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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.

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2023

Table of Contents

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.

Company
Average Annual Premium

State Farm

$490

GEICO

$498

Travelers

$561

Nationwide

$615

Farmers

$643

Allstate

$652

Progressive

$672

State Farm

$1,299

State Farm

$1,308

Travelers

$1,394

GEICO

$1,428

Nationwide

$1,438

GEICO

$1,568

Travelers

$1,608

Farmers

$1,654

Allstate

$1,731

Progressive

$1,880

Allstate

$1,963

Nationwide

$2,265

Farmers

$2,456

Progressive

$3,076

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

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

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.

Read MoneyGeek's GEICO Auto Insurance Review

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.

Model Year
Average Annual Premium

2022

$603

2022

$1,908

2021

$603

2021

$1,866

2020

$577

2020

$1,803

2019

$609

2019

$1,797

2018

$612

2018

$1,763

2017

$573

2017

$1,649

2016

$589

2016

$1,591

2015

$578

2015

$1,505

2014

$545

2014

$1,407

2013

$566

2013

$1,362

2012

$560

2012

$1,290

2011

$531

2011

$1,236

2010

$556

2010

$1,233

2009

$555

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.

Company
Average Annual Premium

State Farm

$375

State Farm

$394

State Farm

$400

GEICO

$404

GEICO

$419

GEICO

$419

GEICO

$423

GEICO

$425

Nationwide

$426

Travelers

$430

State Farm

$430

GEICO

$431

State Farm

$432

State Farm

$433

State Farm

$435

Nationwide

$436

Nationwide

$436

GEICO

$440

State Farm

$440

Nationwide

$442

State Farm

$443

Travelers

$443

Nationwide

$446

GEICO

$447

Nationwide

$449

Nationwide

$457

Travelers

$458

GEICO

$460

GEICO

$461

State Farm

$463

State Farm

$464

GEICO

$466

State Farm

$467

GEICO

$469

Travelers

$469

State Farm

$471

Nationwide

$475

GEICO

$478

Travelers

$484

State Farm

$485

Travelers

$487

Travelers

$489

Farmers

$490

GEICO

$491

Travelers

$493

Farmers

$497

Travelers

$515

Travelers

$516

Farmers

$523

Nationwide

$523

Farmers

$527

Farmers

$528

Farmers

$533

Farmers

$534

Travelers

$535

Travelers

$535

Progressive

$540

Travelers

$545

Progressive

$547

Travelers

$550

Allstate

$556

Allstate

$558

Farmers

$560

Progressive

$562

Progressive

$564

Allstate

$564

Farmers

$568

Nationwide

$570

Farmers

$573

Progressive

$578

Progressive

$579

Allstate

$586

Progressive

$586

Progressive

$587

Progressive

$587

Nationwide

$590

Progressive

$594

Progressive

$596

Allstate

$596

Allstate

$597

Allstate

$600

Farmers

$600

Progressive

$602

Allstate

$604

Allstate

$604

Allstate

$605

Progressive

$607

Allstate

$609

Nationwide

$611

Farmers

$615

Nationwide

$616

Progressive

$617

Allstate

$620

Farmers

$621

Farmers

$625

Allstate

$629

Allstate

$630

Nationwide

$630

State Farm

$940

State Farm

$997

State Farm

$1,042

Nationwide

$1,111

State Farm

$1,111

Nationwide

$1,130

GEICO

$1,149

Nationwide

$1,150

State Farm

$1,161

Nationwide

$1,167

Nationwide

$1,186

GEICO

$1,191

State Farm

$1,196

Nationwide

$1,204

GEICO

$1,219

Nationwide

$1,220

Travelers

$1,227

Travelers

$1,243

Travelers

$1,259

State Farm

$1,260

Farmers

$1,269

GEICO

$1,276

Farmers

$1,298

Farmers

$1,305

Travelers

$1,305

GEICO

$1,341

State Farm

$1,360

Nationwide

$1,364

Farmers

$1,364

Travelers

$1,389

GEICO

$1,391

Allstate

$1,410

Allstate

$1,413

Travelers

$1,421

Allstate

$1,427

Allstate

$1,435

Farmers

$1,439

State Farm

$1,446

Farmers

$1,471

GEICO

$1,472

GEICO

$1,488

GEICO

$1,490

Progressive

$1,500

Nationwide

$1,508

GEICO

$1,523

Progressive

$1,533

Progressive

$1,534

State Farm

$1,542

