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Car insurance for a Corvette
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The Chevrolet Corvette is an iconic sports car with an intensely loyal fanbase. While the car’s design has changed over the years, it tends to retain its sharp lines and slick aerodynamics. However, its slick design may come at a cost. The average rate for full coverage auto insurance for a Corvette is $2,633 per year compared to the average national rate of $2,014. However, minimum coverage is slightly cheaper than the national average. The average annual minimum rate for the Corvette is $529 compared to the national average rate of $622.
How much does it cost to insure a Corvette?
Sports cars are typically more expensive to insure than sedans — and Corvettes are no exception. While the average cost of car insurance in the U.S. is $2,014 per year, rate data from Quadrant Information Services indicates that the average rate for Corvette insurance is higher for full coverage at $2,633 per year. For minimum coverage, the average rate of $529 per year for the Corvette is lower than the national average rate of $622 per year. However, you may be able to find more affordable rates based on your driving history, location and other personal rating factors.
Key factors that influence auto insurance costs and may indicate why Corvette rates are so high include:
- Crash rate statistics: The Insurance Institute for Highway Safety (IIHS) does not provide Corvette data on accident statistics. However, the death rate for midsize sports cars with the model year 2020 was 76 deaths per million cars registered. For comparison, the average death rate for all vehicles was 38.
- Price of parts: Corvettes are high-performance vehicles, and the parts and systems may be difficult to find and expensive to replace. Specialty parts and labor typically correspond with higher insurance rates.
- Safety features: The small size of a Corvette lends itself to greater risk for the driver and passenger in case of a serious accident. However, modern Corvettes do have some safety features that may help improve crash outcomes or avoid them altogether. These include an electronic stability system, blind spot alerts and parking assist.
Car insurance for a Corvette
As you may have noticed, there is quite a price difference between the average cost of full coverage car insurance and the average cost of minimum coverage for a Corvette. Although minimum coverage satisfies state insurance requirements, it does not provide any financial protection for your vehicle itself. Full coverage includes comprehensive and collision coverage to pay for repairs to your vehicle in the event you cause an accident or experience another type of covered damage.
|Corvette car insurance
|Average annual premium
Cheapest car insurance companies for Corvettes
Although the average cost of car insurance for a Corvette is higher than the national average, some carriers may offer more competitive premiums. We evaluated average rate data from top car insurance carriers and found that these five offer some of the lowest average rates for full coverage Corvette insurance. Your rates will likely vary from these based on your personal rating factors, but if you're looking to compare quotes, these companies may be a good place to start.
Corvette features that impact insurance costs
As mentioned, Corvettes come with a list of safety features that may help make the vehicle safer, as well as potentially provide savings on your car insurance premium. Standard Corvette safety features include:
- Traction control: This system controls acceleration, braking and steering to provide improved traction while driving in a variety of conditions.
- Parental control system: This system allows parents to modify vehicle settings based on the driver and track teen driving habits. Using the teen's key as an identifier, parents can set seat belt reminders, limit audio volume and track speeding.
- Collision and blind spot warning system: The Corvette's comprehensive camera system allows it to alert drivers when a vehicle is in their blind spot or if the vehicle detects a potential collision.
Other car insurance coverage for a Corvette
Many car insurance companies offer endorsements to help drivers personalize their insurance policies. While these extra coverage types will likely increase your premium, they may provide worthwhile coverage and peace of mind on the road.
One common coverage option is towing or roadside assistance. Low-riding Corvettes are best towed on a flatbed truck, which can cost a bit more than front-wheel towing, so this may be applicable for Corvette drivers.
New car replacement insurance may also be beneficial to Corvette drivers who drive newer models. This coverage 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. Accident forgiveness coverage may go hand-in-hand with new car replacement coverage by protecting you from a rate increase after your first at-fault accident.
The endorsements available to you will depend on the insurance company you choose, but it may be good practice to ask about potential endorsements and their cost during the quoting process.