The average cost of car insurance for a Mustang GT is $166 a month or $1,992 a year, roughly $500 above the national average. However, rates do vary based on your location, age, and driving history.
Why is insurance for a Mustang GT so expensive?
Mustang GTs are high-performance vehicles, typically worth more in value than traditional cars. These factors also determine the higher insurance rate, including:
- Repairs: Repairs are costly since Mustang parts are more expensive than traditional vehicles.
- Body Type: A Mustang is a two-door coupe that is built for high performance, leading to an increase in your insurance rate.
- High Theft Potential: Statistics show that Mustangs are stolen more frequently than other cars, dubbing them 'pony' cars. This leads to an increase in your rates.
Mustang GT features that help to lower your rate
Studies show that Mustangs have a near-perfect safety rating of 9.7/10 and a reliability score of 4/5. Some built-in features help qualify you for several discounts with insurance companies, including:
- Anti-lock brake discount
- Passive restraint discount (due to airbags, motorized seat belts, etc.)
- Anti-theft discount
Ways to save money on coverage for a Mustang GT
We know that it's tough to find reasonable rates for your Mustang GT. Thankfully, there are ways to save money, including:
- Multi-policy discount: Placing your Mustang GT on its own policy makes it more expensive. However, if you place it under an existing home policy, you get discounts on your rates.
- Insure an older model: Older Mustang GTs are cheaper to insure than newer Mustangs. For example, the 2011 Mustang is 28% cheaper to insure than the latest model.
- Good drivers discount: Apply for this discount if you have a clean driving record and you've also completed a good driver course. Liberty Mutual offers safe drivers up to 30% off. Contact Liberty Mutual to see how much you can save, today.
- New car discount: Save up to an average of 7% on your insurance if you've bought a brand new Mustang GT and you're the first owner.
- Reduce coverage: Opt-out of certain coverage policies, such as the collision or comprehensive coverage (coverage for no-fault accidents) to save more money. However, it's advised you do this with caution and you don't leave yourself vulnerable to out-of-pocket expenses.
Companies with the best insurance rates for a Mustang GT
We've compiled a list of the top insurance providers for Mustangs, including:
- Progressive: Pay between $175 for a 2009 model to $288 for the newest 2019 model (per month). If you're driving a 1965 Ford Mustang, apply for the Classic Car Insurance policy and get a 39% discount. Contact Progressive to get an easy quote, today!
- GEICO: On average, you pay between $180 for a 2009 Mustang and $265 for the 2019 model (per month) with GEICO. Cut back on these costs by qualifying for the many discounts GEICO has to offer.
- State Farm: State Farm provides the cheapest insurance rates, with policies that range between $128 for a 2009 Mustang GT model and $208 for the 2019 model (per month).
3 things to consider when comparing insurance premiums for a Mustang GT
It's best to always compare at least 3 insurance companies before deciding on a policy. Here are some things to consider when shopping around:
- Price: Fill in the correct driver and vehicle details on your quote to accurately compare your rates.
- Minimum coverage: Almost all states require liability coverage as a legal minimum. The only exceptions are New Hampshire, Virginia and parts of Alaska.
- Deductibles: The deductible amount you choose affects your overall premiums. Premiums with higher deductibles actually cost less than premiums with lower deductibles.
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