Compare the Cost of Ford Mustang Insurance by Model Year and Company

Insurance for a Ford Mustang costs $2,435 per year, slightly more than the $2,415 average cost for all models. Although State Farm is the cheapest insurer, rates can vary based on a driver’s age, car model and provider.

By Mark Fitzpatrick

Edited by Morgan Hull

Updated: October 25, 2024

Advertising & Editorial Disclosure

Age is the biggest determining factor in the cost of car insurance for a Ford Mustang. For a 2009 model, on average, 16-year-olds spend $5,518 per year, whereas 40-year-olds pay only $1,205. Similarly, a 16-year-old will spend $8,735 per year for a 2022 model, whereas a 40-year-old will pay $1,908.

Because affordability isn’t the only factor that matters, MoneyGeek evaluated the best insurance providers for a Ford Mustang based on cost, service quality and claims experience.

We also broke down costs for a Ford Mustang’s unique trims, including the Ford Mustang EcoBoost and the Ford Mustang Mach-E.

Car Insurance CostsFord Mustang

2024

Table of Contents

Cheapest Insurer - State Farm

Best Insurer - State Farm

Runner-Up - GEICO

Costs by Model Year

Costs by Driver Age

Costs by Location

Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a Ford Mustang.

These rates were updated to reflect the average cost of car insurance for a Ford Mustang as of 2023.

10Companies Compared

41,382Quotes Analyzed

Average Cost and Cheapest Companies for Insuring a Ford Mustang

Insuring a Ford Mustang costs an average of $2,435 annually, but different providers may offer varying rates. For example, State Farm offers the most affordable premium for full coverage car insurance at $1,308. Purchasing a similar policy from Progressive can set you back $1,880.

For minimum coverage policies, State Farm has the cheapest average rate at $490 per year, while Progressive has the most expensive policy at $672. To find the cheapest car insurance, compare providers’ rates.

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Coverage:Full Coverage

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age:18


State Farm	$3,382
Travelers	$4,342
GEICO	$4,418
Nationwide	$4,897
Allstate	$5,262
Farmers	$5,669
Progressive	$9,084

Is a Ford Mustang Expensive to Insure?

Although a Ford Mustang is a sports or muscle car known for its speed and acceleration, rates to insure it are moderate and it is neither expensive nor cheap to insure compared to other models. With an MSRP of $37,645 for 2022 model years, it is not nearly as expensive as some luxury or expensive models. However, the vehicle does have a high theft rate and horsepower, which tend to make vehicles riskier to insure and prevent it from having cheap rates.

Best Companies for Insuring a Ford Mustang

Cost, claims management and customer experience are all crucial for finding the best car insurance for a Ford Mustang. Our analysis showed that the best auto insurance providers for this make and model are:

State Farm: MoneyGeek score of 76 out of 100 ($1,308 per year)
GEICO: MoneyGeek score of 69 out of 100 ($1,428 per year)

Of the insurers in our study, State Farm has the cheapest rates and the second-highest customer service rating. This means you’ll receive quality service at a lower cost.

MoneyGeek Top Pick: State Farm

pros

Cheapest average rate of the providers in our study

Second-highest customer satisfaction rating

cons

Doesn't offer gap insurance or original equipment manufacturer (OEM) coverage

Low score for claims management

COMPANY HIGHLIGHTS

Purchasing auto insurance from State Farm allows you to get quality service at an affordable rate for your Mustang. Although its add-on coverages are limited, they will benefit most drivers.

With State Farm’s Car Rental and Travel Expenses coverage, you’ll be reimbursed for the cost of your rental car if your vehicle is undergoing repairs after a covered loss. State Farm makes the process more convenient by directly paying an in-network rental agency, but if you opt for an out-of-network rental company, you’ll be reimbursed up to $16 per day or $400 per event.

If you get into an accident in your rental car, State Farm will also pay up to $500 of your deductible, lowering your out-of-pocket costs. If the accident occurs more than 50 miles away from your home, you’ll also be reimbursed up to $500 to cover the cost of meals, accommodations and transportation.

Read MoneyGeek's State Farm Auto Insurance Review

MoneyGeek Runner-Up: GEICO

pros

Second-highest affordability ratings of the insurers in our comparison group

Provides quality customer service

Offers roadside assistance, mechanical breakdown insurance (MBI) and accident forgiveness

cons

Has a relatively low claims management score

Doesn't offer OEM coverage, which most insurers do

COMPANY HIGHLIGHTS

GEICO is our runner-up pick, providing quality customer service for an affordable rate. Policyholders can benefit from the insurer’s MBI, accident forgiveness and roadside assistance coverage.

To get even more protection for your Ford Mustang, consider purchasing MBI, which covers all parts and systems on your vehicle, rather than the standard list of services covered under most dealer-extended warranties. Drivers with cars that are less than 15 months and have fewer than 15,000 miles are eligible for this add-on coverage.

Accident forgiveness is another helpful add-on coverage available with GEICO. This coverage — which can be purchased or earned through safe driving — ensures that your premium won’t increase after your first at-fault accident. It’s important to note that this add-on coverage is unavailable in select states, including California, Connecticut and Massachusetts. With the insurer’s roadside assistance coverage, you’ll be covered for the cost of flat tire changes, towing and lockout services. This coverage can give you peace of mind if you’re a frequent traveler.

Cost of Insuring a Ford Mustang by Model Year

One of the main factors that impact the average cost of your car insurance is your vehicle’s age. Newer models are typically more expensive to insure than older ones because a car's value depreciates over time. It's no different for the Ford Mustang — a full coverage policy for a 2009 model costs $1,205 per year, but you'll pay over $703 more to insure a 2022 car model.

