Cheapest 2016 Chevrolet Camaro Insurance Rates in 2023
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UPDATED: May 12, 2022
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Want cheaper insurance rates for your Chevrolet Camaro? I can’t think of a single person who looks forward to paying for insurance, especially knowing their premiums are too high.
Drivers have so many auto insurance companies to purchase coverage from, and though it is a good thing to have multiple companies, so many choices can make it hard to compare rates and find the lowest cost insurance.
The purpose of this article is to introduce you to how to get online quotes and some tricks to saving. If you are paying for car insurance now, you should be able to lower your premiums substantially using this strategy. But car owners should learn the way companies sell insurance online.
Factors determining your Chevy Camaro insurance premium
It’s important that you understand the factors that help determine the rates you pay for car insurance. Knowing what controls the rates you pay empowers consumers to make smart changes that could result in much lower annual insurance costs.
The following are a few of the “ingredients” used by your company to calculate premiums.
- Your car’s features help determine rates – Purchasing a vehicle with a theft deterrent system can help lower your rates. Theft prevention features like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping your vehicle from being stolen.
- Lower rates come with age – Mature drivers tend to be more responsible, tend to cause fewer accidents and tend to be better behind the wheel. Teenage drivers are statistically proven to be careless and easily distracted in a vehicle and because of this, their car insurance rates are much higher.
- Do you qualify for a multi-policy discount? – Some companies will award you with lower prices to insureds who buy several policies from them in the form of a multi-policy discount. Even with this discount, it’s still a good idea to compare other company rates to make sure you are getting the best deal. Drivers may still find a better deal by splitting coverages up.
- Increase deductibles and save – Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, protects your Chevy from damage. Examples of covered claims are colliding with a building, collision with an animal, or theft. Deductibles for physical damage are the amount of money you are required to spend out-of-pocket before your car insurance pays a claim. The more expense you’re willing to pay, the less your car insurance will be on Camaro coverage.
Automobile Insurance Quotes
There are several ways to compare Chevy Camaro insurance prices but one way is less labor-intensive and much quicker. You could waste a few hours talking about coverages with insurance companies in your area, or you could save time and use online quoting to accomplish the same thing much quicker.
Most of the best insurance companies enroll in a system where prospective buyers send in one quote, and each participating company can give them a price. This eliminates the need for quote forms to every company.
To enter your information into the quoting system, click here (opens in new window).
The one downside to comparing rates this way is that consumers can’t choose which companies to get pricing from. If you wish to select specific providers to compare, we have a listing of companies who write insurance in your area. Click to view list.
It’s up to you how you get prices quotes, just make absolute certain that you use identical coverages and limits on every quote. If each company quotes different limits and deductibles on each one you can’t possibly determine the best price for your Chevy Camaro. Quoting even small variations in coverages may result in large price differences. And when quoting insurance, remember that quoting more will increase your chances of finding better pricing.
The auto insurance bait and switch
Companies like Progressive, GEICO, Allstate and State Farm continually stream ads on television and other media. All the ads say the same thing about savings after switching to their company. How can each company claim to save you money? It’s all in the numbers.
Insurance companies have a certain “appetite” for the right customer that is profitable for them. For example, a preferred risk could be over the age of 40, insures multiple vehicles, and has a short commute. Any driver who meets those qualifications will get very good rates and most likely will cut their rates substantially.
Consumers who do not match these standards must pay a more expensive rate and this can result in the customer not buying. Company advertisements say “customers that switch” but not “drivers who get quotes” save that much money. That is how companies can advertise the way they do.
This illustrates why you need to get as many quotes as possible. It’s just too difficult to predict which auto insurance company will give you the biggest savings on Chevy Camaro insurance.
Take discounts and save
Properly insuring your vehicles can get expensive, but you can get discounts to reduce the price significantly. Some trigger automatically at the time you complete a quote, but a few must be specially asked for before you will receive the discount.
- Payment Method – If you pay your entire premium ahead of time instead of making monthly payments you can actually save on your bill.
- Homeowners Pay Less – Simply owning a home can save you money because of the fact that having a home shows financial diligence.