State Farm

$1,552

GEICO

$1,558

State Farm

$1,558

State Farm

$1,560

Travelers

$1,571

Farmers

$1,575

GEICO

$1,577

State Farm

$1,592

Allstate

$1,607

Progressive

$1,613

GEICO

$1,629

Progressive

$1,646

Progressive

$1,648

Nationwide

$1,651

Travelers

$1,669

GEICO

$1,686

Farmers

$1,697

Travelers

$1,708

Progressive

$1,724

Allstate

$1,748

Nationwide

$1,751

Farmers

$1,778

Allstate

$1,844

Nationwide

$1,854

Allstate

$1,860

Progressive

$1,865

Allstate

$1,866

Allstate

$1,870

Allstate

$1,871

Travelers

$1,882

Nationwide

$1,882

Travelers

$1,888

Allstate

$1,916

Travelers

$1,917

Allstate

$1,929

Farmers

$1,930

Nationwide

$1,953

Farmers

$1,960

Farmers

$1,968

Progressive

$1,974

Travelers

$2,007

Farmers

$2,029

Travelers

$2,032

Allstate

$2,037

Farmers

$2,073

Progressive

$2,160

Progressive

$2,209

Progressive

$2,225

Progressive

$2,319

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.

Driver Age
Average Annual Premium

16

$7,053

16

$2,757

17

$2,238

17

$5,782

18

$1,944

18

$5,089

19

$3,544

19

$1,337

20

$3,214

20

$1,196

21

$906

21

$2,487

22

$2,301

22

$834

23

$2,137

23

$770

24

$728

24

$2,027

25

$658

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.

Company
Average Annual Premium

GEICO

$531

GEICO

$561

State Farm

$566

GEICO

$587

State Farm

$622

GEICO

$649

Allstate

$658

Travelers

$667

State Farm

$678

GEICO

$696

Travelers

$717

Allstate

$719

Allstate

$756

State Farm

$758

Travelers

$766

Progressive

$770

Allstate

$804

Travelers

$816

State Farm

$826

Farmers

$844

Allstate

$860

Travelers

$883

Nationwide

$888

Progressive

$897

GEICO

$926

Farmers

$941

State Farm

$955

Farmers

$966

Progressive

$983

Nationwide

$991

Farmers

$1,012

GEICO

$1,038

Travelers

$1,047

Nationwide

$1,063

Allstate

$1,071

State Farm

$1,074

Farmers

$1,103

Progressive

$1,111

Nationwide

$1,172

Travelers

$1,186

Progressive

$1,224

Allstate

$1,231

State Farm

$1,274

Nationwide

$1,293

State Farm

$1,434

GEICO

$1,439

Travelers

$1,510

Progressive

$1,546

Farmers

$1,601

State Farm

$1,630

Farmers

$1,710

GEICO

$1,733

Progressive

$1,759

Allstate

$1,822

Travelers

$1,839

Nationwide

$1,846

State Farm

$1,949

GEICO

$1,976

GEICO

$2,115

Nationwide

$2,126

State Farm

$2,180

GEICO

$2,232

GEICO

$2,235

Nationwide

$2,287

Allstate

$2,320

Allstate

$2,321

State Farm

$2,341

Travelers

$2,392

Travelers

$2,443

Farmers

$2,465

GEICO

$2,510

State Farm

$2,574

Nationwide

$2,605

Allstate

$2,624

Farmers

$2,648

Travelers

$2,669

GEICO

$2,719

Farmers

$2,722

Allstate

$2,763

Nationwide

$2,770

Farmers

$2,773

Nationwide

$2,775

State Farm

$2,791

Farmers

$2,828

Travelers

$2,855

Farmers

$2,874

Allstate

$2,874

Progressive

$2,883

Nationwide

$2,962

Allstate

$2,976

Nationwide

$2,995

Travelers

$3,045

Farmers

$3,053

Progressive

$3,151

State Farm

$3,189

Nationwide

$3,227

Allstate

$3,228

Nationwide

$3,248

Travelers

$3,294

Progressive

$3,332

GEICO

$3,450

State Farm

$3,551

Progressive

$3,634

Progressive

$3,762

Farmers

$3,835

GEICO

$3,852

Progressive

$3,868

Allstate

$3,987

Travelers

$4,006

Progressive

$4,061

State Farm

$4,149

Farmers

$4,214

Allstate

$4,401

Farmers

$4,461

Travelers

$4,472

Progressive

$4,560

Nationwide

$4,574

State Farm

$4,626

GEICO

$5,143

State Farm

$5,207

Nationwide

$5,232

Travelers

$5,629

Progressive

$5,796

GEICO

$6,142

Allstate

$6,173

Progressive

$6,434

Travelers

$6,675

Nationwide

$6,704

Farmers

$6,988

Nationwide

$7,271

Allstate

$7,316

Farmers

$7,425

GEICO

$7,857

Nationwide

$7,964

Travelers

$8,626

Allstate

$8,768

Farmers

$10,210

Progressive

$11,670

Progressive

$13,398

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.