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Age:40

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Coverage:Full Coverage


2022	$1,908
2021	$1,866
2020	$1,803
2019	$1,797
2018	$1,763
2017	$1,649
2016	$1,591
2015	$1,505
2014	$1,407
2013	$1,362
2012	$1,290
2011	$1,236
2010	$1,233
2009	$1,205

Besides your car's model year, rates also vary among providers. However, State Farm remains the most affordable option for the Ford Mustang, whether released in 2009 or 2022. For these model years, you'll spend an average of $940 and $1,592 per year, respectively.

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Model Year:2022

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Age:40

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Coverage:Full Coverage


State Farm	$1,592
GEICO	$1,686
Nationwide	$1,882
Travelers	$2,032
Allstate	$2,037
Farmers	$2,073
Progressive	$2,369

Cost of Insuring a Ford Mustang for 16- to 25-Year-Olds

Providers consider several factors when calculating the cost of insurance for a Ford Mustang. They don't just look at your car's age; they factor in yours too. Car insurance for teens and young adults is typically more expensive than policies for drivers in their 30s and 40s. The average rate for a 16-year-old for full coverage is $7,053, but it's only $1,587 for a 40-year-old driver. Rates for young drivers lower significantly each year and then stabilize during their 20s.

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Coverage:Full Coverage


16	$7,053
17	$5,782
18	$5,089
19	$3,544
20	$3,214
21	$2,487
22	$2,301
23	$2,137
24	$2,027
25	$1,822

Comparing providers can help you find the most affordable premiums. For example, State Farm offers a full coverage policy for 16-year-old drivers at $5,207 annually, whereas Progressive costs $13,824. Note that these are rates for individual plans — teens can save a significant amount of money by joining a family policy.

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Model Year:2022

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Coverage:Full Coverage

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age:16


State Farm	$5,207
GEICO	$7,857
Nationwide	$7,964
Travelers	$8,626
Allstate	$8,768
Farmers	$10,210
Progressive	$13,824

How Does Location Affect the Cost of Ford Mustang Insurance?

Although your age and vehicle details (like your car’s make and model year) greatly impact your insurance rate, where you live is equally important. The cheapest car insurance providers vary by state, with Florida having the highest rate and Idaho having the lowest. Knowing the most affordable insurers in your area is essential so you can gather quotes from them.

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Age Group:30-59

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Coverage:Full Coverage


Alabama	Nationwide	$709	$59
Alaska	State Farm	$699	$58
Arizona	Root Insurance Company	$682	$57
Arkansas	State Farm	$629	$52
California	AAA California	$1,001	$83
Colorado	American National P&C	$541	$45
Connecticut	GEICO	$693	$58
Delaware	State Farm	$881	$73
District of Columbia	GEICO	$662	$55
Florida	State Farm	$1,058	$88
Georgia	Country Financial	$665	$55
Hawaii	GEICO	$565	$47
Idaho	American National P&C	$299	$25
Illinois	Country Financial	$663	$55
Indiana	American Family	$555	$46
Iowa	State Farm	$509	$42
Kansas	Nationwide	$670	$56
Kentucky	Nationwide	$790	$66
Louisiana	Louisiana Farm Bureau	$1,048	$87
Maine	Concord Group	$521	$43
Maryland	Progressive	$938	$78
Massachusetts	State Farm	$483	$40
Michigan	GEICO	$898	$75
Minnesota	State Farm	$797	$66
Mississippi	Direct General Insurance	$723	$60
Missouri	Nationwide	$909	$76
Montana	Progressive	$437	$36
Nebraska	American National P&C	$405	$34
Nevada	CSAA	$940	$78
New Hampshire	State Farm	$540	$45
New Jersey	Plymouth Rock Assurance	$895	$75
New Mexico	State Farm	$644	$54
New York	Kemper	$781	$65
North Carolina	Erie	$630	$52
North Dakota	American Family	$616	$51
Ohio	Nationwide	$485	$40
Oklahoma	State Farm	$662	$55
Oregon	State Farm	$706	$59
Pennsylvania	Nationwide	$580	$48
Rhode Island	State Farm	$700	$58
South Carolina	American National P&C	$463	$39
South Dakota	Allstate	$746	$62
Tennessee	State Farm	$579	$48
Texas	State Farm	$699	$58
Utah	Nationwide	$725	$60
Vermont	State Farm	$493	$41
Virginia	American Family	$601	$50
Washington	PEMCO	$534	$44
West Virginia	Erie	$784	$65
Wisconsin	GEICO	$556	$46
Wyoming	State Farm	$745	$62

Frequently Asked Questions About Ford Mustang Insurance

Drivers researching car insurance costs for a Ford Mustang often have questions about affordability and service quality. Here are some commonly asked questions.

What company has the cheapest car insurance for a Ford Mustang?

On average, insurance for a Ford Mustang costs $2,435 per year, only $20 more than the average rate for all other models of $2,415 per year. MoneyGeek found that State Farm offers the cheapest insurance on average for a Mustang.

What company offers the best car insurance for a Ford Mustang?

MoneyGeek scored State Farm as the best car insurance for a Ford Mustang. With a MoneyGeek score of 76 out of 100, it beat out GEICO, Nationwide and other major insurers. It receives strong marks for both its customer satisfaction and affordability, making it a great value for its rates.

About Mark Fitzpatrick

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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