Car insurance for a Corvette

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A Corvette has been a head-turner since the first model rolled out of the Flint, Michigan factory in the summer of 1953. The sports car’s sleek lines and powerful engine are still eye-catching and thrilling to drive.

However, the cost of Corvette insurance is not as thrilling. Sports cars typically cost more to insure due to the high-risk nature of placing a powerful engine in a small, lightweight vehicle, in combination with the overall cost of the vehicle itself. Speeding tickets are just one hazard of owning and driving a racy sports car. Compared to a minivan or standard sedan, lifestyle indications may also reflect a potential higher risk associated with the driver.

Nevertheless, there may be ways to buy more affordable car insurance for Corvette models if you understand the factors that affect insurance premiums and how you may be able to offset some of the variables.

Models included in this review:
This review looks at the Chevrolet Corvette and associated insurance variables.

How much does it cost to insure a Corvette?

Sports cars are typically more expensive to insure than an average car such as a sedan or SUV — and Corvettes are no exception. While the average cost of car insurance in the U.S. is $1,674 per year (based on quotes for a Toyota Camry), Bankrate found that the average rate for Corvette insurance is higher. While this is understandable, you may be able to find lower rates by comparing providers, or by leveraging discounts or practicing safe driving habits.

Reasons why car insurance is higher than average for a Corvette include the following:

  • Crash rate statistics: The Insurance Institute for Highway Safety (IIHS) does not provide Corvette data on accident statistics. However, the latest available data (2014-2017) on the death rate for mid-size sports car-related accidents was 36. Depending on the model, death rates may be as high as 81 or more.
  • Price of parts: Corvettes are high-performance vehicles and parts/systems can be costly to repair or replace. For example, car tires alone could set you back $1,000.
  • Safety features: The small size of a Corvette lends itself to greater risk for the driver and passenger in case of a serious accident. To help compensate, Corvettes come loaded with safety features. Besides the expected airbags and anti-lock brakes, Corvettes come with active handling stability control and a Teen Driver limit that restricts younger drivers behind the wheel. These features may help offset rates if companies offer discounts for these specific safety features.

Car insurance for a Corvette

When it comes to Corvette insurance costs, it is important to understand what coverages are likely best for a high-end sports car. Minimum coverage only includes the state requirement of liability insurance. The problem with this lower-cost option is that it does not provide any reimbursement if your Corvette needs repairs or is totaled in a crash like full coverage car insurance (including comprehensive and collision coverage) would provide.

For this reason, if you plan on leasing or financing a Corvette, the lender will likely require you to have more extensive coverage. Full coverage car insurance builds on a basic liability policy by adding collision and comprehensive coverage, both designed to pay for damages to your vehicle if you are at fault in an accident or your car is stolen, vandalized or damaged due to a weather-related event. Below are the average rates for Corvette car insurance for minimum and full coverage, for the sake of comparison.

Corvette car insurance Average annual premium
Minimum coverage $444
Full coverage $2,220

Cheapest car insurance companies for Corvettes

The following five providers were chosen from our best car insurance companies page to see how Corvette insurance costs compare. You may notice how differently the carriers charge for the same type of coverage. Your Corvette insurance quotes will also vary. That is why getting quotes from a few insurance companies could provide you with a clearer picture of how much Corvette car insurance costs.

Average annual premium for full coverage by model

Car insurance company Corvette
Amica $1,391
Erie $1,743
Geico $2,036
State Farm $1,962
USAA $1,700

Corvette features that impact insurance costs

As mentioned, Corvettes come with a comprehensive list of safety features. These help make the vehicle safer, as well as potentially providing savings on your car insurance premium. Standard Corvette safety features include:

  • Active handling stability control for improved traction and better vehicle stability
  • All-speed traction control
  • Daytime running headlamps
  • Front and side airbags for driver and passenger
  • High-definition rear camera
  • OnStar to keep you connected and get you help if required
  • Rear park assist
  • Teen Driver setting that allows you to configure the key fob for safer driving behavior and to view a report of the teen’s driving

Other car insurance coverage for a Corvette

Besides the minimum required coverage you need to legally drive in your state, there are several car insurance add-ons you should consider. Towing or roadside assistance is often considered worth the small charge, if not already included in your policy, especially since low-riding Corvettes are best towed on a flatbed truck (which can cost a bit more than front wheel towing).

New car replacement insurance may also be beneficial to Corvette drivers, as it can replace a totaled model with a new version, so you do not have to deal with finding a pre-owned model similar to the one you lost.

In addition, options such as accident forgiveness and diminishing or disappearing deductible could save you money over time. With accident forgiveness, your premiums will not increase after one at-fault accident. And having no claims can help lower the deductible you would pay. The longer you go accident- and claims-free, the more you could save.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our base profile drivers own a 2019 Chevrolet Corvette, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Written by
Cynthia Paez Bowman
Personal Finance Contributor
Cynthia Paez Bowman is a finance, real estate and international business journalist. Besides Bankrate.com, her work has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and SimpleDollar.com. She owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide growth and visibility. Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. She travels to Africa and the Middle East regularly to consult with women’s NGOs about small business development.
Edited by
Insurance Editor