A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products, including home, life, auto, and commercial, and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, mainly in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers Insurance CSR 4 Years

UPDATED: Oct 27, 2021

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The Ford Mustang is one of the top selling automobiles in history due to its famous brand and performance capabilities. While you may be considering buying a Mustang for these reasons, you may also want to get up to speed on the price of the car’s insurance.

Find great insurance for your Mustang now by entering your ZIP code into the FREE box below!

Over the decades, the Ford Mustang has built a reputation for being a stylish looking “muscle car”. As a result, it’s been featured in countless movies, television shows and advertisements. While insuring powerful and famous cars can sometimes get pricey, if you go about it the right way, you can insure your Mustang and stay on budget.

What is the Ford Mustang?

The Mustang is built by the American automobile manufacturer Ford, which is headquartered in Dearborn, Michigan. The company began producing the Ford Mustang in 1964. Since then Ford has sold over 9 million Mustangs!

While the vehicle’s look and make-up have changed over the last five decades, traditionally the Mustang has been a two-door car designed for personal use. The Ford Mustang has been built as a coupe, hatchback and convertible.

Since the mid 1990’s, the Mustang has been designed to resemble how it looked in the 1960’s and 1970’s, rather than how it was built in the 80’s and early 90’s. The most recent models of the car in particular have been produced with a more vintage look.

There are several different models of the 2013 Ford Mustang, including the V6 version, the GT model, the Boss 302 and the Shelby GT 5000. All of the latest models except the V6 come equipped with a V-8 engine that can deliver over 400 horsepower.

The V-6 version of the 2013 Mustang gets approximately 19 miles per the gallon on city roads and 31 for highway driving. The V-8 models, however, get approximately 15 MPG in the city, and between 24 to 26 MPG while driving on highways.

The starting price for the 2013 Mustang ranges in price from under $22,000 to just under $60,000 for a convertible version of the Shelby GT 5000.

You can learn more about the newest Ford Mustang by referring to the manufacturer’s official site.

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How is the cost of car insurance determined?

While you’re trying to get a sense of what you’ll pay to insure your Mustang, it’s important to realize that a person’s insurance rates depend on many things. The car you drive is just one factor.

In other words, depending on your driving circumstances, a provider might charge you more than someone else to insure the exact same Mustang. Another person may have a perfect driving record, or perhaps they live in a quiet small town while you live in a densely populated city. People who live in cities are more likely to have their car stolen or involved in an accident.

Driver age is a significant factor when it comes to insurance costs. An 18-year-old driver will pay a lot more for car insurance than a 40-year-old driver. Teenage drivers will have higher insurance costs for any vehicle because they lack driving experience.

Simply put, insurance providers base a person’s insurance rates on the likelihood that they will cost the company money. While the car someone drives is an important consideration, a person’s driving record and circumstances are also crucial. Thankfully, there are several ways you can impress insurance providers and lower your rates.

What are the average insurance rates for the Ford Mustang?

Although many different things determine a person’s insurance rates, by reviewing the average amount a person pays to insure their car, you can get a good idea of what you will pay. At the end of the day, you might be asked to pay even less than what the average person pays!

According to Automobile Magazine, the average cost of insurance for a 2013 Mustang is $1,466 per year. Ford Mustang insurance for the 2012 model has an average annual premium of $1,432. A 2011 model of the car costs even less to insure per year, with average insurance rates of $1,403 annually.

It’s important to remember, however, that these are just average costs. The amount you’re quoted could be lower or higher than the national average.

Do you need classic car insurance?

Generally speaking, the older a car is the less expensive it is to insure. The reason being, of course, that the more valuable and modern a vehicle is, the more expensive it is to repair. The annual averages listed above reflect this, as a 2012 version of the Mustang is more expensive to insure than a 2011 model.

Due to the immense popularity of the Mustang, however, certain, older models of the iconic vehicle are extremely valuable. Although it might be 40 years old, if you own a rare Mustang that’s in mint condition, it could be quite costly to fix the car if it’s damaged. Even worse, it could be nearly impossible to replace.

As a result, some providers offer specialty insurance that is designed for classic cars. Typically, these are policies, which are not offered at the standard rates most cars receive. In other words, a provider may charge more to insure a classic car, because they’re so costly to repair.

The eligibility requirements for classic car insurance can vary depending on the provider and the vehicle. Sometimes these policies come with restrictions that are tied to mileage or usage. For example, a policy may only be valid if your vintage Mustang is being driven to and from a car show. Sometimes these restrictions mean that the insurance policy may not be so pricey after all, since the car cannot be driven frequently.

