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 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.
We’ve delved deep into the details of the 2020 Chevrolet Corvette C8, looking at everything from its power output to its price, optional packages, and cargo space. Now, it’s time to get even further into the nitty-gritty by looking at Corvette C8 insurance rates.
How much will the Chevy Corvette C8 cost to insure? We asked Penny Gusner, consumer analyst for Insurance.com and Insure.com, how average insurance costs for the new Corvette might change from the previous C7.
Car insurance for a Corvette
When it comes to Corvette insurance costs, it is important to understand what types of coverage 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.
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How much does it cost to insure a Corvette?
Sports cars are typically more expensive to insure than average cars such as sedans or SUVs, 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:
- 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.
- Corvettes are high-performance vehicles, and parts and 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.
Will Chevy Corvette C8 Insurance Costs Increase?
We’ll have to wait for the new Corvette to come out and more data to become available before we know exactly how much the C8 will cost to insure. But we can certainly expect rates to go up. Part of the reason is that, as Chevy says, only a single part of the C7 has carried over to the C8 Corvette.
“For an insurance company, this usually translates to more expensive parts and labor, as there is not an abundance of parts laying around and mechanics must familiarize themselves with the new C8,” Gusner says.
The 2020 Chevy Corvette Stingray is also more expensive than its predecessor. At $59,995, the starting price is up to $3,000 from last year, and prices go way up from there—a 3LT trim equipped with the Z51 Performance package will run you more than $75,000.
Expect the higher price tag to lead to higher rates because insurance companies will have to pay out more if the car is totaled.
While the comprehensive and collision portions of your rate are expected to go up, liability should stay around the same for the time being. Quick refresh Comprehensive and collision cover damage to your car, and liability covers damage to a third party.
Right now, it’s unclear if the Corvette’s switch to a mid-engine design will affect insurance rates. “I believe that will be one of the items insurers will follow to see how the vehicle does in accidents and what type of claims are made and how much claim settlements are to see if that change should cause the rates to decrease or increase,” Gusner says.
How Much Will Insurance Rates Go Up On The New Corvette?
Corvette C8 insurance rates could go up by as much as 15 percent. We could see average nationwide annual premiums of around $2,330-$2,400, Gusner says. To understand these costs, we have to look at previous Corvettes.
For the most part, insurance rate changes for the Corvette have remained consistent with the national averages for all vehicles over the last several years. Last year, rates for the base Corvette 1LT increased by 7 percent, which is in line with the average nationwide insurance increase of 6.7 percent for all 2019 model-year vehicles.
This brought Corvette’s average premium to $2,081. But because the 2020 model enters a new generation, expect rates to increase more sharply. When the C7 Corvette first arrived, rates for the vehicle increased a whopping 12.3 percent, more than the national average increase of 5 percent at the time.
According to Gusner, 2020 insurance rates are expected to jump by a smaller rate of around 3–4 percent. On top of that, the C8 model changeover could account for an additional 8 percent hike, Gusner estimates.
So we could be looking at an overall rate increase of 12 percent from last year, which would put premiums around $2,330. It’s possible that rates could increase at an even higher rate of 15 percent, Gusner says, which would bring premiums to about $2,400.
This review looks at the Chevrolet Corvette and associated insurance variables.
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
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Corvette features that impact insurance costs
As mentioned, Corvettes come with a comprehensive list of safety features. This helps makes the vehicle safer, as well as potentially provide 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 deductibles 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.
How Will Corvette C8 Insurance Rates Change Over Time?
The landscape could change when insurance companies start seeing claim data for the C8 Corvette. “If in the upcoming months and years this vehicle starts to be in more accidents and more liability claims are placed, rates will start to rise,” Gusner says.
Remember when we said that the liability rates were expected to stay the same? Well, that might not be the case forever. These rates could increase, Gusner says, if the new Corvette attracts a different type of buyer that drives differently from previous Corvette owners and causes more accidents.
Another example: Rates could rise if the more rigid frame ends up causing more severe damage to other vehicles when the Corvette is in at-fault accidents.
On the flip side, fewer claims and severe accidents could cause rates to drop. Other factors that will affect future Chevy Corvette insurance costs include fluctuating repair costs and changes to the purchase price of the vehicle.
What Will Rates Look Like on Potential Z06 And ZR1 Variants?
Of course, more powerful variants of the Corvette will cost more to insure. Currently, those driving the 2019 Z06 and ZR1 are shelling out an average of $2,475 and $2,550, respectively, for insurance.
If the new C8 Z06 and ZR1 also receive a 12 percent hike, the rates would jump to $2,775 and $3,081.
Although these premiums are high, you could do a lot worse. According to Insure.com, the Nissan GT-R is the most expensive vehicle to insure for 2019, with an eye-watering average rate of $3,941.
On the opposite end of the spectrum is the Honda Odyssey LX, which boasts an average rate of just $1,298.
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 coverage levels 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.
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