- Air Bag Discount – Cars that have air bags and/or automatic seat belt systems may earn rate discounts of up to 25% or more.
- Drive Less and Save – Driving fewer miles can qualify you for better rates on cars that stay parked.
- Safety Course Discount – Taking part in a defensive driving course could possibly earn you a 5% discount and easily recoup the cost of the course.
- Distant Student – Kids in college who are attending college and don’t have a car can receive lower rates.
- Sign Online – A handful of insurance companies may give you up to $50 for buying your policy online.
Drivers should understand that many deductions do not apply to all coverage premiums. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. So even though it sounds like all those discounts means the company will pay you, companies don’t profit that way. Any qualifying discounts will help reduce the amount you have to pay.
To see a list of insurers with the best car insurance discounts, click this link.
Which policy gives me the best coverage?
When it comes to buying adequate coverage, there is no cookie cutter policy. Your needs are not the same as everyone else’s and your policy should reflect that. Here are some questions about coverages that can aid in determining if your situation will benefit from professional help.
- When can my company non-renew my policy?
- Does my liability insurance cover pulling a trailer or camper?
- Am I covered when driving a rental car?
- If my pet gets injured in an accident are they covered?
- Am I covered when using my vehicle for business?
- Am I insured when driving a different vehicle?
- Is my trailer covered?
- Do I need replacement cost coverage on my 2016 Chevy Camaro?
- How much liability insurance is required?
If you can’t answer these questions but you know they apply to you, you might consider talking to an agent. If you want to speak to an agent in your area, simply complete this short form or click here for a list of insurance coverage companies in your area.
The coverage is in the details
Having a good grasp of a car insurance policy can be of help when determining the best coverages and proper limits and deductibles. Policy terminology can be impossible to understand and reading a policy is terribly boring. Shown next are typical coverage types offered by car insurance companies.
Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive can pay for things like damage from a tornado or hurricane, fire damage, a tree branch falling on your vehicle and rock chips in glass. The most a car insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.
This coverage will cover injuries or damage you cause to a person or their property that is your fault. It protects you against claims from other people. It does not cover damage to your own property or vehicle.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You might see values of 50/100/50 that translate to $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged property. Alternatively, you may have one number which is a combined single limit which combines the three limits into one amount with no separate limits for injury or property damage.
Liability insurance covers claims such as repair costs for stationary objects, court costs, structural damage, bail bonds and emergency aid. The amount of liability coverage you purchase is a decision to put some thought into, but buy as much as you can afford.
This coverage pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.
Collision can pay for things such as crashing into a building, backing into a parked car and scraping a guard rail. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. It’s also possible to increase the deductible to bring the cost down.
Med pay and Personal Injury Protection (PIP)
Coverage for medical payments and/or PIP provide coverage for expenses for surgery, ambulance fees and pain medications. They are often used in conjunction with a health insurance policy or if you do not have health coverage. Coverage applies to you and your occupants and will also cover getting struck while a pedestrian. PIP is not an option in every state and gives slightly broader coverage than med pay
Uninsured/Underinsured Motorist (UM/UIM)
This protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. Covered claims include medical payments for you and your occupants and damage to your Chevy Camaro.
Since a lot of drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family. Frequently the UM/UIM limits are similar to your liability insurance amounts.
A penny earned…
As you prepare to switch companies, don’t be tempted to buy poor coverage just to save money. In many instances, an accident victim reduced uninsured motorist or liability limits and discovered at claim time that they should have had better coverage. Your strategy should be to purchase a proper amount of coverage at a price you can afford while still protecting your assets.
Affordable 2016 Chevy Camaro insurance is possible on the web and also from your neighborhood agents, so compare prices from both to have the best selection. Some auto insurance companies may not provide online price quotes and most of the time these small, regional companies sell through independent agents.
Additional detailed information is located in the articles below:
- Property Damage Coverage (Liberty Mutual)
- Car Insurance for Teen Drivers with Divorced Parents (Allstate)
- What is Gap Insurance? (Insurance Information Insitute)
- All About Airbag Safety (State Farm)
- Reducing Your Risks in a Car Crash Video (iihs.org)
- How to Avoid Buying a Flooded Car (Insurance Information Insitute)
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