How Much Does 1998 Chevrolet Corvette Car Insurance Cost?

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: May 12, 2022

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Want lower insurance rates? Drivers have options when trying to find the best price on Chevy Corvette insurance. You can either spend your time calling around to get rate comparisons or leverage the internet to compare rates. There is a right way and a wrong way to compare insurance rates and you need to know the proper way to compare rates on a Chevy and get the lowest possible price.

These discounts can slash auto insurance rates

Companies that sell car insurance don’t always publicize every discount in a way that’s easy to find, so we took the time to find some of the best known and the more hidden savings tricks you should be using. If you aren’t receiving every discount you qualify for, you’re just leaving money on the table.

  • Anti-lock Brake System – Vehicles with anti-lock braking systems are safer to drive and qualify for as much as a 10% discount.
  • Driver Safety – Successfully completing a course in driver safety could cut 5% off your bill if you qualify.
  • Auto/Life Discount – Larger companies have better rates if you take out life insurance from them.
  • Federal Employees – Simply working for the federal government could cut as much as 10% off on Corvette coverage with select insurance companies.
  • Safe Driver Discount – Drivers who avoid accidents can pay as much as 50% less on Corvette coverage than less cautious drivers.

Drivers should understand that most credits do not apply to the overall cost of the policy. The majority will only reduce the price of certain insurance coverages like comprehensive or collision. Even though it may seem like all the discounts add up to a free policy, it doesn’t quite work that way.

For a list of companies who offer auto insurance discounts, follow this link.

How to Lower Your Auto Insurance Cost

There are multiple methods to compare 1998 Chevy Corvette auto insurance quotes, but one way is more efficient than others. You can spend countless hours talking to insurance companies in your area, or you can utilize online quoting to quickly compare rates.

Most major companies belong to an insurance system that enables customers to enter their coverage request one time, and every company returns a rated price for coverage. This saves time by eliminating quote requests for each company you want a rate for. To fill out one form to compare multiple rates now click here to open in new window.

The one downside to pricing coverage this way is you are unable to specify which carriers you want pricing from. If you would rather choose specific providers to compare prices, we have a page of the cheapest auto insurance companies in your area. Click to view list.

It’s your choice how you get your quotes, but ensure you are comparing the exact same coverages and limits with every price quote. If you are comparing differing limits you can’t possibly determine the lowest rate for your Chevy Corvette.

Your Chevy Corvette insurance rate is a complex equation

An important part of buying insurance is that you know the factors that go into determining the price you pay for insurance. Having a good understanding of what determines base rates enables informed choices that will entitle you to much lower annual insurance costs.

Listed below are some of the items insurance companies consider when setting prices.

  • Proper usage rating affects rates – The more you drive in a year’s time the more you will pay for insurance. Most companies apply a rate based on their usage. Autos that are left in the garage get more affordable rates compared to those used for work or business. An improperly rated Corvette can cost quite a bit. Verify your insurance policy shows the correct driver usage.
  • Equipment add-ons that lower insurance rates – Owning a car that has an advanced theft prevention system can save you a little every year. Anti-theft features like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can help prevent your car from being stolen.
  • Your location is important – Choosing to live in a rural area has it’s advantages when it comes to insurance. City drivers tend to have congested traffic and longer commutes to work. Fewer drivers means fewer accidents and a lower car theft rate.
  • Safe vehicles cost less to insure – Cars with high safety ratings are cheaper to insure. These vehicles protect occupants better and better occupant protection means lower claim amounts and more competitive rates for policyholders. If your Chevy Corvette scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website you may qualify for a discount.
  • More than one policy can earn a discount – Many companies provide better rates to policyholders who carry more than one policy in the form of a multi-policy discount. If you currently are using one company, it’s in your best interest to shop around to verify if the discount is saving money.
  • Your stress level may be raising your rates – Jobs such as real estate brokers, business owners and accountants tend to pay higher rates than average due to job stress and lots of time spent at work. On the flip side, occupations like scientists, athletes and retirees have the lowest average rates on Corvette coverage.
  • Men are more aggressive – The statistics show that men are more aggressive behind the wheel. Now that doesn’t mean men are WORSE drivers than women. Both sexes have accidents at about the same rate, but men tend to have more serious accidents. Men also get cited for more serious violations such as reckless driving.

