Many Ford Mustang GT drivers could be eager to know as to how much is mustang gt insurance cost. Typically, the Ford Mustang is a vehicle that has lot of muscle and has withstood its reputation over more than five decades. Introduced way back in 1964, the Ford Mustang soon became the most sought after car among Americans. In the very first year, around 400,000 units were sold and till date these vehicles are a popular bet for drivers belonging to all age groups and gender. Considering its market worth, you may realize that the Ford Mustang may not be the cheapest vehicle to insure.
The average cost of Ford Mustang gt insurance is around $2,400 yearly or $200 per month. At an individual level, the cost may further vary as numerous factors come into play for calculation of premium. These might include driver’s age, gender, driving record, credit history as well as the exact make and model of Ford Mustang that is to be insured. Car values depreciate with time and so, will the insurance rates meaning thereby that a 2017 Ford Mustang could be cheaper to insure than a 2022 model. The following table may give you some idea about how premiums differ by models.
Model Year Cost Per Month Cost Per Year
2022 $315 $3,780
2021 $294 $3,528
2020 $270 $3,240
2019 $212 $2,538
2018 $150 $1,800
2017 $97 $1,656
It has been observed that the average mustang gt insurance cost is much higher than the national average auto insurance cost for all cars which is around $1,551 yearly. And teen and young drivers below 25 can expect to pay substantially more than the average insurance cost for Ford Mustang. Besides, female drivers are presumed to be more responsible on road than their male counterparts and so, they may be charged lower premiums. Studies reveal that women are less likely to meet with accidents then men and insurers use this finding for the coverage risk assessment exercise.
Furthermore, every insurer uses different yardsticks for calculating mustang gt insurance rates. As a result, a company such as Allstate may charge up to $11,195 per year for full coverage provided to a teen driver for Ford Mustang insurance. At the same time, an experienced adult driver might end up paying $805 annually for the same coverage levels. Among the cheapest insurance companies to insure the Ford Mustang are GEICO ($900 yearly or $75 monthly) and Plymouth Rock Insurance ($820 yearly or $70 monthly). Insurance cost for Ford Mustang could be the cheapest for versions that are over 8 to 10 years old.
However, among all driver categories, mustang gt insurance premiums could be the highest for 16 year olds. Insurance rates provided to 16 year old drivers for the Mustang insurance might be as high as $6,000 per year since this category of teen drivers are considered to be high risk by majority of the insurers. But as you grow in age and experience, auto insurance rates start decreasing as shown in the table mentioned below:
Driver Age Cost Per Month Cost Per Year
16 $500 $6,000
17 $396 $4,750
18 $292 $3,500
19 $271 $3,250
20 $250 $3,000
21 $229 $2,750
22 $208 $2,500
30 $83 $1,000
For teen drivers, the best way to save money on Ford Mustang GT insurance is to drive fewer miles. It is better to use public transport system more often for going to and fro to college or high school as it will require you to save precious dollars on gas and maintenance. It is possible to save additional dollars by doing extensive shopping and comparing multiple free quotes offered by top insurers. Help from a local expert can make the shopping process easier and stress-free.
We can assist you in finding the best cheap 30 day car insurance quote for Ford Mustang online regardless of your age and gender. Take advantage of our cost-free specialist services to secure a solution that easily fits your specific driving needs and budget.
