Mustang car insurance overview
Mustang is a series of models under the Ford brand. Ford is the second-largest automaker in the United States and has a history that spans over a century.
The first Mustang was designed in 1961, however, it wasn’t until three years later in 1964 that they began to mass-produce the model. Original sales forecasts projected no more than 100,000 units sold in the first year, but the 100,000-unit mark was surpassed in just three months. In the first year and a half following the Mustang’s release, over a million Mustangs were produced.
Since then, the Ford Mustang has continued to enjoy success. Though the series has evolved, it remains one of Ford’s best-selling and most iconic models. Today, consumers can choose from over ten Mustang models, ranging from the classic Mustang EcoBoost Convertible to the Mustang Mach 1 and Mustang Shelby GT500.
Mustang fun facts
- The Mustang got its name from a World War II fighter plane called the P-51 Mustang. Ford’s executive stylist John Najjar is credited with making this suggestion. Najjar also designed the first prototype of the Mustang, which was then known as the Ford Mustang I.
- The first Ford Mustang model, the Ford Mustang I, made its debut at the United States Grand Prix in Watkins Glen, New York in 1962.
- In 2019, Ford unveiled the Mustang Mach-E. Unlike any other Mustang model, the Mach-E is not a pony car. Rather, it is an electric crossover featuring rear-wheel and all-wheel drive.
- The Mustang is a pop culture staple and has been featured in two James Bond Films, Goldfinger and Diamonds are Forever, as well as in the Wilson Pickett song “Mustang Sally” recorded in 1966.
- The first-generation Ford Mustang was introduced to the public on April 17, 1964 at the New York World Fair.
Types of Mustang auto insurance coverages
Car insurance is made up of many coverages. Some coverage types are mandatory in Canada, while others are optional. The purpose of auto insurance is to protect yourself, your car, and other drivers and passengers on the road. It’s important to keep this in mind when shopping for a Mustang insurance policy. To learn more about the various car insurance coverages available to Mustang drivers in Canada, keep reading.
Third party liability coverage
Liability coverage offers financial protection if you are found at-fault for an accident. This type of coverage can help pay for medical expenses related to bodily injuries, vehicle repair costs stemming from property damage, legal counsel, and any applicable court fees. Third party liability coverage is mandatory in Canada, which means your Mustang insurance policy will have to include this type of coverage. However, you will be able to choose what amount of liability coverage to buy, so long as it meets the minimum requirement set by the province you live in.
Unlike liability coverage, collision coverage is optional in Canada, but Mustang drivers may wish to buy it for added peace of mind. This type of coverage protects the policyholder if they collide with another car or object on the road. Regardless of who is at fault for the accident, collision coverage can help cover the costs of any property damage that resulted from it. Please note that collision coverage does not cover medical expenses related to injuries sustained in the collision (this is covered under the accident benefits portion of your policy).
If you purchase comprehensive coverage, your Mustang will be protected against a wide range of circumstances, including theft, vandalism, fire, and water damage. Comprehensive coverage is optional in Canada.
Accident forgiveness coverage
If you buy a Mustang auto insurance policy that includes accident forgiveness coverage, your rates won’t increase following your first at-fault accident, based on the terms of your policy. Like comprehensive coverage, accident forgiveness coverage is optional but may be worthwhile to protect your premium.
What factors impact the cost of Mustang car insurance?
Calculating Mustang insurance rates includes a wide range of considerations. From a driver’s age and claims history, to their driving record, location, marital status, and the type of vehicle they drive, plenty of factors impact how much you pay for car insurance. A rundown of some of the biggest factors affecting Mustang car insurance rates can be found below.
Age is one of the most significant factors used to determine insurance premiums, as it can be an indication of experience. This is why young drivers, who typically have minimal experience behind the wheel, often pay the highest premiums. In contrast, senior drivers over a certain age may also pay more for insurance based on statistical findings.
Where you intend to drive your Mustang can also influence your insurance rate. If you live in or near a major Canadian city, such as Toronto, Halifax or Calgary, you may pay more for insurance. This is because populous areas translate to more cars on the road, which increases your odds of getting into a collision. On the other hand, Mustang drivers who live in rural parts of Canada may pay less for car insurance. Lastly, those who frequently drive in parts of the country prone to climate related weather incidents may also face higher insurance premiums.
