mustangs are the bestselling sports car in the U.S., but insuring one can be pricey. Mustang owners pay an average of $156 per month for car insurance, according to Compare.com data — a slightly higher amount than the average for other vehicles. The Mustang’s powerful engine and higher repair costs can drive up premiums.

We found that Safeco is one of the best car insurance companies for cheap rates for your Mustang. Its average insurance costs are just $89 per month for the popular pony car.

The following sections will highlight the most affordable insurers for Mustangs, as well as how you can find cheaper rates for yours.

Key Takeaways:

• The average Mustang driver pays $112 per month for basic liability insurance and $250 for full coverage.
• High-performance specs, safety tech, and trim levels affect Ford Mustang insurance rates.
• Safeco is the cheapest insurer for Ford Mustangs, with average monthly premiums of just $89.

In This Article:

• Average Mustang Car Insurance Costs
• Cheapest Mustang Car Insurance Companies
• Best Insurance Companies for a Ford Mustang
• Mustang Insurance Rates by Model Year
• Mustang Insurance Rates by Age and Driving Record
• Factors that Affect Mustang Insurance Costs
• How to Get Cheap Car Insurance for Mustangs
• Frequently Asked Questions

How Much Does It Cost to Insure a Ford Mustang?

On average, Ford Mustang owners pay around $156 monthly for car insurance, according to Compare.com data. If you think you’re paying too much to insure your Mustang, comparing car insurance costs is the best way to find affordable premiums.

The table below shows how liability-only and full-coverage premiums for a Mustang compare to the average across all other vehicles.

The more coverage you choose, the higher your premiums will be. Our research found that liability-only coverage for a Ford Mustang has a monthly average of $112, but full coverage costs $250. That’s much more than other vehicles, no matter the type of coverage you choose.

But keep in mind that cheap auto insurance rates also depend on factors like your age, driving record, location, and your Mustang’s specific model year and trim level.

The Cheapest Car Insurance Companies for Ford Mustangs

Although the average cost of car insurance for a Ford Mustang is more than average, plenty of options are available to help you save on rates. Let’s take a look at which companies offer the most affordable car insurance for Mustangs.

Safeco has the cheapest average rate for Mustangs, at $89 per month, according to our analysis. But keep in mind that it’s just the lowest average premium and doesn’t mean the company will be the cheapest option for everyone. That’s why using car insurance comparison sites to get quotes from multiple auto insurers is crucial to getting the best deal.

Next, we’ll explore the top factors that can move the needle on your premium.

Compare.com’s Best Ford Mustang Insurance Companies of 2024

No single car insurance company is the best fit for every Ford Mustang owner. We’ve analyzed average rates, discounts, customer reviews, and coverage options to identify the top insurers for different driver profiles.

So, whether you’re a young driver, have a few dings on your record, or just want the most affordable option, these insurers have competitive rates and tailored coverage for Mustang fans like you.

Best for basic coverage: SafeAuto

• Average premium: $92 per month
• Compare.com Rating: 4.20 out of 5

Pros:

• Offers coverage for high-risk drivers
• Low down payment options
• Discounts of up to 25%

Cons:

• No longer writing new policies (must go through Direct Auto)
• Few available options to customize your coverage
• High number of complaints

If you’re looking for no-frills, affordable car insurance for your Mustang, SafeAuto is among the most affordable companies. It specializes in state-minimum coverage and offers flexible payment options, including choosing your payment date and the ability to pay in cash at any of its more than 500 locations.

Despite the basic insurance policy options, you still get 24/7 claims service and roadside assistance. SafeAuto joined Direct Auto in 2023 and now offers policies in more states nationwide.

Best for S550 Mustangs: National General

• Average premium: $167 per month
• Compare.com Rating: 4.3 out of 5

Pros:

• Lifetime guarantee on repairs at approved shops
• Plenty of discounts available
• Flexible payment plans

Cons:

• Low claims satisfaction
• Somewhat scarce coverage options
• High number of customer complaints

National General has some of the cheapest car insurance rates for sixth-generation Mustangs — the beloved S550. If your Mustang’s model year ranges from 2015 to 2023, NatGen could be your best auto insurance company.

You’ll also find numerous discounts to help you save even more. You can lower your car insurance bill by paying premiums in full, installing a security device, signing up for paperless billing, and adding home insurance or another vehicle to your policy.

Best for young drivers: Safeco

• Average premium: $134 per month
• Compare.com Rating: 4.59 out of 5

Pros:

• Perks like accident forgiveness and vanishing deductible
• Cash back for being claims-free
• Policy management with Safeco mobile app

Cons:

• Missing common policy discounts
• Somewhat low customer satisfaction
• Higher-than-average number of complaints

Young drivers can cash in on some of the lowest rates with Safeco. We found that additional savings are possible with perks like Safeco’s claims-free cash back and diminishing deductible. You also get a range of options to customize your protection, including basic and full coverage, new car replacement, and rental car reimbursement.

The company’s mobile app lets you check coverage, make payments, and connect with your agent. It also supports biometric logins on Android and iOS devices, so you’ll have one less password to remember.

Ford Mustang Insurance Rates by Model Year

Your car’s age factors into how much you pay for insurance. Newer Mustangs typically have a higher value, making them more expensive to insure than older models. For a shiny new ride, insurance companies might have to shell out more cash after an accident or if someone decides to “borrow” your vehicle permanently.

We put together the table below to break down the average monthly insurance premiums for Mustangs by model year. We’ve also included the cheapest insurance company for each model year and its average monthly rates.

