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.

The average insurance prices for a Chevrolet Corvette are $1,790 every 12 months for full coverage. Comprehensive insurance costs an estimated $494 a year, collision insurance costs $922, and liability coverage is estimated at $264. Buying just liability costs approximately $312 a year, and insurance for high-risk drivers costs $3,870 or more. 16-year-old drivers cost the most to insure at up to $6,090 a year.

Average premium for full coverage: $1,790

Policy rates broken down by type of insurance:

Rate estimates include $500 deductible amounts, 30/60 bodily injury liability limits, and includes both medical and uninsured motorist insurance. Prices are averaged for all states and Corvette trim levels.

Price Range Variability

Urban vs. Rural Price Range

Living in a larger city has a large influence on insurance rates. More rural locations are shown to have more infrequent accident claims than congested cities. The diagram below illustrates how location impacts insurance prices.

The examples above show why it is important to get quotes for a targeted area and their own driving history, rather than using rate averages.

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

Additional Rate Details

The chart below shows average Chevrolet Corvette insurance rates for other coverage scenarios.

• The best full coverage rate is $977
• Choosing higher $1,000 deductibles can save approximately $1,470 a year
• The average price for a good driver age 40 who has $500 deductibles is $1,790
• Buying low $100 deductibles for comp and collision coverage costs an extra $628 each year
• Drivers with multiple tickets or accidents could pay up to $3,870
• Policy cost to insure a teenage driver can cost as much as $6,090 each year

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Insurance rates for a Chevrolet Corvette also range considerably based on liability limits and deductibles, your driver profile, and the model year and trim level.

Opting for high physical damage deductibles can save as much as $950 a year, while buying higher liability limits will increase premiums. Going from a 50/100 liability limit to a 250/500 limit will raise rates by up to $237 more per year. View Rates by Deductible or Liability Limit

Older drivers with a clean driving record and higher deductibles may only pay around $1,600 annually on average, or $133 per month, for full coverage. Rates are highest for teenagers, since even excellent drivers can expect to pay at least $6,000 a year. View Rates by Age

If you have a few points on your driving record or you were responsible for an accident, you could be paying $2,100 to $2,800 extra every year, depending on your age. A high-risk auto insurance policy ranges around 46% to 132% more than the average rate. View High Risk Driver Rates

Your home state plays a big part in determining prices for Chevrolet Corvette insurance rates. A good driver about age 40 could pay as low as $1,180 a year in states like Iowa, Maine, and Idaho, or at least $2,550 on average in New York, Louisiana, and Michigan.

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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 Shop for the Best Chevrolet Corvette Insurance

Finding cheaper rates on auto insurance takes having a good driving record, having good credit, avoid buying unnecessary coverage, and deciding if full coverage is necessary. Spend time shopping around at every other renewal by quoting rates from direct carriers, and also from several local insurance agents.

The next list is a brief recap of the concepts that were touched on above.

• Drivers who tend to receive serious violations pay on average $2,080 more annually to buy Chevrolet Corvette insurance
• Drivers age 20 and younger are charged the highest rates, costing up to $508 each month if they have full coverage
• Drivers can save approximately $230 per year just by quoting early and online
• Increasing comprehensive and collision deductibles could save as much as $950 each year
• Drivers can save approximately $230 per year just by quoting early and online

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