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 rates for a Chevrolet Corvette are $1,762 a year including full coverage. Comprehensive costs approximately $478, collision costs $900, and liability insurance is estimated at $274. A liability-only policy costs approximately $322 a year, with high-risk insurance costing around $3,816. 16-year-old drivers cost the most to insure at $6,030 a year or more.

Average premium for full coverage: $1,762

Policy rates by type of insurance:

Prices are based on $500 policy deductibles, 30/60 split liability limits, and includes UM/UIM and medical coverage. Prices are averaged for all 50 U.S. states and for different Corvette trim levels.

Price Range Variability

Urban vs. Rural Price Range

Living in a larger city has a significant impact on car insurance prices. Rural locations are shown to have lower incidents of comprehensive and collision claims than congested cities.

The price range example below illustrates how location helps determine auto insurance prices.

The examples above highlight why anyone shopping for car insurance should get quotes using their specific location, rather than relying on rate averages.

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

Rates by State, City, and Model

The chart below breaks down estimated Chevrolet Corvette insurance rates for additional coverage and risk scenarios.

• The best full coverage rate is $963
• Choosing higher $1,000 deductibles can save $312 every year
• The estimated price for a good driver age 40 who chooses $500 deductibles is $1,762
• Buying more expensive low deductibles for comp and collision coverage bumps up the cost to $2,370
• High-risk insureds with multiple tickets or accidents could pay around $3,816 or more
• Policy cost that insures a teen driver with full coverage can cost $6,030 each year

View Chart as Image

Car insurance rates for a Chevrolet Corvette also range considerably based on the model year and trim level, your driving record and age, and physical damage deductibles and liability limits.

If you have a few points on your driving record or you caused an accident, you are likely paying anywhere from $2,100 to $2,800 extra every year, depending on your age. High-risk driver insurance ranges anywhere from 46% to 134% more than the average rate. View High Risk Driver Rates

An older driver with no driving violations and higher comprehensive and collision deductibles could pay as little as $1,600 annually on average, or $133 per month, for full coverage. Rates are highest for teenagers, since even teens with perfect driving records will be charged in the ballpark of $6,000 a year. View Rates by Age

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 $1,350 a year in states like Vermont, New Hampshire, and Missouri, or at least $2,510 on average in Louisiana, New York, and Michigan.

View Chart as Image

Opting for high physical damage deductibles can save as much as $920 each year, while increasing your policy's liability limits will push rates upward. Changing from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $246 extra every 12 months. View Rates by Deductible or Liability Limit

Because rates have so much variability, the best way to figure out who has the best auto insurance rates is to compare rates from as many companies as possible. Each auto insurer utilizes a different rate formula, so rate quotes will be varied.

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 Affordable Chevrolet Corvette Insurance

Finding cheaper rates on Chevrolet Corvette insurance takes being a good driver, having a positive credit history, paying for small claims out-of-pocket, and avoiding coverage lapses. Comparison shop at least every other year by getting rate quotes from direct car insurance companies, and also from local auto insurance providers.

The following list is a brief review of the car insurance concepts covered in the charts and tables above.

• High-risk drivers with DUI or reckless driving convictions will likely pay on average $2,050 more per year than a safer driver
• You may be able to save around $230 per year simply by shopping early and online
• Increasing comprehensive and collision deductibles can save approximately $925 each year
• Drivers who purchase an increased level of liability coverage will pay around $300 per year to raise limits from a 30/60 limit to the 250/500 level

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