Is it your interest to learn the cost of insuring a Corvette? It’s not cheap and can cost as much as $1,680 annually.
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A lot of money has to be spent on this Chevrolet Corvette. Insurance premiums, however, can be quite pricey, often exceeding $252 yearly. However, insurance rates change depending on both vehicle age and insurer.
It’s fortunate that Chevrolet Corvette owners can shop around for a reasonable insurance quote. If you want to save money, it’s in your best interest to get multiple quotations from different service providers and pick the best one. A lot rides on the specifics of your model. My close friends, I urge you to do further research on this matter. Consequently, you should keep reading!
How Much Will It Cost In Insuring A Chevrolet Corvette
Insurance quotes vary greatly depending on which company is chosen. The average annual fee is $1,127. The Allstate is the priciest of the major carriers thus far. The typical annual expense is $2,088. An additional $961 is thereby generated. Allied has an average annual rate of $1,127, USAA is at $1,504, GEICO is at $1,680, and Progressive also comes in at $1,680.
Additional major observations from the data concerning the cost of insurance for Chevrolet Corvettes are as follows:
- A discount on your insurance premium is money well spent. The average motorist might save as much as $322 per year on Corvette insurance if they qualified for any of many discounts.
- High-risk drivers pay a hefty premium for Corvette insurance. Having a history of accidents or traffic offenses can add $2,164 or more to annual premiums for a 50-year-old motorist.
- Insurance premiums can be reduced by increasing deductibles. You can save about $360 per year for a 40-year-old driver and $700 per year for a 20-year-old driver by increasing your policy deductible from $500 to $1,000.
- Sometimes it’s not a smart idea to go for the lowest possible deductible. To reduce your deductible from $500 to $250 might add an extra $372 per year for a driver aged 40, and $742 per year for a motorist aged 20.
- The price you pay depends on your age and gender. For a 2022 Chevrolet Corvette, the average annual rate for a male driver in his twenties is $3,760, while the average annual rate for a female driver in her twenties is $2,774, a difference of $986 a year. However, at age 50, the cost for male drivers is $1,728 while for female drivers it is $1,694, a difference of only $34.
- Better interest rates are available to those with high credit scores. If you live in one of the states that allows insurance companies to consider a policyholder’s credit history when setting rates, keeping your score above 800 could save you up to $300 annually. This is in comparison to having a score between 670 and 739, which would result in a rate of around the national average. On the other hand, a poor credit score can add an extra $347 to your annual expenses.
- When it comes to car insurance, young drivers pay a hefty premium. A 16-year-old driver may expect to pay $6,346 year for full coverage Corvette insurance, while a 17-year-old driver will pay $6,048 and an 18-year-old driver would pay $5,696.
How does Corvette insurance compare?
As of 2022, there are 23 sports cars on the market, and the Chevrolet Corvette is ranked #9. Insurance for a Corvette is $312 more expensive annually than for a Ford Mustang, $244 less expensive than for a Dodge Challenger, $188 less expensive than for a Chevrolet Camaro, and $186 more expensive than for a Subaru WRX, all of which are among the best-selling types of sports vehicles.
See how the cost of insurance for a C8 Corvette stacks up against that of other popular sports vehicles in the chart below.
How Much Insurance On A Corvette According To A Model Year
Insurance costs for earlier models of vehicles tend to be lower. That’s because automobiles typically lose value over time. However, it turned out to be exceedingly expensive to get both comprehensive and collision coverage. Between the 2014 and 2020 Chevrolet Corvette, there is an average price jump of $159 dollars. Providers may also provide budget-friendly alternatives, though the exact prices will vary greatly by model year. Nationwide is the most cost-effective company for a brand-new 2020 model year vehicle. In most cases, the annual premium for this is $1,104. To see the prices for a specific model year, customers can select that year in the same way. The least expensive option for a given carrier may shift from year to year.
What is the cheapest Corvette insurance?
The Stingray 1LT Coupe is the least expensive Chevrolet Corvette to insure with annual premiums of $1,652 to $2,162. The Stingray 2LT Coupe has the next-lowest annual insurance cost, at $1,744. Complete medical health insurance will cost at least $138 monthly.
The Stingray 1LT Convertible, Stingray 2LT Convertible, and Stingray 3LT Convertible are the three most expensive C8 Corvette trim levels to insure, with annual premiums of $1,990, $2,068, and $2,162, respectively.
Insurance costs for each Corvette model, broken down by annual, semiannual, and monthly premiums, are listed below.
How much is insurance on a used Corvette?
It’s possible to save $606 annually on car insurance by choosing to insure a 2013 Chevrolet Corvette instead of a brand-new 2022 model. If you drive frequently, even a 2017 model might save you $194 per year in gas.
