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With its powerful engine and instantly recognizable silhouette, the Chevrolet Corvette is the dream car for many drivers and sports car enthusiasts. While the Corvette first made its debut in the summer of 1953, the car remains an icon of the American car industry, especially when it comes to luxury and racing vehicles.
However, part of owning a sports car like a Corvette is understanding how its features affect the maintenance and car insurance costs. The national average cost of full coverage car insurance is $1,674 per year. The Corvette insurance costs can be even higher due to its build, capability for speed and accident rate. Still, it’s still possible to find affordable car insurance for the Corvette and build a policy that works for you.
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 Chevrolet 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|
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
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: To ensure improved traction and better vehicle stability, the active handling stability control feature can detect poorly executed or unwanted vehicle maneuvers and course-correct. Though not fail-safe, it can help drivers stay safe on the road.
- All-speed traction control: With this feature, the car is able to minimize the possibility of losing friction with the pavement while driving.
- Daytime running headlamps: This safety feature has become more popular with new vehicles and is used as a way to alert other cars that the vehicle is on the road. Daytime running headlamps are especially helpful in low light conditions and in winter when daylight hours are shorter.
- Front and side airbags for driver and passenger: More airbags for the driver and front-seat passenger mean more cushioning in the event of head-on and side collisions to help minimize the impact.
- OnStar: A key draw of GM’s OnStar services is the ability to talk to a real advisor during an unforeseen situation to request roadside assistance, emergency services or even help with a stolen vehicle. There are four OnStar tiers and plans start at $24.99 per month.
- Rear park assist: When parking in reverse, a series of ultrasonic sensors on the rear bumper of the car and a high-definition rear camera work together to detect objects around the car. The car will emit a series of beeps from the rear speakers depending on how close objects are.
- Teen driver technology: This system is built into most Chevrolet vehicles, including the Corvette, to help coach and monitor teen drivers. Parents can program the system to include speed warnings as well as speed and audio limits when their teen is behind the wheel.
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.
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.