1992 Chevrolet Corvette Insurance Cost – 6 Tips for Best Prices
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UPDATED: May 12, 2022
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Want better insurance rates for your Chevrolet Corvette? Having to pay for overpriced insurance can dwindle your savings account and put a big crunch on your finances. Doing a price comparison is a great way to reduce premiums and put more money in your pocket.
Consumers have many insurers to purchase coverage from, and even though it’s nice to have a choice, it can be more challenging to compare rates.
The method we recommend to compare rates is to know most of the larger companies participate in a system to compare rate quotes. The only thing you need to do is take a few minutes to give details including level of coverage desired, whether you drive to work or school, daily mileage, and the year, make and model of vehicles. The data is then sent to insurance companies and they provide comparison quotes very quickly.
To compare rates now, click here and complete the quick form.
Discounts are available to cut your rates
Companies that sell car insurance don’t list all their discounts in a way that’s easy to find, so we took the time to find both well-publicized and the harder-to-find savings tricks you should be using.
- Save over 55 – If you’re over the age of 55, you may be able to get a discount up to 10% for Corvette coverage.
- Claim Free – Drivers with accident-free driving histories can save substantially as compared to bad drivers.
- Theft Prevention Discount – Cars that have factory anti-theft systems prevent vehicle theft and qualify for as much as a 10% discount.
- Federal Employees – Active or retired federal employment can earn a discount up to 10% for Corvette coverage with select insurance companies.
- Drive Less and Save – Keeping the miles down on your Chevy could qualify for lower rates on the low mileage vehicles.
- Discount for Good Grades – This discount can earn a discount of 20% or more. The discount lasts until age 25.
It’s important to note that some credits don’t apply to the entire policy premium. Most only cut the price of certain insurance coverages like liability, collision or medical payments. So when it seems like you would end up receiving a 100% discount, it just doesn’t work that way.
To see a list of insurers who offer insurance coverage discounts, follow this link.
Everyone needs different coverages
When it comes to choosing adequate coverage for your personal vehicles, there is no “perfect” insurance plan. Your needs are not the same as everyone else’s so your insurance should reflect that For example, these questions could help you determine whether or not you will benefit from professional help.
- What if I total my 1992 Chevy Corvette and owe more than it’s worth?
- Should I get collision insurance on every vehicle?
- How high should deductibles be on a 1992 Chevy Corvette?
- Does my 1992 Chevy Corvette need full coverage?
- Is rental equipment covered for theft or damage?
- Do I need added coverage for expensive stereo equipment?
- Should I have combined single limit or split liability limits?
- Why does it cost so much to insure a teen driver?
Car insurance 101
Understanding the coverages of your insurance policy aids in choosing appropriate coverage and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy. These are the normal coverages found on the average insurance policy.
Auto liability insurance
This protects you from damage that occurs to other’s property or people. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 25/50/25 that means you have a $25,000 limit per person for injuries, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property.
Liability coverage protects against things like structural damage, pain and suffering and repair costs for stationary objects. How much liability should you purchase? That is your choice, but buy higher limits if possible.
Med pay and Personal Injury Protection (PIP)
Coverage for medical payments and/or PIP provide coverage for bills such as X-ray expenses, pain medications and nursing services. They are often used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers you and your occupants as well as getting struck while a pedestrian. PIP is only offered in select states and gives slightly broader coverage than med pay
Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers things such as rock chips in glass, theft, hail damage, hitting a deer and damage from getting keyed. The most you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Collision coverage pays for damage to your Corvette resulting from a collision with another car or object. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage pays for things such as damaging your car on a curb, crashing into a ditch and crashing into a building. This coverage can be expensive, so consider dropping it from lower value vehicles. Another option is to bump up the deductible to bring the cost down.
Uninsured/Underinsured Motorist (UM/UIM)
This coverage gives you protection when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for hospital bills for your injuries and damage to your 1992 Chevy Corvette.
Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important.
Best coverage at the best price
We covered a lot of ways to reduce 1992 Chevy Corvette insurance prices online. The most important thing to understand is the more price quotes you have, the more likely it is that you will get a better rate. You may be surprised to find that the biggest savings come from a lesser-known regional company. These smaller insurers may only write in your state and offer lower rates as compared to the big name companies such as Progressive or GEICO.
The cheapest insurance is definitely available online in addition to many insurance agents, so compare prices from both to have the best selection. Some insurance companies do not provide the ability to get a quote online and many times these smaller companies only sell through independent insurance agents.
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