Compare the Cost of Chevrolet Corvette Insurance by Model Year and Company


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Insurers base their rates on a combination of factors, including the driver’s age. Younger drivers pay more to get their vehicles insured. For example, the average cost to insure a 16-year-old driver of a 2014 Chevrolet Corvette is $6,983, but only $1,564 annually for a 40-year-old driver. Insuring a 2022 Chevrolet Corvette costs $8,638 per year for a 16-year-old driver and $1,946 annually for a 40-year-old driver.

Key Takeaways

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Insuring a Chevrolet Corvette averages $1,783 per year or $149 per month. This cost is moderately high because it is a specialized car with a powerful engine that can reach high speeds and is considered high-risk due to its above-average theft rate.

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Nationwide offers the cheapest full coverage for a Chevrolet Corvette at $1,202 per year. The most expensive option is Allstate at $2,265 per year, a potential savings of $1,063.

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Insuring a 2014 Chevrolet Corvette costs around $1,564 annually, while a 2022 model costs approximately $1,946 per year. Newer models generally have higher insurance costs due to their higher market value.

MoneyGeek Logo IconCar Insurance CostsCorvette
2024

Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze average rates for a Chevrolet Corvette.

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We updated these rates to reflect the average cost of car insurance for a Chevrolet Corvette as of 2023.

10Companies Compared
 
26,892 Quotes Analyzed

Average Cost and Cheapest Companies for Insuring a Chevrolet Corvette

The average cost to insure a Chevrolet Corvette is $1,783 annually. However, your choice of insurance provider can make a difference in cost.

Nationwide, the cheapest car insurance company for full coverage, costs $1,202 per year. While Allstate, the most expensive company, costs $2,265 per year. A state minimum coverage will cost less. GEICO offers the cheapest state minimum policy at $429 per year, while Allstate offers the cheapest at $613 per year.

Data filtered by:Results filtered by:
Age:
Age:40
Coverage:
Coverage:Full Coverage
Nationwide$1,202
Travelers$1,296
GEICO$1,615
State Farm$1,644
Progressive$1,964
Farmers$2,139
Allstate$2,265

Is a Chevrolet Corvette Expensive to Insure?

Insurers consider various factors when determining insurance rates, and coverage for a 2022 Chevrolet Corvette is moderately priced. Because it is a specialized car with an MSRP starting at $62,195, insurance companies are bound to charge higher premiums to cover expensive repairs in case of an accident.

In addition, the Corvette is a high-performance car with a powerful engine that can reach high speeds. For this reason, insurance companies may deem it to be riskier to insure, and drivers of this car are more likely to be involved in accidents.

The most recent data from the National Highway Traffic Safety Administration (NHTSA) indicates that Corvettes are stolen at an above-average rate. Insurance companies may charge higher premiums to cover such risks.

Best Companies for Insuring a Chevrolet Corvette

Cost is only one factor to consider when buying insurance. The best car insurance companies also offer great service and claims handling. The following companies are our top picks for insuring a Chevrolet Corvette:

  • Travelers: MoneyGeek score 90 out of 100 ($1,296 per year)
  • Nationwide: MoneyGeek score 90 0ut of 100 ($1,202 per year)

Travelers and Nationwide score the highest in claims management among the seven insurers we reviewed and offer the most affordable prices. They both have above-average coverage scores, which means they offer a good mix of essential and unique coverage.

MoneyGeek Top Pick: Travelers

Travelers

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Second cheapest option

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Quality customer service

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Highest claims management score

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Offers essential coverages

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No deductible modification add-on

COMPANY HIGHLIGHTS

If you own a Chevrolet Corvette, Travelers is worth considering for offering great value at an affordable price. Established in 1864, Travelers Auto Insurance is one of the largest auto insurance providers in the United States. It’s known for its excellent customer service as recognized by independent rating agencies like A.M. Best.

If you own a Chevrolet Corvette, Travelers offers a wide range of policies to suit your needs. In addition to liability coverage, collision and comprehensive insurance, Travelers also provides coverage options like rental car reimbursement if your Corvette is undrivable after a covered accident. If your Corvette is declared a total loss shortly after purchase, Traveler’s new car replacement coverage ensures that you’ll receive a replacement Corvette of the same make and model.

Read MoneyGeek's Travelers Auto Insurance Review

MoneyGeek Runner-Up: Nationwide

Nationwide

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Most affordable

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High score for coverages offered

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Above-average customer satisfaction score

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Below-average score for claims management

COMPANY HIGHLIGHTS

Nationwide is another good option for Chevrolet Corvette car owners.

The company’s gap insurance coverage can be helpful for Corvette owners whose vehicle is financed or leased. This coverage pays the difference between the actual cash value and the unpaid balance of the auto loan if your car is totaled. In addition, the company’s identity theft add-on is fairly unique. This coverage pays up to $25,000 for expenses if you or anyone in your household are victims of identity theft or fraud.

Nationwide offers several discounts that can help lower premium costs. For example, the company offers a multi-car discount, which can be helpful for Corvette owners who own several vehicles. Nationwide also offers a safe driver discount, which rewards drivers with good driving records. A good student discount can be useful for Corvette owners who have teenage drivers on their policy.