Ford Mustang Insurance Rates by State

Where you park your Mustang can have a big effect on your insurance costs. Different states have different insurance requirements, traffic patterns, and even theft rates — all factors that influence how much you pay to protect your car.

To give you a better idea of what you might be looking at, we’ve compiled the data in the table below to highlight the average monthly insurance premium for Mustangs across the country.

Besides your state and ZIP code, insurers also consider your age when calculating your premiums. Let’s take a closer look at exactly how your age affects car insurance premiums for Ford Mustangs specifically.

Ford Mustang Insurance Rates by Age

Your age is one of the first things insurance companies look at when setting car insurance prices. Young drivers, especially people under 25, usually end up paying a lot more because of higher accident rates. Although teens make up just 3.6% of licensed drivers, they’re involved in 9.1% of crashes, according to the National Safety Council.

Our research uncovered the average monthly Ford Mustang auto insurance rates by age group, shown in the table below. It also lists the cheapest insurer for each age group and its average monthly premium.

Average car insurance rates start high but drop significantly in your 20s and 30s. Teens pay an average of $220 per month, but this drops to $190 in your 20s and just $134 in your 30s.

Elephant is one of the most affordable options if you’re looking for car insurance for a teen driver, but Safeco comes out on top if you’re in your 20s, 30s, 60s, or 70s.

Ford Mustang Insurance Rates by Driving Record

Your driving history carries a lot of weight when insurance companies decide how much you’ll pay for coverage. A spotless record is the gold standard, while a minor slip-up can send your costs spiraling.

Take a peek at the table below to see how different types of driving histories can change your insurance premiums for a Ford Mustang.

A single at-fault accident can cause your rates to rise to $219 per month, on average. If you’re convicted of driving under the influence (DUI), brace yourself for a sobering increase of nearly $170 per month.

But even with a few dings on your record, you can still find affordable coverage. Dairyland, for example, has the cheapest premium for Mustang owners with a DUI, at $282 per month. It’s not pocket change, but it’s better than the average of $315.

Ford Mustang Features and Options That Affect Insurance Rates

When shopping for car insurance for your Ford Mustang, you may notice that different features and options can increase your premium. Here are a few key points that can influence how much you pay to insure your Mustang:

• Performance specs: Mustangs are known for having more powerful engines than a typical car, but more horsepower can increase the risk of accidents and speeding tickets, leading to higher car insurance costs.
• Safety tech: Newer Mustangs that come with driver-assistance systems like blind-spot monitoring and forward-collision warnings may help you get cheaper coverage.
• Anti-theft devices: If your Mustang has an alarm system or other theft deterrents, you might qualify for a discount on your car insurance.
• Trim level: Higher-end Mustang models, like the GT or Dark Horse, have heftier price tags and more powerful engines, which can raise insurance premiums.

How to Get Cheaper Car Insurance for Your Ford Mustang

To help you save some cash on your Ford Mustang’s insurance, here are five insider tips to help you score a better deal:

• Go with a less powerful model: High-performance models are exciting but often come with higher car insurance costs. A lower trim level — especially one with Ford’s 2.3L EcoBoost engine — can save you quite a bit on your car insurance premiums.
• Invest in safety features: Equip your Mustang with the optional security package to add wheel locks, interior and exterior motion sensors, and a center locking console. These could save you a few bucks on your car insurance each month.
• Choose your mods wisely: Customizing your Mustang with performance upgrades is tempting, but some modifications can increase your insurance rates.
• Maintain a clean driving record: Car insurance companies can offer accident forgiveness, but it’s best to avoid accidents and speeding tickets if you want the best premiums.
• Compare car insurance quotes: Don’t settle for the first Mustang insurance deal you find. Shop multiple insurers at least once yearly to see if you can save on premiums.

Ford Mustang Auto Insurance FAQs

If you still have questions about insuring your Ford Mustang, check out the answers to a few of the most commonly asked questions below.

Is a Ford Mustang expensive to insure?

Yes, a Ford Mustang is more expensive to insure than other car models. The average Mustang costs $156 per month to insure, according to Compare.com data. Sports cars like the Mustang can have higher horsepower and pricier repair costs, which makes it a higher risk for insurance companies.

How much is insurance for a 2015 Ford Mustang?

Insurance for a 2015 Ford Mustang costs an average of $196 per month, according to our data. But your personal rates can vary quite a bit due to factors like age, location, driving record, and the insurance company you choose.

Are Mustangs expensive to own?

Yes, owning a Mustang can be pricier than your average vehicle. The annual cost to own and operate a brand-new car in 2023 was $12,182, according to AAA’s Your Driving Costs Report. The total ownership cost for a brand-new Ford Mustang in 2023 was significantly higher, at $27,311.

Are Fords more expensive to insure?

It depends on the model, but generally, Fords aren’t more expensive to insure than other brands. Your cost depends on your age, driving history, location, and the specific model you drive. That said, some models, like the Mustang, can have higher premiums due to more powerful engines and a sporty reputation.

Data Methodology:

Data scientists at Compare.com analyzed more than 50 million real-time auto insurance quotes from more than 75 partner insurers in order to compile the rates and statistics seen in this article. Compare.com’s auto insurance data includes coverage analysis and details on drivers’ vehicles, driving records, insurance histories, and demographic information.

All the rates listed in this article have been collected from a combination of real Compare.com quotes and external insurance rate data gathered in collaboration with Quadrant Information Services. Compare.com uses these observations to provide readers with insights into how auto insurance companies determine their premiums.

Sources:

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