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How much is insurance on a Corvette? How much car insurance per month is for a Corvette will depend on what type of insurance you get. A standard auto insurance policy can run anywhere from about $1,200 to $2,500 or more per year, but collector car insurance may only cost you a couple hundred if you can qualify.
Read on to learn more about how much is a Corvette car insurance policy and how to find cheap car insurance.
To find car insurance for a Corvette, enter your ZIP code above to get FREE car insurance quotes for your Corvette today.
Average Insurance Rates for a Corvette
How much does it cost to insure a Corvette? To show you what most drivers pay for an average Corvette car insurance price, we got a sample car insurance quote from Geico for a 2020 Chevrolet Corvette Grand Sport 2LT Convertible. The sample quote is for a 40-year-old driver in Pennsylvania who has a clean driving record and travels 13,000 miles a year.
|Average 6-Month Insurance Rates for a Corvette||Low Coverage||Medium Coverage||High Coverage|
|Bodily Injury Liability||$12.01||$24.64||$39.66|
|Property Damage Liability||$389.33||$406.19||$418.51|
|Full Coverage Policy||$1,643.93||$1,673.42||$1,700.76|
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Bodily injury liability insurance and property damage liability insurance are required in every state. However, a driver should also purchase collision and comprehensive insurance for a full coverage policy.
Read on to learn why a Corvette’s rates are higher than average, even if a driver has a clean record.
Why is car insurance for a Corvette so expensive?
Car insurance is based on many factors. Factors affecting auto insurance rates include variables like your age, experience, and driving record. Insurers will look at things like the average age of a Corvette owner or the vehicle’s speed to determine the driver’s risk of crashing.
The Corvette has a high replacement value with a potent engine. These are just two things that can often drive up the cost of car insurance due to the higher risk for an insurance company if a Corvette crashes.
The Insurance Institute for Highway Safety’s (IIHS) study on driver death rates by vehicles found that small cars have the highest fatality rates, with sports cars having some of the highest death rates. Because of the risk of severe injury and death in a sports car, insurers will charge more.
Corvettes are also a high-risk target vehicle for theft, which doesn’t help either. If you want to find the best Corvette insurance rates in your area despite these factors, enter your ZIP code in our free tool below for Corvette quotes.
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Why Collector Car Insurance can Help Drivers Save
Collector car insurance is not a new product, but many people do not realize that it is not just for antique cars. So even if you are shopping for insurance on a 2020 Corvette, you may still qualify for collector car insurance.
Many car insurance companies offer collector car insurance for vehicles such as the Corvette, where the owner has bought for a collection or limited driving. Because the Chevrolet Corvette is a classic example of the American sports car, first appearing at the 1953 Motorama, and only sells an average of 12,000 new Corvettes every year, you may be able to qualify for collector car insurance if you don’t drive your Corvette often.
The main appeal to this type of policy is the price as many insurers charge a yearly premium based on the value, with some as low as 2 percent of the vehicle’s value. Cars with a higher value may even be assessed a dollar amount per $1000. Say they charge $6 per thousand, then your $60,000 Corvette could potentially cost you 360 dollars a year to insure.
The other appeal is that the value of your car is set in advance. This means if there is an accident and the car is a total loss, the company will not be able to haggle over the value.
How do I qualify for collector car insurance?
Collector insurance takes more work to get than meeting standard car insurance requirements, and not everyone will qualify. You have to provide proof that your Corvette is indeed a collector.
Additionally, all drivers in the household will need to have a primary car for daily driving, and you will be required to submit a copy of your insurance policy showing car insurance for every vehicle.
You will need to submit annual odometer statements. Collector car insurance companies offer different levels of mileage allowed, and the less you drive, the more options you most likely have.
If you are unsure about your annual mileage, it may be wise to start with a higher distance the first year and then have the policy amended later if you drive less than you thought.
Other Ways to Save on Corvette Car Insurance
If you don’t qualify for collector car insurance, there are still plenty of ways to save on average insurance for a Corvette and get your target Corvette insurance rates.
- Keep a clean driving record. If you have a record with no accidents or tickets, your rates could be lower by hundreds or thousands of dollars.
- Apply for discounts. Make sure you are qualifying for as many discounts as possible, as most insurers offer dozens of discounts from paperless billing discounts to good driver discounts.
- Raise your deductibles. Increasing your deductible will lower your rates. Just keep in mind that you will have to pay more out of pocket after an accident before your insurer will step in and pay the rest.
- Get Corvette insurance quotes. Make sure to shop around every year and get free quotes. This will ensure that you are getting the best rates in your area, as insurers are constantly competing with each other to offer deals and discounts to drivers.
We hope our guide has given you a better idea of the cost to insure a Corvette and more importantly, what you can do to save on the average insurance cost for a Corvette. Enter your ZIP code below to find the best Corvette insurance cost of insurance in your area.