How much is car insurance for a Corvette?

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In a nutshell...
  • Collector insurance takes more work to get than standard car insurance, and not everyone will qualify
  • Corvettes are a high-risk target vehicle for theft
  • 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

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 $1200-$2500 or more per year, but collector car insurance may only cost you a couple hundred if you can qualify.

The Chevrolet Corvette is a classic example of the American sports car first appearing at the 1953 Motorama and available for sale six months later at the bargain price of $3,498.

Chevrolet sells an average of 12,000 new Corvettes every year. Corvette enthusiasts are also some of the most loyal car owners in the world with hundreds of websites dedicated to Corvette information online.

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Why is car insurance for a Corvette so high?

Auto insurance is based on many factors. Variables like your age, experience and driving record all contribute to your risk profile.

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.

Corvettes are also a high-risk target vehicle for theft, which doesn’t help either.

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What is collector car insurance?

Collector car insurance is not a new product, but many people do not realize that it is not just for antique cars.

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.

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 standard car insurance, 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 auto insurance for each other 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.

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