Key Facts About Insuring a Mustang in Ontario
The figures below are based on MyChoice’s proprietary online quote data collected from Mustang drivers in Ontario in 2026.
| Average Mustang insurance premium (Ontario): | $2,631 |
| Cheapest Mustang model to insure: | Mustang V6 (older) ($2,052) |
| Most expensive Mustang model to insure: | Mustang Shelby GT350/500 ($3,894) |
| Cheaper alternatives to Mustang for car insurance: | Mitsubishi ($1,519), Fiat ($1,612), Volkswagen ($1,644), Subaru ($1,702) |
| Mustang collision rate in Ontario: | 9.1% of Mustang drivers have ≥1 at-fault accident |
How Much Does it Cost to Insure Your Mustang in Ontario?
Location is a major driver of a Mustang premium. Drivers in busy urban centres like Mississauga face well-above-average costs, while those in Ottawa and similar markets pay less than the $2,631 Ontario average.
Below are estimated average annual Mustang premiums for major Ontario cities:
| City | Average Annual Insurance Premium |
|---|---|
| Brampton, ON | $4,284 |
| Scarborough, ON | $3,760 |
| Vaughan, ON | $3,338 |
| Mississauga, ON | $3,078 |
| Markham, ON | $2,918 |
| Toronto, ON | $2,898 |
| Barrie, ON | $2,613 |
| Oshawa, ON | $2,612 |
| London, ON | $2,514 |
| Windsor, ON | $2,511 |
| Thunder Bay, ON | $2,508 |
| Hamilton, ON | $2,307 |
| Sudbury, ON | $2,273 |
| Kitchener, ON | $2,234 |
| Kingston, ON | $2,145 |
| Ottawa, ON | $2,073 |
How Mustang Car Insurance Costs Compare to Similar Vehicle Brands
Insurance cost is often a deciding factor when shopping across brands. Our internal Ontario quote data places Mustang in a premium price band: it typically costs more to insure than BMW, Mercedes, Tesla, yet less than Alfa Romeo, Land Rover, Porsche.
Here’s how the average annual Ontario premiums stack up:
| Car Model | Average Annual Insurance Premium |
|---|---|
| BMW | $2,409 |
| Mercedes | $2,481 |
| Tesla | $2,520 |
| Mustang | $2,631 |
| Alfa Romeo | $2,712 |
| Land Rover | $3,126 |
| Porsche | $3,809 |
Mustang Car Insurance Rates Through The Years
Mustang premiums have climbed steadily since 2020, rising about 28% over the period as repair costs, claims expenses, and inflationary pressures pushed Ontario insurance rates higher. Premiums increased consistently throughout the period, with the most significant gains occurring between 2021 and 2023.
| Year | Average Annual Insurance Premium | YoY Change |
|---|---|---|
| 2020 | $2,053 | — |
| 2021 | $2,148 | +4.6% |
| 2022 | $2,276 | +6.0% |
| 2023 | $2,388 | +4.9% |
| 2024 | $2,495 | +4.5% |
| 2025 | $2,573 | +3.1% |
| 2026 | $2,631 | +2.3% |
Ford Mustang Car Insurance Rates by Model
Not every Mustang costs the same to insure. In our Ontario data, the Mustang V6 (older) is the most affordable to cover, while the Mustang Shelby GT350/500 carries the highest premium, reflecting differences in value, repair cost and theft risk.
Here are average annual Ontario premiums by Mustang model:
| Model | Average Annual Insurance Premium |
|---|---|
| Mustang V6 (older) | $2,052 |
| Mustang EcoBoost | $2,210 |
| Mustang Mach-E | $2,526 |
| Mustang GT | $2,894 |
| Mustang Shelby GT350/500 | $3,894 |
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 Mustang V6 is the most affordable model to insure in Ontario, with an average annual insurance premium of $2,052.