Chevrolet Corvette Insurance Rates

Are Corvettes expensive to insure? Corvettes can be more expensive to insure than most vehicles. Exactly how much is Corvette insurance from major insurers? The average insurance cost for a Corvette is $1,864 a year, or $155 a month. Read on to learn how to find the cheapest Chevrolet Corvette insurance rates.

Enter your ZIP code in our free rate tool above to start comparing Corvette insurance quotes and save on Corvette insurance costs.

Estimated insurance prices for a Chevrolet Corvette are $1,814 every 12 months with full coverage. Comprehensive costs approximately $516 each year, collision costs $930, and liability costs around $258. Liability-only insurance costs as low as $306 a year, with high-risk driver insurance costing around $3,910. 16-year-old drivers pay the most at $6,122 a year or more.

Average premium for full coverage: $1,814

Premium estimates by type of coverage:

These estimates include $500 comprehensive and collision deductibles, bodily injury liability limits of 30/60, and includes UM/UIM and medical coverage. Rates include averaging for all U.S. states and Corvette models.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Where you live can make a big difference on the price of insurance. Rural locations are statistically proven to have more infrequent collision claims than congested cities.

The graphic below illustrates how location impacts auto insurance prices.

These rate differences demonstrate why all drivers should compare prices using their specific location and their own driving history, instead of making a decision based on rate averages.

Use the form below to get customized rates for your location.

Rates by State, City, and Model

The chart below details estimated Chevrolet Corvette insurance rates for additional coverage and risk scenarios.

• The best full coverage rate is $994
• Using higher $1,000 deductibles will save $328 annually
• The average price for a 40-year-old good driver who chooses $500 deductibles is $1,814
• Buying low deductibles for physical damage coverage increases the price to $2,452
• High-risk insureds with multiple tickets or accidents could pay around $3,910 or more
• An auto insurance policy to insure a 16-year-old driver can cost $6,122 or more

View Chart as Image

Insurance prices for a Chevrolet Corvette also have a wide range based on physical damage deductibles and liability limits, your driving record, and the model of your Corvette.

Opting for high physical damage deductibles could cut prices by as much as $970 annually, whereas increasing liability limits will push prices upward. Moving from a 50/100 liability limit to a 250/500 limit will cost up to $232 more each year. View Rates by Deductible or Liability Limit

More mature drivers with no violations or accidents and higher deductibles may pay as low as $1,700 a year, or $142 per month, for full coverage. Prices are highest for drivers in their teens, since even excellent drivers should be prepared to pay in the ballpark of $6,100 a year. View Rates by Age

If you have a few violations or you were responsible for an accident, you may be forking out anywhere from $2,100 to $2,800 additional annually, depending on your age. Insurance for high-risk drivers can be from 46% to 130% more than the average rate. View High Risk Driver Rates

Where you choose to live has a huge impact on Chevrolet Corvette insurance prices. A driver around age 40 might see prices as low as $1,310 a year in states like Utah, Ohio, and New Hampshire, or at least $2,440 on average in New York, Michigan, and Florida.

View Chart as Image

With such a large range in prices, the best way to find out who has the cheapest auto insurance prices is to do a rate comparison from multiple companies. Each insurance company utilizes a different rate formula, and prices will be substantially different.

Insurance Rates by Trim Level and Model Year

Rates assume 2023 model year, a 40-year-old male driver with no accidents or violations, $500 comprehensive and collision deductibles, minimum liability limits, and uninsured/under-insured motorist coverage included. Rates are for comparison only and are averaged for all 50 U.S. states.

How to Shop for Cheap Chevrolet Corvette Insurance

Finding better rates on insurance for a Chevrolet Corvette requires having a decent driving record, having above-average credit, being claim-free, and qualifying for all possible discounts. Spend time shopping around every other policy renewal by obtaining price quotes from direct companies, and also from insurance agencies where you live.

The following items are a brief summary of the ideas that were touched on above.

• 16 to 18-year-old drivers are the costliest to insure, possibly costing $510 per month if full coverage is included
• Drivers considered higher risk that tend to have accidents or serious violations could be forced to pay on average $2,100 more per year than a driver with a clean driving record
• Increasing policy deductibles could save as much as $975 each year
• You may be able to save around $230 per year simply by quoting online in advance

How much does it cost to insure a Corvette if you have a poor record? Generally, the cost to insure a Corvette will be at least $500 more if you have a DUI or reckless driving charge. And if you are wondering how much is insurance on a Corvette for a 16 or 18-year-old, it will usually be at least $1,000 more than a normal policy.

The best way to find cheap Corvette average prices is to shop around for a Corvette comparison chart of insurance rates. Whether you are looking for the best Corvette insurance as a 20-year-old or want to find out how much is insurance for a 2019 or 2020 Corvette, shop around to find the best Corvette car insurance price.

It’s important to also know if you need collector car insurance or standard auto insurance. There are different auto insurance companies, and some do both or just one type. Classic car insurance is for an older collector vehicle that needs to be insured a bit different than your standard newer vehicle.

Use our free tool below to shop around for everything from the insurance cost for a Corvette Stingray to Corvette insurance costs for 18-year-olds and 20-year-olds.

What are the safety ratings of the Chevrolet Corvette?

Chevrolet Corvette safety ratings and features are important when it comes to calculating rates. The safer your car is, the more discounts you will receive. The newest model of the Chevrolet Corvette has some great advanced safety features, such as a rearview camera, a head-up display, and a front curb-view parking camera.

However, the Insurance Institute of Highway Safety (IIHS) has not crash-tested the Chevrolet Corvette. This means that insurance costs will be calculated on overall crash test ratings for sports cars, even if the Chevrolet Corvette is safer than other sports cars.

How does the Chevrolet Corvette compare against other vehicles in the same class?

The Chevrolet Corvette is a midsize, luxury sports car, which usually means it will have higher liability rates because it is more prone to crashing. While 2014 Corvette insurance rates might be different than insurance on a 2020 Corvette because the 2020 model has more safety features that prevent crashes, you can expect rates on luxury sports cars to be higher on all model years.

The good news is that the IIHS found that the Chevrolet Corvette’s liability rates were substantially better than average in comparison to other sports cars. This doesn’t mean you’ll have cheap rates, but your rates will be cheaper than average for sports cars.

If you are curious how the Chevrolet Corvette’s insurance rates compare to other sports cars, take a look at the list below.

• Ford Mustang GT Insurance Rates
• Mercedes-Benz SL Class Insurance Rates
• Nissan 370Z Insurance Rates

Ready to start shopping for Corvette insurance? Whether you want 2019 or 2020 Corvette insurance cost comparisons or a decades-old model quote, enter your ZIP code in our free tool.

References

1. https://www.iihs.org/ratings/insurance-losses-by-make-and-model