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Can safe driving save you money?

One of the quickest ways to raise the rates on your Mustang’s insurance is to cause an accident or get nabbed for several speeding tickets. Due to the fact that most Mustangs are powerful and very fast vehicles, providers are concerned that they will be driven in an unsafe manner. If you prove an insurance company right, be prepared for your rates to rise.

If you’ve caused an accident in the past or have received a few traffic violations, then it’s even more important to drive safely and avoid any more incidents. If you drive safely and make sure you pay off any outstanding fines, over time your driving record will improve and it will be easier for you to find affordable insurance.

If you’re driving a Mustang but have never taken driving lessons, then you should strongly consider doing so.

Insurance companies believe that people who have completed driving lessons are better drivers than people who haven’t. As a result, nearly every provider offers sizeable discounts to people who have taken lessons. It will cost you money up front, but over time, you could save a lot.

Do you drive a safe Ford Mustang?

Another great way to lower your insurance premiums is to buy a Mustang that has great safety ratings. If an insurance provider sees that a car is better at avoiding accidents, due to its design, then it will charge less to insure it.

The same goes for a car’s ability to hold up in a crash and protect its passengers. If people are less likely to be seriously injured in a car due to its engineering, then the medical bills after an accident will be lower. As a result, an insurance provider will charge less to cover the car.

You can find out which Mustang models have received great safety ratings by searching online or referring to government organizations. For example, according to the U.S. Department of Transportation’s Safer Car website, the 2013 Mustang received four out of five stars for safety.

The Insurance Institute for Highway Safety also provides information about the safety ratings of hundreds of different cars and vehicles. According to the Institute, Mustang models from the year 2010 through 2013 received a “good” rating for moderate overlap front impact safety tests. Side impact crash test ratings were deemed “acceptable.”

Regardless of the year and model of the Ford Mustang you’re considering, be sure to review its safety features. Not only will a safe car protect you and your passengers in the event of an accident, but it will lower your insurance rates.

What types of coverage do you need?

It’s always important to buy a good amount of liability insurance for your car if you can afford it. Bodily injury liability and property damage liability insurance will pay for the damages you cause to another person and their property after an accident. Since even minor car crashes can produce thousands of dollars in damages, it’s not a good idea to skimp with your liability limits.

If you own an older, more common, or beat up Ford Mustang, however, you may not need to buy much additional coverage. For example, collision insurance pays for the repairs your car needs in an accident you caused. If your Mustang isn’t very valuable, then paying to repair it might not cost much, or you might decide not to repair it all and simply buy a new car.

The same can be said for comprehensive insurance, which pays for damages that your car takes in an incident not involving a motorist. If your car is damaged in flood or broken into, then comprehensive insurance will pay for the repairs.

Remember, however, that if you own an older but rare Mustang, then fixing it could cost thousands of dollars. In this case, you want to be sure that you have plenty of insurance to help cover any repairs it might need.

You can also lower your insurance rates by agreeing to pay a higher deductible. This is the amount you’re required to put towards any damages when you file a claim. The more you pay the less your insurance provider has to. Just remember, high collision deductibles, for example, mean more out-of-pocket costs if you’re in an accident.

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Are you entitled to any discounts?

Most companies offer a wide range of auto insurance discounts, and these can really come in handy, especially if you have a bad driving record, you’re a teen driver, or you have poor credit. Potential rate discounts offered by most companies include:

  • Safe driving discounts
  • Defensive driving course discounts
  • Military discounts
  • Good student discounts
  • Safety features discounts
  • Multi-policy discounts
  • Multi-vehicle discounts

Savings opportunities like these can save you a significant amount of money on your monthly premiums. Don’t forget to look at discounts when you’re shopping around for auto insurance quotes.

Compare Providers

Last but not least, you’ll pay less to insure your Mustang if you take a few minutes to shop around and find the best deal possible. Don’t buy the first or second offer you come across just because it looks like the lowest price. Auto insurance experts recommend you get an auto insurance quote from at least three companies before making a decision.

A great way to shop for car insurance is to use a website that specializes in comparing insurance rates.

Once you’ve answered a few questions about your driving circumstances, the site will send you rate quotes from several insurance providers. It’s a quick and easy way to shop.

Find amazing insurance for your beautiful Mustang now by entering your ZIP code into the FREE box below!