Read MoneyGeek's Nationwide Auto Insurance Review

Cost of Insuring a Chevrolet Corvette by Model Year

The average cost of car insurance for a 2014 Corvette is $1,564 per year, while insuring a 2022 Corvette costs $1,964. Newer model years tend to be more expensive to insure than older ones due to their higher value, more expensive parts, higher risk for theft and other factors.

Data filtered by:Results filtered by:
Age:
Age:40
Coverage:
Coverage:Full Coverage
2022$1,946
2021$1,893
2020$1,812
2019$1,780
2018$1,724
2017$1,699
2016$1,673
2015$1,616
2014$1,564

Car insurance rates vary depending on the insurer and the car’s model year. Travelers offers the cheapest policy for a 2014 Corvette at $1,205 per year. Meanwhile, Nationwide offers the most affordable policy for a 2022 Corvette at $1,221 per year.

Data filtered by:Results filtered by:
Model Year:
Model Year:2022
Age:
Age:40
Coverage:
Coverage:Full Coverage
Nationwide$1,221
Travelers$1,310
GEICO$1,830
State Farm$1,867
Progressive$2,166
Farmers$2,372
Allstate$2,904

Cost of Insuring a Chevrolet Corvette for 16- to 25-Year-Olds

Car insurance rates vary greatly depending on age, with teenagers and those in their 20s paying much higher rates than adults over 30.

The average cost of insuring a Chevrolet Corvette for a 16-year-old is $7,755 per year, while a 40-year-old pays an average of $1,745 per year. Teen car insurance is expensive but premiums tend to decrease as drivers reach their 20s.

Data filtered by:Results filtered by:
Coverage:
Coverage:Full Coverage
16$7,755
17$6,344
18$5,612
19$3,912
20$3,566
21$2,789
22$2,583
23$2,404
24$2,287
25$2,055

Teen car insurance costs significantly more if you buy an individual policy versus adding your teen to an existing family policy. Nationwide offers the cheapest insurance for a 16-year-old driver of a 2022 Corvette at $4,832 per year. On the other hand, the most expensive insurer is Progressive at $12,501 per year.

Teens and their families should shop around to find the cheapest policy for their Corvette.

Data filtered by:Results filtered by:
Age:
Age:16
Model Year:
Model Year:2022
Coverage:
Coverage:Full Coverage
Nationwide$4,832
Travelers$5,372
State Farm$6,069
GEICO$8,459
Farmers$11,046
Allstate$12,293
Progressive$12,501

How Does Location Affect the Cost of Chevrolet Corvette Insurance?

While many factors affect the cost of car insurance, location is one of the most influential. For example, Idaho has the cheapest car insurance average, while North Carolina has the most expensive.

When insuring a Chevrolet Corvette, compare quotes from at least three of the cheapest insurers in your state.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
AlabamaNationwide$709$59
AlaskaState Farm$699$58
ArizonaRoot Insurance Company$682$57
ArkansasState Farm$629$52
CaliforniaAAA California$1,001$83
ColoradoAmerican National P&C$541$45
ConnecticutGEICO$693$58
DelawareState Farm$881$73
District of ColumbiaGEICO$662$55
FloridaState Farm$1,058$88
GeorgiaCountry Financial$665$55
HawaiiGEICO$565$47
IdahoAmerican National P&C$299$25
IllinoisCountry Financial$663$55
IndianaAmerican Family$555$46
IowaState Farm$509$42
KansasNationwide$670$56
KentuckyNationwide$790$66
LouisianaLouisiana Farm Bureau$1,048$87
MaineConcord Group$521$43
MarylandProgressive$938$78
MassachusettsState Farm$483$40
MichiganGEICO$898$75
MinnesotaState Farm$797$66
MississippiDirect General Insurance$723$60
MissouriNationwide$909$76
MontanaProgressive$437$36
NebraskaAmerican National P&C$405$34
NevadaCSAA$940$78
New HampshireState Farm$540$45
New JerseyPlymouth Rock Assurance$895$75
New MexicoState Farm$644$54
New YorkKemper$781$65
North CarolinaErie$630$52
North DakotaAmerican Family$616$51
OhioNationwide$485$40
OklahomaState Farm$662$55
OregonState Farm$706$59
PennsylvaniaNationwide$580$48
Rhode IslandState Farm$700$58
South CarolinaAmerican National P&C$463$39
South DakotaAllstate$746$62
TennesseeState Farm$579$48
TexasState Farm$699$58
UtahNationwide$725$60
VermontState Farm$493$41
VirginiaAmerican Family$601$50
WashingtonPEMCO$534$44
West VirginiaErie$784$65
WisconsinGEICO$556$46
WyomingState Farm$745$62

Frequently Asked Questions About Chevrolet Corvette Insurance

MoneyGeek answers Chevrolet Corvette car owners’ most frequently asked questions about insurance policy cost and quality.

What company has the cheapest car insurance for a Chevrolet Corvette?

What company offers the best car insurance for a Chevrolet Corvette?

About Mark Fitzpatrick


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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.