Your level of driving experience will be assessed when calculating your car insurance rate. Mustang drivers with years or even decades of experience behind the wheel may be rewarded with cheaper car insurance rates. Conversely, a lack of driving experience could result in higher insurance costs.
Beyond one’s driving experience, insurers will request a copy of your driving record. A driving record is a clear indication of your responsibility as a driver. The cleaner your record, the safer and more responsible you seem, and the less your insurance will cost. Alternatively, if you have a poor driving record filled with speeding tickets, demerit points, DUIs, and accidents, you may pay more for car insurance.
Model and year of Mustang
Finally, the specific Mustang model you choose can also influence your insurance premium. Generally speaking, new, expensive vehicles cost more to insure. As some Mustangs are considered collector vehicles, they tend to be more expensive, which could translate to higher insurance costs.
*Please note that only insurance companies, not insurance brokers, can determine auto insurance rates. That said, BrokerLink’s insurance advisors can help you shop for car insurance and offer their opinions on the best policy for your Mustang.
How to save money on Mustang auto insurance
Mustang drivers should never pay more for car insurance than they have to. So if you’re looking to save money on your auto insurance policy, you've come to the right place. With the help of BrokerLink’s expert insurance advisors, we’ve put together a list of our top tips and tricks for saving on Mustang car insurance in Canada.
- Purchase car insurance for multiple vehicles together (savings of up to 20%)
- Buy multiple insurance policies (business insurance + car insurance, home insurance + car insurance, etc…) from the same company (savings of up to 15%)
- Purchase an electric or hybrid vehicle, like the Mustang Mach-E (buying an eco-friendly vehicle can result in savings of up to 10%)
- Increase your deductible
- Enrol in driving school (for young drivers)
- Pay auto insurance annually rather than monthly
- Consult with an insurance broker
- Install winter tires on your Mustang
Get in touch for more information on Mustang auto insurance
If you still have questions about Mustang car insurance or would like to receive a free quote.
the BrokerLink team is available to answer your questions, explain your coverage options, and offer our best tips for saving money on your Mustang car insurance.
We can be reached by phone, email, or in person at one of our many locations throughout Canada.
No matter how you choose to get in touch, your dedicated BrokerLink insurance advisor will make it a priority to find the perfect car insurance policy for you.
Get started by contacting us today. We also invite you to request a free online car insurance quote. Click the “Get a quote” button in the top right-hand corner of this webpage, answer some basic questions about yourself and your Mustang, and within five minutes, you’ll receive an accurate and competitive quote.
If you have any questions about your obligation-free BrokerLink quote, you can get in touch at any time. We can’t wait to hear from you!
FAQs about Mustang car insurance
Is car insurance mandatory for Mustang drivers?
Yes, car insurance is mandatory for all Canadian drivers, no matter the make or model of vehicle they drive or which part of the country they live in. Each province and territory sets its own regulations surrounding car insurance. Before purchasing a Mustang car insurance policy, make sure it complies with the minimum coverage requirements set by your province. If you need help choosing a car insurance policy for your Mustang or you are having trouble understanding the mandatory coverage requirements in your province, contact BrokerLink today.
What is the cheapest Mustang to insure?
This is a difficult question to answer as the make and model of vehicle you drive are only two factors of many that are used to determine your insurance premium. Generally speaking, the cheaper the vehicle, the less it will cost to insure. Currently, the least expensive models in Mustang’s lineup include the Mustang EcoBoost Fastback, Mustang EcoBoost Convertible, the Mustang GT Fastback, and the Mustang EcoBoost Premium Fastback, all of which retail for under $40,000. The price points of these vehicles are in stark contrast to the Mustang Shelby GT500, which is more than double the cost.
However, purchasing one of Mustang’s less expensive models doesn’t guarantee cheap car insurance. To get the best possible price on your Mustang car insurance, we recommend following the money-saving tips above and maintaining a clean driving record.
Should I buy Mustang auto insurance on the internet?
Nowadays, buying car insurance on the internet is perfectly safe. While some Canadian drivers prefer the convenience and flexibility of shopping for car insurance online, others may like to visit an insurance office in person. No matter how you purchase your Mustang car insurance, consulting with a reputable insurance broker can help. BrokerLink is a trusted broker that has been serving Canadians since 1991. Our team of knowledgeable and friendly insurance advisors is dedicated to finding each customer the best car insurance policy possible. Make shopping for auto insurance a stress-free experience by working with BrokerLink today.
*This article is in no way sponsored, endorsed, or associated with Mustang.