The Chevrolet Corvette has maintained a special place in American car history for over 60 years. From occupying teenage boys’ dreams to ownership by collectors of classic muscle cars, it's one of a handful of sports cars that have held the American imagination with each edition. If you're already a Corvette owner or looking to purchase your first, being certain that you have the proper car insurance is important.
This independent agent matching tool will find you the best insurance solution in your area. Find an agent near you to learn more about your Chevy Corvette insurance options.
What Type of Insurance Do You Need for Your Chevy Corvette?
Some types of car insurance coverage are optional, while others will require a minimum amount purchased depending on the state you live in. In addition, most insurance companies will consider the Chevy Corvette a sports car, and you may be required to purchase sports car insurance. Your independent agent can make sure you have the proper coverage.
The following coverages are usually mandated:
- Bodily injury liability: If a third party sustains injuries as a result of an accident it's covered by bodily injury liability insurance. As the at-fault driver, you're responsible to pay for accident-related medical expenses and lost wages which this policy handles.
- Property damage liability: This pays to replace or repair vehicles and structures that are damaged in an accident where you or someone who is authorized is driving your vehicle.
- Medical payments/Personal injury protection: If you're injured in an accident, your medical payments or personal injury protection (PIP) coverage will pay some of the medical bills that are associated with the accident.
- Uninsured and underinsured motorist coverage: Uninsured and underinsured motorist coverage pays for damage to your vehicle if the other party involved does not have enough insurance coverage.
- Collision: If you collide with another vehicle or object that causes damage to your own vehicle, you'll be responsible for the costs. Collision insurance pays the cost to repair or replace your vehicle.
- Comprehensive: Your Corvette is at risk even when it's parked in the street. Vandalism, theft, falling objects, and Mother Nature can all cause unexpected damage to your vehicle. For these incidents, comprehensive coverage helps pay to repair the damage.
- Glass coverage: Most windshield replacements are not worth going through your insurance, but can still cost several hundred dollars. Glass coverage is an endorsement that's inexpensive and has no deductible for any glass repairs or full replacement.
- Gap insurance: If you are financing or leasing your Chevy Corvette, then you will want to consider purchasing gap coverage. This insurance is an endorsement that you add to your policy that pays the difference between your car's value and the amount owed to the financing company if you're involved in a total loss accident.
What Factors Affect the Cost of Insurance for Your Chevy Corvette?
The average American drives between 10,000 and 15,000 miles per year. Being above or below this number can impact the cost of your premium.
Even one violation can negatively impact your rates. An independent insurance agent can help you shop for affordable insurance premiums even if you have violations on your record.
The value of your car
A brand-new Chevy Corvette ranges from $58,900 - $77,850, and models from the previous two years are worth even more than that. That's an expensive price tag, which means you'll need sufficient insurance to cover the possibility of fully replacing your vehicle. If you're willing to purchase an older model, it could save you a few bucks on insurance.
|Average 2020 Chevy Corvette|
|2020||$84,475 - $103,525|
|2019||$47,425 - $121,225|
|2018||$43,050 - $66,925|
|2017||$41,475 - $65,450|
|2016||$39,675 - $61,950|
The safety of your Chevy Corvette
The safety of your Chevy Corvette will play a major factor in the cost of your insurance premiums. Unfortunately, the Chevy Corvette has not been rated by the National Highway Traffic and Safety Administration (NHTSA) or the Insurance Institute for Highway Safety (IIHS), and it has a reputation for being a dangerous vehicle. The good news is that Chevy has implemented a few safety features that insurance companies appreciate.
- Front curb view cameras
- Side blind zone alert
- Rear cross-traffic alert
- Advanced theft deterrent package
Where you live with your Chevy Corvette
If you live in a populated city, you're more prone to incidents that will lead to a claim. Increased risks like this and driving on busier roads, encountering traffic, and vandalism can cause insurance premiums to increase.
Average cost to insure a Chevy Corvette
The cost of the Chevy Corvette combined with its dangerous reputation and status as a luxury sports car make the average annual insurance cost $1,864. Those costs could go up or down depending on whether you're a high-risk driver or are willing to take a higher deductible.
What Is the Average Cost to Insure a Chevy Corvette?
|Average annual cost to insure a Chevy Corvette||$1,864|
Which states are most and least affordable for car insurance?
Estimated annual Chevy Corvette insurance premiums in the United States:
|Most expensive states|
|Most affordable states|
Top Insurance Carriers That Insure the Chevy Corvette
According to a recent US Independent Insurance Agent Satisfaction Study by J.D. Power, the following companies provide excellent service to their insurance customers:
- State Farm
Finding the Best Corvette Insurance Rates
Working with an independent agent can get you an insurance policy to fit your needs. They are your resource for comparison shopping, and can make sure that you get the best coverage at the most affordable rate for your sports car. Contact a TrustedChoice.com agent today for help finding the right Corvette insurance.