Since the summer 1953, ACorvette has been a hit. Its elegant lines and powerful engine make it a thrilling car to drive.
The cost of Corvette insurance isn’t as exciting. Insurers will typically charge more for sports cars because of the high-risk nature, which includes putting a powerful engine into a small, lightweight car, as well as the cost of the vehicle. Driving a sports car is not without danger. Lifestyle indicators may indicate a higher risk than a standard sedan or minivan.
There are ways to get Corvette models’ car insurance at a lower price. However, you need to understand how insurance premiums affect Corvette models and what you can do to offset them.
What is the cost of Corvette insurance?
Corvettes and other sports cars can be more costly to insure than a regular car like a sedan or SUV. Based on estimates for a Toyota Camry, the average cost for car insurance in the U.S. was $1,674 per annum. However, Bankrate discovered that the average rate for Corvette coverage is higher. This is understandable. However, it is possible to get lower rates by comparing providers or leveraging discounts and practicing safe driving habits.
These are the reasons Corvette car insurance premiums are higher than average:
- Crash rate statistics: Corvette accident statistics are not provided by the Insurance Institute for Highway Safety. The death rate for mid-sized sports cars-related accidents was 36. Death rates can vary depending on the model.
- Prices of parts: Corvettes have high-performance cars and can be expensive to repair or replace parts. You could spend 1,000 on car tires.
- Safety features: Because of its small size, the Corvette presents a greater risk to both the driver and passengers in an accident. Corvettes are equipped with safety features to help offset this. Corvettes have the standard airbags and antilock brakes. They also come with active handling stability control, and a Teen Driver Limit that limits the number of younger drivers. If companies offer discounts on these safety features, they may offset the cost of the vehicle.
Corvette insurance
It is crucial to know what coverages will work best for Corvette insurance costs. The minimum coverage does not include the state’s requirement for liability insurance. This lower-cost option does not cover your Corvette in the event it is damaged or destroyed in an accident. Full coverage car insurance, including collision coverage, would.
If you are planning to lease or finance a Corvette, your lender may require that you have greater coverage. By adding comprehensive and collision coverage to your basic liability policy, you can add full coverage to protect your vehicle from damage caused by weather-related events or accidents. For comparison, the following are the Corvette car insurance rates for both minimum and full coverage.
Corvettes: The cheapest car insurance
These five providers were selected from our top car insurance companies page. Compare how Corvette insurance prices compare. It is possible to notice the differences in the pricing of the same coverage offered by different carriers. You will also see a wide range of Corvette insurance quotes. This is why it’s worth getting quotes from several insurance companies to get a better idea of the cost of Corvette car insurance.
Corvette features that can impact insurance costs
Corvettes include a wide range of safety features, as mentioned above. These safety features can make your vehicle safer and may even save you money on your car insurance premium. These safety features are standard for Corvettes:
- Active handling stability control to improve vehicle stability and traction
- All-speed traction control
- Daytime running headlamps
- Airbags in front and sides for passenger and driver
- Rear camera with high-definition
- OnStar will keep you connected and provide assistance if you need it
- Rear park assistance
- Teen Driver allows you to set the key fob to make safer driving habits and view a report on the teenager’s driving.
Corvette owners may also need to have other car insurance.
There are many car insurance options that you can add to your policy. If your policy does not include roadside assistance, towing and towing are often worth the extra cost. This is especially true for Corvettes that are low-riding.
Corvette drivers may also benefit from new car replacement insurance. It can replace a damaged model with a similar model, so you don’t have to worry about finding another model.
You may also be able to save money by choosing options like accident forgiveness or diminishing/vanishing deductible. Your premiums won’t rise after an accident at fault. The deductible that you would pay could be lower if there are no claims. You can save more money if you are accident- and claim-free.
