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 insurance rates for a Chevrolet Corvette are $1,762 a year for full coverage. Comprehensive costs on average $478 a year, collision costs $900, and liability insurance costs $274. A liability-only policy costs as little as $322 a year, with high-risk insurance costing around $3,816. Teen drivers receive the highest rates at $6,030 a year or more.

Average premium for full coverage: $1,762

Rate estimates by individual coverage type:

Rates include $500 deductibles, 30/60 liability limits, and includes uninsured motorist coverage. Rates are averaged for all states and Corvette trim levels.

Price Range by Coverage and Risk

Price Range by Location

Your location has a significant impact on car insurance rates. Rural areas tend to have a lower frequency of accident claims than larger metro areas.

The diagram below illustrates the effect of location on car insurance rates.

These examples show why it is important to compare rates based on a specific location and risk profile, rather than relying on price averages.

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

Insurance Rate Analysis

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

• The lowest rate with discounts is $963
• Drivers who choose higher $1,000 deductibles will pay around $1,450 a year
• The average rate for a 40-year-old driver with $500 deductibles is $1,762
• Choosing low $100 deductibles for comprehensive and collision insurance will increase the cost to $2,370
• High risk drivers with multiple violations and an at-fault accident could pay upwards of $3,816 or more
• The cost for full coverage for a teen driver may cost $6,030 a year

View Chart as Image

for a Chevrolet Corvette can also vary considerably based on your driver profile, the trim level of your Corvette, and policy deductibles and limits.

Older drivers and high deductibles could pay as little as $1,600 per year on average for full coverage. Rates are highest for teen drivers, where even good drivers upwards of $6,000 a year. View Rates by Age

Where you live makes a big difference in Chevrolet Corvette insurance rates. A 40-year-old driver could pay as low as $1,160 a year in states like Idaho, Maine, and Iowa, or as much as $2,510 on average in Michigan, Louisiana, and New York.

View Chart as Image

Choosing high deductibles could save up to $920 each year, while buying higher liability limits will cost you more. Going from a 50/100 limit to a 250/500 limit will cost as much as $246 . View Rates by Deductible or Liability Limit

If you like to drive fast or tend to cause accidents, you could be paying at a minimum $2,100 to $2,800 per year, depending on your age. A high-risk auto insurance policy can cost anywhere from 46% to 134% more than average. View High Risk Driver Rates

With so much variability in rates, the only way to know exactly what you will pay is to get quotes from as many companies as possible. Every company uses a different rate calculation, can be significantly different from one company to the next.

Insurance Rates by Trim Level and Model Year

Rates assume 2020 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 Find Cheaper Chevrolet Corvette Insurance

Saving money on Chevrolet Corvette insurance not only requires being a safe driver, but also maintaining good credit, eliminating unneeded coverage, and bundling your home and auto policies. Take the time to shop around at least every two years by getting price quotes from direct carriers like GEICO and Progressive, and also from your local insurance agents.

Here is a summary of the information that was covered in this article.

• Increasing deductibles can save around $925 each year
• Drivers can save as much as $230 per year simply by quoting early and online
• Drivers who require more liability insurance will pay about $300 each year to go from a minimum limit to 250/500 limits
• Young drivers pay the highest rates, costing as high as $503 per month for full coverage
• High-risk drivers that have multiple accidents or serious violations will pay on average $2,050 more each year for insurance

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