The table below shows the average cost of full coverage insurance for a Corvette for the 2013 through 2022 model years.
How Much Will It Cost Insuring Chevrolet Corvette For Sixteen To Twenty-Five Year Olds
How much does Corvette insurance cost for drivers between the ages of 16 and 25? Younger drivers often pay a higher premium. Given their lack of driving experience, it’s not surprising that their auto insurance premiums are higher. Having insurance makes their inexperience much more of a threat.
The average annual premium for health insurance is $5,482. Only drivers over the age of 18 are permitted to purchase this item. The price of 3,802 dollars is more than the rate for a driver under 40 years old.
Including teenagers on one’s parents’ insurance plan is a wise choice. It’s for the sake of lowering car insurance costs. The cost of insurance for new drivers is surprisingly low.
The Best Car Insurance Company for a Chevrolet Corvette
- “State Farm”
When shopping for the best insurance for your Chevrolet Corvette, you need consider more than just the premium. Car insurance companies were given a rating by MoneyGeek based on their claims history, discounts, customer service, and financial security.
The findings of the MoneyGeek survey suggest:
- The finest insurance for a Chevrolet Corvette is offered by USAA, however the firm is exclusive to military personnel, their families, and veterans.
- With a score of 85.96 out of 100, Progressive is the second best insurer.
How Expensive Is It to Insure a Chevrolet Corvette Compared to Other Cars?
When compared to other vehicle types, insurance on a Chevrolet Corvette will set you back a pretty penny. When it comes to protecting your Chevrolet Corvette, expect to pay around $1,680 year for insurance. That’s around $252 higher than the annual norm for the US.
What Are Included On Chevrolet Corvette Insurance
Here are some more nuggets of information about insurance for Chevrolet Corvettes:
Policy discounts save money
Exactly how much does coverage for a Corvette cost? Insured drivers who are members of a qualifying group qualify for savings. When they are both excellent students and prompt about signing their policies. The typical driver should expect an annual savings of $328 thanks to this change. Insuring a Corvette, specifically.
The raising of deductibles makes more affordable insurance
Increasing your policy deductible from $500 to $1,000 will save you up to $368 annually. Please note that this only applies to drivers above the age of 40. However, a motorist under the age of twenty can save $724 year by taking these measures.
High-risk drivers may find corvette insurance as something expensive
It’s possible that a driver above the age of fifty will have an incident. The fees might increase by $2,224 yearly if you have any violations.
Choice of low deductible may not be a practical financial sense
Bring down your policy deductible from $500 to $250. A driver aged 40 could see an annual increase of $386 due to this. The rate for a twenty-year-old driver is $764 per year.
Age and gender can affect the rate to pay
The annual salary of a man driver in his twenties is typically around $3,856. A female driver in her twenties will cost you $2,836 per month. It’s a difference of $1,020 every year, or $10 per month. Men can pay as much as $1,766 per month once they hit age 50. The price for women motorists can exceed $1,730. The discrepancy amounts to almost $36.
High cost in ensuring teenage drivers
The annual premium for comprehensive insurance on a Corvette will cost $6,512. You must be at least 16 years old to purchase this. For a 17-year-old driver, the annual cost is $6,210. For a driver aged 18, the annual cost is $5,848.
Good credit standing or score may equate to a better rate
The credit history of a policyholder is permitted by some states. It’s served as a basis for establishing insurance premiums and fees. You can save $306 yearly by keeping your credit score at 800. This assumes a credit score in the range of 660-739 as the floor for approval. Credit ratings under 639 can cost you an extra $354 a year.
It’s true that your car’s make and model can have a significant effect on your insurance premiums. Find out more by reading MoneyGeek’s responses to frequently asked questions.
How much does it cost to insure a Chevrolet Corvette?
Insurance on a Chevrolet Corvette costs $1,680 annually, which is significantly higher than the national average of $252.
Is it expensive to insure a Chevrolet Corvette?
The Chevrolet Corvette certainly has a high insurance premium. It’s $252 more than the average yearly cost across the country.
Why is Chevrolet Corvette insurance expensive?
A Chevrolet Corvette’s high sticker price and classification as a sports automobile make it difficult to find affordable insurance.
What is the overall best insurance company for Chevrolet Corvette insurance?
MoneyGeek found that USAA is the best company to insure a Chevrolet Corvette with.
It’s A Wrap!
After learning the average cost of Corvette insurance, it’s easy to see why it’s important to prioritize high-quality products and services. While the premiums may be high, more affordable options are always available. Make sure both teenagers and seniors can relax afterward. Before you make a purchase, check out what all comes with it. Consider looking into what factors determine the cost of auto insurance and why having coverage is mandatory.