About Mustang Car Insurance
Mustangs are the most iconic American muscle car, conjuring up images of speed, power, and the open road. Unfortunately, everything that makes Mustangs attractive to car enthusiasts makes them unattractive to insurance companies. So before you start planning your road trips in your new ‘stang, make sure you do your research about Mustang insurance.
Before comparing car insurance rates with MyChoice, please review the information below to understand your coverage options and approximate pricing ballpark.
How Much Does it Cost to Insure Your Mustang in Canada?
It costs around $1,264 per year to insure your Mustang in Canada. The price will vary depending on your Mustang model, year make, region you live in, and driving history.
Here’s how much it would cost you on average to insure your Mustang in the following cities in Canada:
| City | Average Annual Insurance Premium |
|---|---|
| Toronto, ON | $2,101 |
| Kingston, ON | $1,217 |
| Kitchener, ON | $1,613 |
| Mississauga, ON | $2,273 |
| London, ON | $1,625 |
| Calgary, AB | $1,485 |
| Red Deer, AB | $1,313 |
| Montreal, QC | $786 |
| Fredericton, NB | $813 |
How Mustang Car Insurance Costs Compare to Similar Vehicle Brands
Based on internal customer quote data, our analysis places Mustang’s insurance rates in a moderate range relative to other car brands. While Mustang’s insurance costs are generally lower than those of brands like Dodge, BMW and Mercedes, they tend to be slightly higher than those of Chevrolet.
| Car Model | Average Annual Insurance Premium |
|---|---|
| Mustang | $1,264 |
| Chevrolet | $1,210 |
| Dodge | $1,326 |
| BMW | $1,498 |
| Mercedes | $1,275 |
Mustang Car Insurance Rates Through The Years
Mustang car insurance rates have steadily increased in the past five years. There has been a slight overall decrease in premiums in 2021. Other than that year, the rates have generally trended upward. Here’s an updated overview of the Mustang insurance premiums in recent years:
Ford Mustang Car Insurance Rates by Model & Year Make
When insuring your Ford Mustang, the year make of your car significantly impacts the insurance rates. Our detailed analysis below provides a comprehensive view of the insurance costs for Ford Mustang models from different years.
| Car Model | Average Annual Insurance Premium |
|---|---|
| 2017 Ford Mustang | $1,483 |
| 2018 Ford Mustang | $1,458 |
| 2019 Ford Mustang | $1,387 |
| 2020 Ford Mustang | $1,345 |
| 2021 Ford Mustang | $1,310 |
| 2022 Ford Mustang | $1,270 |
| 2023 Ford Mustang | $1,234 |
| 2024 Ford Mustang | $1,236 |
A Brief History of Mustang
The first-generation Ford Mustang was launched in 1964. It was hugely successful, selling over a million units in 18 months. Sales plummeted with the 1971 model, which traded speed for luxury. But in 1974, Ford pivoted back to the iconic Mustang template, restoring the confidence of enthusiasts.
The third generation of Mustangs was based on a longer body that could comfortably fit four people. In 1979, the Mustang was named the Official Pace Car of the Indianapolis 500. (The rare Indy 500 Pace Car edition was released soon after, with only 10,000 units for sale.)
Mustang sales dipped in the ’80s. In fact, Ford was very close to doing away with the model entirely. Luckily, the Mustang was saved by fans who wrote letters to Ford, begging them not to scrap the Mustang line.
The latest generation of Mustangs burst onto the market in 2015. Boasting an independent rear suspension and modern stylings, the sixth-gen Mustang returns to its roots. Its power and style have made it one of the best-selling coupes worldwide.
Most Popular Mustang Vehicles
The current S550 Mustang remains one of the most popular sports coupes in the world. Ford has reported that the Mustang has been the top-selling coupe for the past four years, though sales have steadily slowed.
While modern Mustangs are selling well, they can’t compete with sales of older models. The 1965 Mustang is often rated as the most popular classic car when measured by insurance quoting activity.
Mustang Insurance FAQs
Are Mustang vehicles safe to drive?
Yes, Mustang vehicles are considered safe to drive. They come with several safety features to keep drivers and passengers safe, including front and side airbags, anti-lock brakes, overhead airbags, and stability control.
Which Ford Mustang model is the most affordable to insure?
The 2023 Ford Mustang is the most affordable model to insure in Canada, with an average annual insurance premium of $1,234.