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.
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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.
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
Second cheapest option
Quality customer service
Highest claims management score
Offers essential coverages
No deductible modification add-on
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.
MoneyGeek Runner-Up: Nationwide
High score for coverages offered
Above-average customer satisfaction score
Below-average score for claims management
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.
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.
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.
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.
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.
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.
Frequently Asked Questions About Chevrolet Corvette Insurance
MoneyGeek answers Chevrolet Corvette car owners’ most frequently asked questions about insurance policy cost and quality.
About Mark Fitzpatrick