Chevrolet Corvette Insurance Rates

Are Corvettes expensive to insure? Corvettes can be more expensive to insure than most vehicles. Exactly how much is Corvette insurance from major insurers? The average insurance cost for a Corvette is $1,864 a year, or $155 a month. Read on to learn how to find the cheapest Chevrolet Corvette insurance rates.

Enter your ZIP code in our free rate tool above to start comparing Corvette insurance quotes and save on Corvette insurance costs.

Average auto insurance rates for a Chevrolet Corvette are $1,790 annually with full coverage. Comprehensive costs on average $494, collision costs $922, and liability insurance is $264. Buying just liability costs around $312 a year, with insurance for high-risk drivers costing around $3,870. Teen drivers receive the highest rates at $6,090 a year or more.

Average premium for full coverage: $1,790

Rate estimates by individual coverage type:

Full coverage includes $500 physical damage insurance deductibles, minimum liability limits, and includes UM/UIM and medical coverage. Rates are averaged for all U.S. states and for different Corvette trim levels.

Price Range by Coverage and Risk

Price Range by Location

Choosing to live in a large city has a significant impact on auto insurance rates. Rural areas tend to have fewer collision claims than larger metro areas.

The price range example below illustrates how rural and urban location affects car insurance rates.

These examples demonstrate why anyone shopping for car insurance should compare rates quotes based on a specific location and their own personal driving habits, rather than relying on price averages.

Use the form below to get customized rates for your location.

Rates by State, City, and Model

The chart below details estimated Chevrolet Corvette insurance rates for different risk profiles and scenarios.

• The lowest rate with discounts is $977
• Raising to $1,000 deductibles will save around $320 annually
• The estimated rate for a 40-year-old driver with $500 deductibles is $1,790
• Choosing more expensive low deductibles will cost $2,418
• Higher-risk drivers with multiple violations and an at-fault accident could pay upwards of $3,870 or more
• The cost with full coverage for a teen driver with full coverage may cost $6,090

View Chart as Image

Auto insurance rates for a Chevrolet Corvette can also vary considerably based on the trim level of your Corvette, your driving record, and policy deductibles and limits.

An older driver with a good driving record and high physical damage deductibles could pay as little as $1,600 every 12 months on average for full coverage. Rates are highest for teen drivers, where even without any violations or accidents they will have to pay upwards of $6,000 a year. View Rates by Age

If you like to drive fast or you caused a few accidents, you may be forking out at a minimum $2,100 to $2,800 in extra premium per year, depending on your age. High-risk driver insurance is expensive and can cost anywhere from 46% to 132% more than average. View High Risk Driver Rates

Choosing high deductibles can reduce rates by up to $950 each year, while increasing your policy's liability limits will cost you more. Moving from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $237 extra every year. View Rates by Deductible or Liability Limit

Where you live also has a big influence on Chevrolet Corvette insurance rates. A middle-age driver might find rates as low as $1,290 a year in states like New Hampshire, Ohio, and Utah, or as much as $2,410 on average in Florida, Michigan, and New York.

View Chart as Image

With so much variability in rates, the best way to find out exactly what you will pay is to compare rates from as many companies as possible. Every auto insurance company uses a different rate calculation, and quoted rates can be significantly different between companies.

Insurance Rates by Trim Level and Model Year

Rates assume 2023 model year, a 40-year-old male driver with no accidents or violations, $500 comprehensive and collision deductibles, minimum liability limits, and uninsured/under-insured motorist coverage included. Rates are for comparison only and are averaged for all 50 U.S. states.

How to Buy More Affordable Chevrolet Corvette Insurance

Saving money on Chevrolet Corvette insurance consists of being a low-risk driver, having above-average credit, eliminating unnecessary coverage, and taking advantage of discounts. Set aside time to shop around every couple of years by getting quotes from direct companies like Progressive and GEICO, and also from local independent and exclusive agents.

The items below are a summary of the material that was raised in the charts and tables above.

• Drivers who require more liability coverage will pay about $290 every year to raise from a minimum limit to higher 250/500 limits
• Teen drivers are charged the highest rates, with premiums as much as $508 per month if full coverage is included
• High-risk drivers who have multiple accidents or major violations pay an average of $2,080 more each year to insure their Corvette
• Increasing deductibles could save up to $950 each year

How much does it cost to insure a Corvette if you have a poor record? Generally, the cost to insure a Corvette will be at least $500 more if you have a DUI or reckless driving charge. And if you are wondering how much is insurance on a Corvette for a 16 or 18-year-old, it will usually be at least $1,000 more than a normal policy.

The best way to find cheap Corvette average prices is to shop around for a Corvette comparison chart of insurance rates. Whether you are looking for the best Corvette insurance as a 20-year-old or want to find out how much is insurance for a 2019 or 2020 Corvette, shop around to find the best Corvette car insurance price.

It’s important to also know if you need collector car insurance or standard auto insurance. There are different auto insurance companies, and some do both or just one type. Classic car insurance is for an older collector vehicle that needs to be insured a bit different than your standard newer vehicle.

Use our free tool below to shop around for everything from the insurance cost for a Corvette Stingray to Corvette insurance costs for 18-year-olds and 20-year-olds.

What are the safety ratings of the Chevrolet Corvette?

Chevrolet Corvette safety ratings and features are important when it comes to calculating rates. The safer your car is, the more discounts you will receive. The newest model of the Chevrolet Corvette has some great advanced safety features, such as a rearview camera, a head-up display, and a front curb-view parking camera.

However, the Insurance Institute of Highway Safety (IIHS) has not crash-tested the Chevrolet Corvette. This means that insurance costs will be calculated on overall crash test ratings for sports cars, even if the Chevrolet Corvette is safer than other sports cars.

How does the Chevrolet Corvette compare against other vehicles in the same class?

The Chevrolet Corvette is a midsize, luxury sports car, which usually means it will have higher liability rates because it is more prone to crashing. While 2014 Corvette insurance rates might be different than insurance on a 2020 Corvette because the 2020 model has more safety features that prevent crashes, you can expect rates on luxury sports cars to be higher on all model years.

The good news is that the IIHS found that the Chevrolet Corvette’s liability rates were substantially better than average in comparison to other sports cars. This doesn’t mean you’ll have cheap rates, but your rates will be cheaper than average for sports cars.

If you are curious how the Chevrolet Corvette’s insurance rates compare to other sports cars, take a look at the list below.

• Ford Mustang GT Insurance Rates
• Mercedes-Benz SL Class Insurance Rates
• Nissan 370Z Insurance Rates

Ready to start shopping for Corvette insurance? Whether you want 2019 or 2020 Corvette insurance cost comparisons or a decades-old model quote, enter your ZIP code in our free tool.

References

1. https://www.iihs.org/ratings/insurance-losses-by-make-and-model