How Much Does It Cost to Insure a Corvette?
Last Updated on October 15, 2022
The Chevrolet Corvette is a high-end vehicle. Corvette drivers pay higher insurance premiums than the average driver.
According to our research, the average Corvette driver in the United States pays around $2,015 per year for full coverage car insurance. However, rates vary widely based on the age and condition of the Corvette, state insurance laws, insurance coverage, and driving record, among other factors.
Keep reading to discover everything you need to know about the cost of insuring a Corvette.
Table of Contents:
- The Average Corvette Insurance Cost
- Best Car Insurance Companies for Corvette Insurance
- Factors That Impact the Cost of Corvette Car Insurance
The Average Corvette Insurance Cost
The average Corvette driver in the United States pays around $2,015 per year for full coverage car insurance. Full coverage car insurance includes liability, collision, and comprehensive coverage.
However, rates vary widely based on the model year and value of your Corvette. A 2020 or newer Corvette, for example, has an average annual insurance premium of $3,143 and up, while classic, well-maintained Corvettes could be even more expensive to insure.
In comparison, the average driver in the United States pays around $1,450 per year for full coverage car insurance, making Corvette insurance around $600 more expensive per year.
Corvette insurance premiums also vary widely depending on your location. Some states have high insurance limits and relatively expensive car insurance, for example, while others states have low limits and minimal requirements.
Driver-specific factors also impact the cost of Corvette insurance. Drivers with a clean record and 40+ years of safe driving history will pay less for Corvette car insurance than a 21-year-old who just received her license.
Best Car Insurance Companies for Corvette Insurance
Some companies welcome sportscars into their insurance pool. Other companies charge relatively high rates to sportscar drivers. By shopping around, you can pick the best car insurance company for your Corvette insurance.
Here are some of the best car insurance companies for Corvette drivers, according to our research:
- USAA: $1,642 per year
- Travelers: $1,832 per year
- Country: $1,895 per year
- Erie: $1,916 per year
- State Farm: $1,922 per year
- GEICO: $1,926 per year
- Mercury: $1,983 per year
- Nationwide: $1,999 per year
Factors That Impact the Cost of Corvette Car Insurance
You could pay as little as $800 per year for full coverage car insurance on a Corvette. Or, you could pay over $10,000 per year. Insurers consider many risk-related factors when assessing premiums.
Here are some of the factors that impact the cost of Corvette car insurance:
MSRP: Newer Corvette models have MSRPs over $60,000. The higher the MSRP, the more your insurer could have to pay after vehicle theft or a total loss accident. Insurers consider MSRP when calculating insurance premiums.
Trim & Model Options: You’ll pay different insurance premiums based on the type of trip you select for your Corvette, including Stingray, Stingray Z51, Grand Sport, Z06, and ZR1 trim options, among others.
Driving History: Drivers with a long history of safe driving pay less for Corvette car insurance than drivers with multiple at-fault incidents on their records.
Coverage Options: Some vintage Corvette drivers only insure a certain portion of their vehicle using agreed-value car insurance. This protects most of the value of the vehicle while keeping insurance premiums low. Meanwhile, those who drive newer Corvettes may want to protect the full value of their vehicle with a full coverage car insurance policy outfitted with added features.
Deductible: Many Corvette drivers have a high deductible auto insurance policy because they feel they have a low chance of making a claim. High deductible auto insurance plans have lower monthly premiums. In comparison, some Corvette drivers have a low deductible, raising premiums but making each claim cheaper.
ZIP Code: Insurers consider your ZIP code when calculating insurance premiums for your Corvette. Some ZIP codes have high rates of vehicle theft and vandalism, for example. Other ZIP codes have high traffic and population density, increasing the risk of an accident.
State Insurance Laws: Some states have no-fault insurance systems that lead to higher average insurance premiums. Other states have low insurance requirements and low limits. Depending on your state, you could pay significantly more or less for Corvette insurance.
Average Annual Mileage: Some drivers have classic Corvettes that they only drive for a few months per year. Others use a Corvette as their daily driver. Depending on your average annual mileage, you could pay significantly more or less for Corvette insurance.
Credit Score: Insurers in virtually every state (with the exception of Hawaii, Massachusetts, and California) can use your credit score to calculate insurance premiums. The higher your credit score, the less you’ll pay for Corvette car insurance.
Gender & Age: Demographic factors, including your gender and age, will impact your car insurance premiums. Young men tend to pay higher insurance premiums than young women, and older men tend to pay lower insurance premiums than older women.
Discount Availability: You may qualify for a range of discounts when buying Corvette car insurance. You can bundle car insurance policies together, use safe driving discounts, and take advantage of low mileage discounts, for example, to save hundreds per year on Corvette car insurance.
Driver Exclusions: If you have a high-risk driver in your household, then you could pay as much as $5,000 per year or more for Corvette car insurance. High-risk drivers are risky to insure, but they’re particularly risky behind the wheel of a high-powered sportscar. You may want to exclude a high-risk driver in your household to lower insurance premiums. That driver is not allowed to drive your Corvette, and you could save thousands per year on car insurance.
Vintage Versus Newer Corvettes: If you have a vintage Corvette, then you could save on Corvette car insurance – even if your car is still worth a considerable amount. On average, vintage Corvettes have 40% cheaper car insurance premiums than newer Corvette models. You may need to work with a classic car insurance provider to get the best rates. Vintage Corvettes tend to have lower annual mileage and are driven safely compared to newer Corvettes, leading to lower insurance premiums.
Final Word: Compare Quotes Today to Get the Best Corvette Car Insurance
A Corvette is expensive, and many new Corvette owners are shocked by the cost of Corvette car insurance.
Fortunately, you can save money on Corvette car insurance by comparing rates, taking advantage of discounts, and shopping around the find the best provider for your unique needs.
Compare rates online today to ensure you’re paying the cheapest possible rates for your Corvette car insurance.
