Car insurance for Mustangs in 2024

How much does it cost to insure a Ford Mustang? 

Insurance for sports cars generally costs more than your typical vehicle, and the Ford Mustang is the quintessential American sports car. On average, car insurance for a Ford Mustang costs $2,910 per year for full coverage. For minimum coverage, the average cost is $686 per year. 

Many factors impact car insurance costs for your Mustang, including trim level and vehicle age. Some of the factors that play a role in determining your premium include: 

• Crash rate stats per make/model: Organizations such as the Insurance Institute for Highway Safety (IIHS) test cars each year to determine how well they would fare in an accident. Cars with higher safety ratings are likely to earn owners lower premiums from insurers. While the 2024 Ford Mustang didn’t make IIHS’s 2024 Top Safety Pick list this year, it still has a fairly positive safety score. 
• Price of parts: Cars with cheaper parts, which are often made domestically, are generally cheaper to repair. Expensive imported parts, on the other hand, make for higher claims costs, and thus insurers will tend to charge more for premiums. The majority of parts for the Mustang are made in the U.S. or Canada, leading to lower-cost repairs. 
• Safety features: Ford Mustangs include safety features such as rear view cameras, a lane-keeping system and a blind spot information system. These may lead to lower premium rates, since they are designed to keep you from having an accident. However, your savings may be mitigated by the fact that these high-technology features are often more expensive to repair when damaged.
• Driver profile: Your driving characteristics and driving history will also significantly affect the cost of your insurance. Insurance companies typically consider sports cars to be higher risk since they may encourage reckless driving behaviors. In states that use age as a rating factor, young drivers typically pay higher rates due to their lack of experience behind the wheel. 

Car insurance for a Ford Mustang

Average car insurance rates for any car vary by insurer. Every company has a different algorithm to rate policies. Some may place more emphasis on policyholders having a clean driving record, while others may care more about the age of the policyholder. Other factors, from your gender to your credit-based insurance score (in most states) are also likely to play a role in determining your premium. Here are the average full coverage rates for each state for Ford Mustangs, which may be helpful to use a comparison when you are shopping for your own Mustang insurance.

Cheapest car insurance companies for Ford Mustang

Although your rates will vary depending on factors that are unique to your situation and car, some insurers are known for offering low rates in general. These insurers offer some of the lowest average rates for Ford Mustangs, but it's a good idea to compare quotes for your unique driver profile to find the cheapest carrier for you. 

Ford Mustang features that impact insurance costs

Safety features are top of mind for many drivers, and while they are good to have, they don't shave as much money off your policy premium as you might expect. Many features that were cutting-edge just a few years ago are more common now, which has raised safety expectations in general. The savings you might earn from having a solid array of safety features may be limited by the corresponding increase in the cost to repair them. High-tech features often require specialty mechanics and parts, both of which could increase insurance rates and mitigate safety feature discounts. 

Here are some of the Mustang's safety features that could impact your auto insurance premium:

• Ford Co-Pilot360 2.0: Ford’s updated Co-Pilot feature includes several driver assistance features such as emergency braking for pedestrians and automatic high beams. 
• Ford’s My Key system: This feature allows parents to set speed and volume limits to help new drivers stay focused on the road.
• Blind Spot Information System (BLIS): Ford's patented BLIS will alert you to vehicles in your blind spot, which could help you avoid a collision.
• Cross-traffic alert with braking: This feature detects stationary and moving objects that are behind your vehicle, alerting you to potential hazards such as pedestrians or garage pillars.
• Pre-collision assist with automatic emergency braking: This system scans the road ahead to alert you to potential collisions; brakes will apply automatically to avoid a crash.
• Front, side, overhead and knee airbags: A generous number of airbags helps you avoid injury if you are in a collision, keeping possible medical claims to a minimum.
• Ignition disable device: Mustangs are equipped with a device that prevents the engine from starting if the manufacturer key is not being used to help thwart theft.

Other car insurance coverage for Ford Mustang

Almost every state in the U.S. has minimum liability requirements for drivers to be on the road legally. Many insurance experts, however, recommend that you purchase more than the minimum required to give yourself more robust coverage. If you have a car loan, you may be required to purchase more—most frequently, collision and comprehensive insurance. Here are some of the more common optional coverages that you can purchase. Keep in mind that these are likely to impact your Mustang insurance cost. 

• Collision insurance: Since liability insurance only covers the other car and driver in the event of an accident, you would need optional collision insurance to pay for damages to your own car in an at-fault accident. 
• Comprehensive insurance: Along with collision, comprehensive insurance is part of a full coverage policy. It protects you from non-accident-related mishaps, including vehicle theft, damage from hitting an animal and weather-related damage.
• Roadside assistance: This coverage assists drivers by providing emergency roadside service if their vehicle breaks down, and will also generally cover towing within a certain number of miles if the issue cannot be immediately fixed. 
• Gap insurance: If you have a car loan, you may want to consider gap insurance. If your car is totaled, this coverage means you won't have to pay your lender back out of pocket if you owe more than the car's depreciated value.
• Uninsured motorist coverage: Uninsured motorist coverage is mandatory in some, but not all, states. It covers medical bills if you are hit by a driver who has no insurance to cover medical costs. A separate policy will be required to cover property damage and is not available in all states. Either policy type may also pay for costs when you are involved in a hit-and-run accident. Underinsured motorist coverage pays to close the gap when someone hits you who has insurance, but not enough to cover the damage they caused. 

Methodology

Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a single, 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes. 

Model: To determine cost by vehicle type, we evaluated our base profile with a 2022 Ford Mustang applied (in place of base profile vehicle Toyota Camry).