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.

U.S. average insurance rates for a Chevrolet Corvette are $1,790 a year for full coverage insurance. Comprehensive insurance costs on average $494 each year, collision insurance costs $922, and liability is estimated at $264. Liability-only insurance costs approximately $312 a year, and high-risk driver insurance costs $3,870 or more. 16-year-old drivers pay the highest rates at up to $6,090 a year.

Average premium for full coverage: $1,790

Price estimates by individual coverage:

Rate estimates include $500 deductibles, liability limits of 30/60, and includes additional medical/uninsured motorist coverage. Estimates are averaged for all 50 states and Corvette models.

Price Range from Low to High

Geographic Price Range

Living in a larger city can make a big difference on insurance rates. Rural areas have lower incidents of physical damage claims than congested cities. The graphic below illustrates how geographic area affects car insurance rates.

The ranges above illustrate why all drivers should get quotes based on a specific location, instead of making a decision based on rate averages.

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

Additional Rate Analysis

The chart below illustrates average Chevrolet Corvette insurance rates for different risk profiles and scenarios.

• The best full coverage rate is $977
• Choosing higher $1,000 deductibles can save around $320 each year
• The estimated price for the average middle-age driver with $500 deductibles is $1,790
• Buying low deductibles for comp and collision coverage will cost an additional $628 annually
• Higher-risk drivers with multiple tickets or accidents could pay upwards of $3,870
• The price that insures a 16-year-old driver may cost $6,090 each year

View Chart as Image

Car insurance prices for a Chevrolet Corvette are also quite variable based on the trim level and model year, your age and driving record, and policy deductibles and limits.

If you have some driving violations or you caused an accident, you are probably paying at a minimum $2,100 to $2,800 extra each year, depending on your age. Insurance for high-risk drivers ranges from 46% to 132% more than the average rate. View High Risk Driver Rates

More mature drivers with no driving violations and higher comprehensive and collision deductibles may pay as low as $1,600 annually on average for full coverage. Prices are highest for teenage drivers, since even teens with perfect driving records will be charged upwards of $6,000 a year. View Rates by Age

The state you live in plays a big part in determining prices for Chevrolet Corvette insurance prices. A good driver about age 40 could pay as low as $1,170 a year in states like Vermont, Wisconsin, and North Carolina, or at least $2,410 on average in Michigan, New York, and Florida.

View Chart as Image

Opting for high physical damage deductibles can save as much as $950 annually, whereas increasing liability limits will cost you more. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $237 extra every 12 months. View Rates by Deductible or Liability Limit

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 Find the Best Chevrolet Corvette Insurance

Getting lower rates on insurance for a Chevrolet Corvette takes not taking risks behind the wheel, having a positive credit history, not filing small claims, and possibly raising deductibles. Comparison shop once a year by getting quotes from direct insurance companies, and also from your local independent and exclusive agents.

The following is a brief recap of the data that was presented in the illustrations above.

• It is possible to save as much as $230 per year just by quoting online in advance
• Insureds who require higher liability limits will pay around $290 annually to raise limits from a low limit to the 250/500 level
• Teens are expensive to insure, as much as $508 a month if full coverage is purchased
• Drivers considered higher risk who tend to receive serious violations may pay on average $2,080 more each year for Corvette 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