When might I need the advice of an agent?

When it comes to choosing proper insurance coverage for your personal vehicles, there really is not a single plan that fits everyone. Everyone’s situation is a little different.

For example, these questions might help in determining whether your personal situation might need an agent’s assistance.

  • Can I afford to buy a different vehicle if my 1998 Chevy Corvette is totaled?
  • How does medical payments coverage work?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • What if I don’t agree with a claim settlement offer?
  • Is business property covered if stolen from my car?
  • Is rental equipment covered for theft or damage?
  • If my pet gets injured in an accident are they covered?

If it’s difficult to answer those questions but one or more may apply to you, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, complete this form. It is quick, free and you can get the answers you need.

Save 15 percent in 15 minutes? Is it for real?

Consumers constantly see and hear ads that promise big savings from the likes of State Farm, Allstate and GEICO. All the companies make the same claim that you can save if you change your coverage to them.

How can each company claim to save you money? It’s all in the numbers.

All companies have a preferred profile for the type of customer that makes them money. For instance, a profitable customer could possibly be between the ages of 40 and 55, owns a home, and has excellent credit. Any driver who fits that profile gets the lowest rates and most likely will cut their rates substantially.

Potential insureds who are not a match for the requirements will be quoted a more expensive rate and this can result in the driver buying from a lower-cost company. The ads say “drivers who switch” but not “drivers who get quotes” save that much. That’s why insurance companies can confidently make the claims of big savings. This emphasizes why it is so important to quote coverage with many companies. You cannot predict which insurance companies will provide you with the cheapest Chevy Corvette insurance rates.

Specific coverage details

Learning about specific coverages of your car insurance policy can be of help when determining which coverages you need and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring.

Medical costs insurance – Medical payments and Personal Injury Protection insurance pay for short-term medical expenses such as rehabilitation expenses, dental work, chiropractic care and hospital visits. They are often utilized in addition to your health insurance program or if you do not have health coverage. It covers both the driver and occupants as well as any family member struck as a pedestrian. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay

UM/UIM Coverage – This coverage protects you and your vehicle when other motorists are uninsured or don’t have enough coverage. It can pay for medical payments for you and your occupants and damage to your Chevy Corvette.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. So UM/UIM coverage should not be overlooked.

Liability – Liability insurance protects you from damage that occurs to a person or their property in an accident. It protects YOU from claims by other people, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see limits of 50/100/50 which means $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and property damage coverage for $50,000.

Liability coverage pays for things like attorney fees, medical expenses, repair bills for other people’s vehicles, court costs and legal defense fees. How much liability coverage do you need? That is your choice, but buy as high a limit as you can afford.

Comprehensive or Other Than Collision – This will pay to fix damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive can pay for things such as theft, falling objects and damage from flooding. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Collision coverages – This will pay to fix damage to your Corvette resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible then your collision coverage will kick in.

Collision coverage pays for claims such as colliding with a tree, sideswiping another vehicle, crashing into a ditch and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. Another option is to choose a higher deductible to save money on collision insurance.

More choices the merrier

Budget-conscious 1998 Chevy Corvette insurance can be bought online as well as from independent agents, and you need to price shop both to have the best chance of lowering rates. There are still a few companies who don’t offer the ability to get a quote online and many times these small insurance companies only sell through independent insurance agents.

We’ve covered some good ideas how you can reduce insurance prices online. It’s most important to understand that the more price quotes you have, the higher your chance of finding lower rates. Drivers may discover the best prices are with the least-expected company.

Insureds leave their current company for a variety of reasons including policy non-renewal, denial of a claim, not issuing a premium refund or an unsatisfactory settlement offer. It doesn’t matter why you want to switch choosing a new company is actually quite simple.

To learn more, feel free to browse the following helpful articles:

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