How much is car insurance for a Corvette?
How much do Chevy Corvette car insurance rates cost? It is no secret that a Chevrolet Corvette is not the least expensive car that one could own.
On the contrary – these snazzy sports cars are reputed as being one of the priciest (albeit one of the ritziest) automobiles on the face of the planet.
In addition to the high initial cost of purchasing a Corvette, one will also have to pay greatly inflated rates on car insurance if he or she owns such a vehicle.
Of course, finding the best Corvette auto insurance rates is simply a matter of shopping around and comparing quotes from many companies. Enter your ZIP code above to get started!
Automobile insurance rates are lowered when a car receives good safety and reliability ratings. Of course, most people do not have safety and moderation in mind when they choose to purchase a Corvette. These cars are valued for their flashy styles and their exhilarating speeds, and insurance rates for Corvettes are quite high for this very reason.
When tested, the Chevrolet Corvette has received very poor safety ratings.
Although the owner of a Corvette likely would not be too concerned with these statistics, he or she might be interested in the effects that they have on his or her car insurance rates. The very nature of car insurance has caused the Corvette’s safety ratings to considerably raise its insurance costs.
Chevrolet Corvette car insurance costs are also quite high due to this model’s supreme monetary value. Corvettes are some of the most expensive sports cars to purchase. This means that they are much more costly for an automobile insurance company to replace if something were ever to happen to the vehicle.
In addition, because Corvettes are reputed to be so stylish yet so expensive, they attract envy from millions of people throughout the entire world. As such, these vehicles have a notoriously high theft rate. Corvette auto insurance rates are oftentimes inflated simply because these vehicles are so likely to be stolen.
Finally, the simple fact that a Chevrolet Corvette is a sports car serves to boost its insurance costs enormously. People do not purchase sports cars in order to complacently drive to the grocery store at a slow, safe pace.
When one purchases a sports vehicle with enormous speed capabilities, an incredibly powerful motor, and intense handling qualities, the natural instinct is to drive it as it was meant to be driven; in other words, fast.
People who drive sports cars statistically tend to have more reckless driving habits and a higher frequency of careless actions. One is far more likely to get in an accident while driving a Corvette than while driving Grandma’s old minivan; as such, Corvette car insurance rates are quite expensive.
Improving the Rates
Some aspects of the Corvette do have a positive impact on its car insurance rates. Chevrolet has been doing its best to provide the occupants of a Corvette with the best safety that is possible in such a flashy sports car. Innumerable safety features have been added to
modern Corvette models, such as:
- Energy management features
- Easily manageable airbags
- Traction control
- Electronic stability control
- Auto crash notification services
These safety features have helped to alleviate the high car insurance rates that the dangers of operating a Corvette have induced. It is important to keep in mind however that each of the various car insurance companies assess rates differently so be sure to shop around.
Additionally, although safety ratings for the Corvette are very poor, the Corvette is reputed to have an excellent
reliability history. All models of Corvettes have received fantastic reliability reviews in comparison with other cars of a similar age.
For example, JD Power has given the 2010 Grand Sport model a reliability rating of 4.5 out of 5 possible points. This helps to lower insurance rates due to the Corvette’s relative strength and ease of repair.
The Corvette’s excellent reliability is one of the reasons why one can encounter so many classic Corvettes out on the road. However, Corvette auto insurance differs greatly between modern Corvette models and those that are considered to be classics. It is actually far more affordable to insure most classic Corvettes than it is to ensure a new one.
The reason why one can more easily insure a classic Chevrolet Corvette is quite simple.
When applying for classic Corvette car insurance, one usually must assert that the automobile will be primarily used for collector’s purposes.
This means that, for the bulk of the vehicle’s lifespan, the car will remain in a locked, secure garage. Auto insurance companies expect that these vehicles will be meticulously cared for and maintained due to their fantastic collector’s value. Although one is obviously allowed to bring the classic Corvette out on the road, it is expected that the vehicle will remain in storage most of the time.
Of course, other factors will influence the car’s insurance rates. Depending on the exact model and year of Corvette that one owns, the vehicle might be expected to either depreciate or appreciate in value.
Cars that are expected to gain value over time will have exponentially higher auto insurance rates than those that are expected to lose value, even if the depreciation rate is only slight. This is simply due to the car’s expected desirability in regards to thefts and criminal activity.
Getting the Best Rate on a Classic Corvette
However, there are certain measures that one can take in order to reduce the price of insuring a classic Corvette. In order to reduce insurance costs, one should:
- Open a specialty account for the classic vehicle
- Determine the vehicle’s true value
- Keep the vehicle safe and well maintained
It is very expensive to add a classic car onto one’s preexisting, standard auto insurance. By insuring a classic car in this manner, one is stating that he or she plans to drive the car as he or she would drive any other vehicle. With most classic cars, this is simply not the case.
One should therefore open a specialty car insurance account in order to insure a classic Corvette. Next, one must determine the vehicle’s true market value and present the car to the insurance company accordingly.
Classic cars vary greatly in price, and an automobile insurance company will always try to assign a vehicle with the least value possible.
This is especially true with Corvettes; while a fantastically maintained classic Corvette might be worth fifty thousand dollars, a slightly more contemporary model that has not been cared for well could be worth a mere three to four thousand dollars.
Whether one owns a classic Corvette or a new model, he or she will likely have to pay a premium to insure his or her vehicle. Although Corvettes are reputed to be some of the best cars that one could possibly own, their poor safety history, sporty nature, and high monetary value cause them to be very expensive to insure.
However, many people strongly assert that the benefits of owning a Chevrolet Corvette far outweigh the expenses that are associated with the ownership of such a vehicle.
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