Answer: The cost of insurance for a Mustang GT varies based on the model year and the driver’s age, but on average, it ranges from $97 to $315 per month or $1,656 to $3,780 per year.
Breakdown of Insurance Costs by Model Year
The cost of insurance for a Mustang GT has been trending upward over recent years, with newer models commanding higher premiums.
Insurance Cost by Model Year:
- 2022 Mustang GT: The insurance cost is $315 per month or $3,780 per year on average.
- 2021 Mustang GT: The insurance cost is $294 per month or $3,528 per year on average.
- 2020 Mustang GT: The insurance cost is $270 per month or $3,240 per year on average.
- 2019 Mustang GT: The insurance cost is $212 per month or $2,538 per year on average.
- 2018 Mustang GT: The insurance cost is $150 per month or $1,800 per year on average.
- 2017 Mustang GT: The insurance cost is $97 per month or $1,656 per year on average.
Generally, insurance companies sign you up for a 6-month or a 12-month policy. You can usually save some money by opting for a longer contract, but a shorter 6-month policy provides flexibility to negotiate a better deal or change insurance companies.
Influence of Age on Insurance Costs
The driver’s age significantly impacts the insurance cost for a Mustang GT, with younger drivers typically facing higher premiums due to being considered a higher risk.
Insurance Cost by Driver’s Age:
- 16 years old: Expect to pay around $500 per month, or $6,000 per year on average.
- 17 years old: Expect to pay around $396 per month, or $4,750 per year on average.
- 18 years old: Expect to pay around $292 per month, or $3,500 per year on average.
- 19 years old: Expect to pay around $271 per month, or $3,250 per year on average.
- 20 years old: Expect to pay around $250 per month, or $3,000 per year on average.
- 21 years old: Expect to pay around $229 per month, or $2,750 per year on average.
- 22 years old: Expect to pay around $208 per month, or $2,500 per year on average.
- 30 years old: Expect to pay around $83 per month, or $1,000 per year on average.
Remember that these are just average costs. The exact amount will depend on other factors, such as the driver’s experience, driving record, location, and the specifics of the insurance policy.
To find the best deal on Mustang GT insurance, it’s advisable to shop around and compare quotes from multiple insurance companies. Consider factors beyond the price, such as the coverage options, customer service, and the company’s reputation. It’s also worth asking about any discounts you might be eligible for, such as good student discounts or safe driver discounts.