State
Cheapest Company
Annual Premium
Monthly Premium

Alabama

Cincinnati Insurance

$201

$17

Alabama

Nationwide

$709

$59

Alaska

State Farm

$699

$58

Alaska

State Farm

$322

$27

Arizona

Root Insurance Company

$682

$57

Arizona

Mercury

$305

$25

Arkansas

State Farm

$232

$19

Arkansas

State Farm

$629

$52

California

AAA California

$1,001

$83

California

GEICO

$419

$35

Colorado

American National P&C

$216

$18

Colorado

American National P&C

$541

$45

Connecticut

GEICO

$319

$27

Connecticut

GEICO

$693

$58

Delaware

State Farm

$881

$73

Delaware

Travelers

$464

$39

District of Columbia

GEICO

$662

$55

District of Columbia

GEICO

$372

$31

District of Columbia

Chubb

$372

$31

Florida

State Farm

$1,058

$88

Florida

GEICO

$485

$40

Georgia

Country Financial

$665

$55

Georgia

Auto-Owners Insurance Co

$311

$26

Hawaii

GEICO

$565

$47

Hawaii

GEICO

$217

$18

Idaho

American National P&C

$299

$25

Idaho

American National P&C

$127

$11

Illinois

Country Financial

$663

$55

Illinois

Mercury

$226

$19

Indiana

American Family

$555

$46

Indiana

Auto-Owners Insurance Co

$228

$19

Iowa

State Farm

$144

$12

Iowa

State Farm

$509

$42

Kansas

Nationwide

$670

$56

Kansas

Nationwide

$221

$18

Kentucky

Nationwide

$790

$66

Kentucky

Cincinnati Insurance

$257

$21

Louisiana

Louisiana Farm Bureau

$484

$40

Louisiana

Louisiana Farm Bureau

$1,048

$87

Maine

Concord Group

$521

$43

Maine

Countryway Insurance

$221

$18

Maryland

Kemper

$538

$45

Maryland

Progressive

$938

$78

Massachusetts

State Farm

$483

$40

Massachusetts

State Farm

$221

$18

Michigan

Travelers

$101

$8

Michigan

GEICO

$898

$75

Minnesota

State Farm

$797

$66

Minnesota

Westfield

$317

$26

Mississippi

Direct General Insurance

$275

$23

Mississippi

Direct General Insurance

$723

$60

Missouri

Nationwide

$909

$76

Missouri

State Farm

$388

$32

Montana

State Farm

$168

$14

Montana

Progressive

$437

$36

Nebraska

American National P&C

$405

$34

Nebraska

American National P&C

$138

$12

Nevada

CSAA

$444

$37

Nevada

CSAA

$940

$78

New Hampshire

State Farm

$540

$45

New Hampshire

State Farm

$247

$21

New Jersey

Plymouth Rock Assurance

$895

$75

New Jersey

GEICO

$428

$36

New Mexico

State Farm

$254

$21

New Mexico

State Farm

$644

$54

New York

Kemper

$781

$65

New York

Kemper

$464

$39

North Carolina

Erie

$630

$52

North Carolina

Nationwide

$242

$20

North Dakota

American Family

$616

$51

North Dakota

Nodak Mutual

$190

$16

Ohio

Nationwide

$485

$40

Ohio

Erie

$176

$15

Oklahoma

State Farm

$662

$55

Oklahoma

State Farm

$215

$18

Oregon

State Farm

$706

$59

Oregon

State Farm

$381

$32

Pennsylvania

Nationwide

$580

$48

Pennsylvania

Erie

$238

$20

Rhode Island

State Farm

$344

$29

Rhode Island

State Farm

$700

$58

South Carolina

American National P&C

$251

$21

South Carolina

American National P&C

$463

$39

South Dakota

Allstate

$746

$62

South Dakota

Farmers Mutual of Nebraska

$207

$17

Tennessee

Auto-Owners Insurance Co

$207

$17

Tennessee

State Farm

$579

$48

Texas

State Farm

$321

$27

Texas

State Farm

$699

$58

Utah

Farmers Union Insurance

$388

$32

Utah

Nationwide

$725

$60

Vermont

State Farm

$198

$17

Vermont

State Farm

$493

$41

Virginia

American Family

$243

$20

Virginia

American Family

$601

$50

Washington

PEMCO

$262

$22

Washington

PEMCO

$534

$44

West Virginia

Erie

$303

$25

West Virginia

Erie

$784

$65

Wisconsin

Erie

$230

$19

Wisconsin

GEICO

$556

$46

Wyoming

GEICO

$176

$15

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.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark 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 economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.