For the fourth straight year, the Mustang was the best-selling sports car in the United States.
In 2018, Ford sold 75,842 Mustangs.
Why is the Mustang still so popular after 55 years? It’s a more affordable option for a sports car that has a lot of power behind them.
Your first instinct might not be to think about Mustang insurance once you’ve bought the car. But car insurance adds up over the years.
So let’s look at how much Mustangs cost to insure and what you can do to get those costs down.
How much more does Mustang insurance cost?
You should keep in mind that nailing an exact number or percentage is hard. You could get five auto insurance quotes from various insurance companies and they would all be different. This is because insurance is based on many factors.
Your quote takes into account your past insurance history, driving record, ZIP code, age, type of coverage you want, and the car you’re insuring.
Having said that, Mustang insurance can get costly.
On average, it can cost you around $166 a month or $1,992 a year. This is roughly $500 above the national average for car insurance.
And if you’re on the younger side, Mustang insurance will be even more expensive. On average a 16-year-old could pay over $5,000 for a six-month policy. That’s almost five times as much for a 30-year-old driver.
But remember: while averages and hypothetical quotes can be useful to a certain extent, they won’t tell you the whole story. The quotes you get will be different based on your own driver profile. Plus, that number can go up or down based on what model you get.
Older Mustangs can cost around 28 percent less to insure than the latest model.
What factors affect Mustang insurance rates?
But what contributes to the expensive insurance rates for a Mustang?
Let’s take a look at Mustang characteristics that could affect why Mustang insurance is pricey.
Repair costs are higher
The Mustang along with other sports cars have more expensive parts. If you get into an accident, the cost to repair or replace parts is going to be expensive. And the insurance rate you pay will reflect this.
Not only that, Mustangs come with different high-tech features as options to add on.
Some models come with things like lane departure warning, forward collision warning, and dynamic brake support. These features cost a lot to repair if they get damaged.
The bigger the engine, the higher the premium
The Mustang comes with extra power. Some models come with bigger engines and can have over 400 horsepower. The more horsepower your vehicle has, the higher the chance you are to drive at faster and more dangerous speeds.
Insurance companies take that as there being a bigger risk of you getting into an accident.
Theft
Performance cars like Mustangs tend to catch the eye of car thieves. The Ford Mustang was the second most frequently stolen type of sports cars.
But the silver lining? Higher-end sports cars tend to get swiped and shipped abroad for resale.
But since the Mustang is on the more affordable end, they’re usually taken for joyrides and abandoned later. They’re more easily recovered and returned to the owner.
Do any of Mustang features benefit me?
The safety ratings for cars do affect your premium. The safer the car, the lower your premium.
Ford Mustangs often score well on safety ratings. There are five-star ratings from various models from the National Highway Transport Safety Administration.
In the categories for overall rating, frontal crash, side crash, and rollover, the 2019 Ford Mustang got five-star ratings.
Is there anything I can do to get my premiums down?
If you’re still paying high premiums, don’t worry. There are plenty of things you can do. You aren’t stuck paying for expensive car insurance.
One of the best ways to save money on Mustang insurance is to shop around. On average, drivers can save just over $400 by comparing quotes from different companies.
Maybe at the time you were getting the best price, but that might not be the case now. Since insurance companies calculate rates differently, it’s a good idea to shop around every couple of years.
Tips for saving money on Mustang insurance
With Mustangs, you will save money on some of the safety features. But make sure you’re getting all the discounts you’re entitled to.
If you have a clean driving record, ask your insurance rep about the good driver discount. And do you need homeowners or renters insurance? Bundling your home and auto insurance your under one company will get you a discount.
Raising your deductible will also get your premium down. You can do this on your collision or comprehensive policy. It means that you’ll pay a bit more when you pay a claim, but your monthly premium will be lower. Just make sure to land on a number you’re okay paying if you do need to file a claim.
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