Save on 2001 Chevrolet Corvette Insurance Rates

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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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Feel like you’re a prisoner to an overpriced car insurance policy? Believe me, many consumers feel financially strained by their car insurance policy.

With so many companies and agents to choose from, it is hard for the average consumer to find the lowest cost company.

It’s a good habit to compare rates periodically since rates change quite often. Just because you had the lowest price on Corvette coverage two years ago the chances are good that you can find a lower rate today. Forget all the misinformation about car insurance because I’m going to let you in on the secrets to the tricks you need to know to find better coverage at a better price.

Buying car insurance is not that difficult. Essentially every vehicle owner who shops for car insurance stands a good chance to be able to find better rates. But vehicle owners must learn the way companies determine prices and use this information to your advantage.

The best way we recommend to compare policy rates is to know the trick most of the bigger providers participate in online systems to give you rate quotes. To begin a comparison, all you need to do is take a few minutes to give details such as how old drivers are, how much you drive, coverage limits, and how you use your vehicles. The data is instantly submitted to multiple car insurance providers and they return cost estimate almost instantly.

These discounts can slash auto insurance rates

Companies offering auto insurance do not list all their discounts very well, so the following is a list of some of the best known as well as the least known auto insurance savings.

  • Safe Drivers – Safe drivers can pay as much as 50% less on Corvette coverage than drivers with accident claims.
  • Air Bag Discount – Factory air bags or automatic seat belts can qualify for discounts of more than 20%.
  • Homeowners Pay Less – Owning a house can save you money because owning a home shows financial diligence.
  • Government Employees – Simply working for the federal government may qualify you for a discount on Corvette coverage depending on your company.
  • Pay Now and Pay Less – If you pay your bill all at once instead of monthly or quarterly installments you may reduce your total bill.
  • Military Rewards – Being on active duty in the military could mean lower rates.
  • More Vehicles More Savings – Having multiple cars or trucks on one policy may reduce the rate for each vehicle.
  • Save with a New Car – Buying coverage on a new vehicle can be considerably cheaper compared to insuring an older model.
  • Drive Less and Save – Fewer annual miles on your Chevy could qualify for lower rates on the low mileage vehicles.
  • Accident Waiver – Some insurance companies allow you one accident before hitting you with a surcharge if you are claim-free for a certain period of time.

Keep in mind that most discounts do not apply the whole policy. Most only reduce individual premiums such as liability, collision or medical payments. Just because it seems like adding up those discounts means a free policy, it just doesn’t work that way.

For a list of companies with the best auto insurance discounts, follow this link.

When might I need the advice of an agent?

When choosing the best insurance coverage for your vehicles, there really is not a best way to insure your cars. Everyone’s situation is a little different so your insurance should reflect that These are some specific questions could help you determine whether or not you could use an agent’s help.

  • Do I need PIP (personal injury protection) coverage in my state?
  • Am I covered if I hit my neighbor’s mailbox?
  • Can I drive in Mexico and have coverage?
  • Should I sign the liability waiver when renting a car?
  • If my pet gets injured in an accident are they covered?
  • What can I do if my company denied a claim?
  • Can I rate high risk drivers on liability-only vehicles?

If it’s difficult to answer those questions but you think they might apply to your situation then you might want to talk to an agent. To find an agent in your area, complete this form or click here for a list of insurance companies in your area.

Pieces of the Chevy Corvette insurance rate puzzle

Consumers need to have an understanding of some of the elements that come into play when calculating the rates you pay for auto insurance. When you know what positively or negatively controls the rates you pay helps enable you to make changes that may reward you with much lower annual insurance costs.

  • Lower rates come with age – Youthful drivers are known to get distracted easily in a vehicle so auto insurance rates are higher. Mature drivers are more responsible, tend to cause fewer accidents and get fewer tickets.
  • Drive less and save money – The more miles you rack up on your Chevy in a year’s time the more you will pay for auto insurance. Most insurance companies apply a rate based upon how you use the vehicle. Autos that are left in the garage qualify for better rates than those used for commuting. Improper usage on your Corvette can result in significantly higher rates. Verify your auto insurance policy is rated on how each vehicle is driven.
  • Do you have a high stress job? – Did you know your occupation can influence how much you pay for auto insurance? Occupations like doctors, architects and dentists have the highest average rates attributed to stressful work requirements and lots of time spent at work. Other professions such as pilots, historians and performers get better rates on Corvette coverage.
  • Add-on coverages can add up – There are quite a few additional coverages that can waste your money on your auto insurance policy. Coverages for roadside assistance, accident forgiveness and term life insurance may be costing you every month. These may sound like a good investment at first, but if they’re wasting money eliminate them to save money.

Information about specific coverages

Knowing the specifics of a auto insurance policy can help you determine the right coverages and the correct deductibles and limits. The coverage terms in a policy can be confusing and coverage can change by endorsement. Listed below are typical coverages available from auto insurance companies.

Collision coverage – Collision insurance covers damage to your Corvette from colliding with an object or car. A deductible applies and then insurance will cover the remainder.

Collision insurance covers claims such as driving through your garage door, colliding with another moving vehicle, damaging your car on a curb, hitting a mailbox and scraping a guard rail. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. You can also increase the deductible to save money on collision insurance.

Comprehensive coverage – Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things such as a tree branch falling on your vehicle, vandalism, hail damage, damage from getting keyed and theft. The maximum payout you’ll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Medical payments coverage and PIP – Coverage for medical payments and/or PIP kick in for short-term medical expenses for rehabilitation expenses, surgery, chiropractic care and EMT expenses. The coverages can be used in conjunction with a health insurance program or if you are not covered by health insurance. Coverage applies to all vehicle occupants and will also cover getting struck while a pedestrian. PIP coverage is not available in all states but can be used in place of medical payments coverage

Uninsured/Underinsured Motorist coverage – This coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your Chevy Corvette.

Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family.

Liability insurance – This provides protection from damage that occurs to people or other property. It protects you against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 50/100/50 which stand for a limit of $50,000 per injured person, a limit of $100,000 in injury protection per accident, and a total limit of $50,000 for damage to vehicles and property.

Liability insurance covers things like emergency aid, attorney fees, legal defense fees and medical services. The amount of liability coverage you purchase is a personal decision, but buy as large an amount as possible.

In Summary

When buying insurance coverage, make sure you don’t buy less coverage just to save a little money. There are a lot of situations where someone dropped liability coverage limits and learned later they didn’t have enough coverage. Your aim should be to buy the best coverage you can find at a price you can afford while not skimping on critical coverages.

Cost effective 2001 Chevy Corvette insurance is definitely available both online and also from your neighborhood agents, so compare prices from both so you have a total pricing picture. Some companies may not provide online price quotes and these small, regional companies work with independent agents.

More detailed insurance information is located at these sites:

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