If you want to save the most money, the best way to find cheaper prices for Chevy Corvette insurance is to start doing a yearly price comparison from insurers who sell auto insurance in Aurora.
First, try to learn a little about auto insurance and the measures you can take to prevent expensive coverage. Many policy risk factors that cause rate increases like traffic citations, accidents, and an imperfect credit history can be amended by making lifestyle changes or driving safer.
Second, obtain price quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give prices from one company like Progressive or State Farm, while independent agencies can provide prices from multiple companies. View companies
Third, compare the quotes to the price on your current policy to see if cheaper Corvette coverage is available. If you can save money, verify that coverage does not lapse between policies.
An important part of this process is to make sure you enter identical coverage information on every price quote and and to analyze as many companies as feasibly possible. This helps ensure a fair rate comparison and a complete price analysis.
Amazingly, a recent NerdWallet.com study showed that about 70% of customers have purchased from the same company for four years or more, and almost 40% of drivers have never shopped around. With the average insurance premium being $1,847, U.S. drivers could save roughly 46.5% each year just by getting comparison quotes, but they don’t want to spend time to compare other rate quotes.
If you have insurance now or need a new policy, you can use these tips to cut your premiums while maximizing coverage. This article’s intent is to help you learn how to compare rates easily and how to save the most money. You just need to learn the most efficient way to shop for car insurance online from multiple companies.
The companies shown below have been selected to offer price comparisons in Aurora, CO. If you wish to find cheap car insurance in Aurora, it’s highly recommended you click on several of them in order to get a fair rate comparison.
Insurance rate breakdown
The information shown below highlights detailed analysis of coverage prices for Chevy Corvette models. Having a good understanding how rate quotes are established helps drivers make smart choices when choosing a car insurance company.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $360 | $822 | $244 | $14 | $72 | $1,512 | $126 |
| Corvette GS 2-Dr Coupe | $428 | $916 | $244 | $14 | $72 | $1,674 | $140 |
| Corvette 2-Dr Convertible | $428 | $916 | $314 | $18 | $94 | $1,770 | $148 |
| Corvette GS 2-Dr Convertible | $460 | $1012 | $314 | $18 | $94 | $1,898 | $158 |
| Corvette Z06 2-Dr Coupe | $460 | $1012 | $244 | $14 | $72 | $1,802 | $150 |
| Corvette ZR1 2-Dr Coupe | $594 | $1394 | $244 | $14 | $72 | $2,318 | $193 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate quotes do not factor in vehicle garaging location which can alter rates considerably.
An analysis of deductible level
When comparing car insurance rates, the most common question is which comprehensive and collision deductibles to buy. The tables below can help you understand how much more you’ll pay between high and low deductibles. The first data set uses a $250 physical damage deductible and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $376 | $702 | $232 | $14 | $70 | $1,419 | $118 |
| Corvette GS 2-Dr Coupe | $446 | $784 | $232 | $14 | $70 | $1,571 | $131 |
| Corvette 2-Dr Convertible | $446 | $784 | $298 | $18 | $90 | $1,661 | $138 |
| Corvette GS 2-Dr Convertible | $480 | $866 | $298 | $18 | $90 | $1,777 | $148 |
| Corvette Z06 2-Dr Coupe | $480 | $866 | $232 | $14 | $70 | $1,687 | $141 |
| Corvette ZR1 2-Dr Coupe | $620 | $1192 | $232 | $14 | $70 | $2,153 | $179 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $232 | $442 | $232 | $14 | $70 | $990 | $83 |
| Corvette GS 2-Dr Coupe | $276 | $492 | $232 | $14 | $70 | $1,084 | $90 |
| Corvette 2-Dr Convertible | $276 | $492 | $298 | $18 | $90 | $1,174 | $98 |
| Corvette GS 2-Dr Convertible | $298 | $544 | $298 | $18 | $90 | $1,248 | $104 |
| Corvette Z06 2-Dr Coupe | $298 | $544 | $232 | $14 | $70 | $1,158 | $97 |
| Corvette ZR1 2-Dr Coupe | $384 | $750 | $232 | $14 | $70 | $1,450 | $121 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Rate information does not factor in specific location which can affect price quotes significantly.
Based on these figures, using a $250 deductible will cost you roughly $44 more each month or $528 each year than requesting the higher $1,000 deductible. Because you would pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have at least 17 months between claims, you would save money going with the higher deductible.
Insurance rate increases from tickets or accidents
The chart below shows how violations and accident claims can affect Chevy Corvette insurance rates for each age group. The premiums assume a married male driver, full coverage, $100 deductibles, and no other discounts are factored in.
Liability only or full coverage
The information below visualizes the comparison of Chevy Corvette premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The costs are based on no claims or driving citations, $100 deductibles, marital status is single, and no policy discounts are applied.
Should you pay for full coverage or liability only?
There is no written rule to exclude physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Chevy Corvette book value is $9,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $8,000 after paying your deductible. If premium cost is more than $800 annually to have full coverage, then it could be time to drop full coverage.
There are some cases where removing full coverage is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should maintain full coverage.
How to Lower Your Insurance Prices
Multiple criteria are considered when premium rates are determined. Some are pretty understandable such as your driving history, but some are less apparent like your vehicle usage or your commute time. A large part of saving on auto insurance is knowing some of the things that are used to determine the level of your policy premiums. When you know what positively or negatively controls the rates you pay, this allows you to make educated decisions that may reward you with big savings.
-
Men pay more for auto insurance – Over the last 50 years, statistics have shown females are less aggressive when driving. This data doesn’t prove that women are BETTER drivers than men. Women and men tend to get into fender benders at about the same rate, but men cause more damage. Men also statistically get more serious tickets such as driving while intoxicated (DWI) or driving recklessly.
The diagram below compares Chevy Corvette insurance prices for male and female drivers. The rates are based on no accidents, no driving violations, full coverage, $500 deductibles, marital status is single, and no discounts are factored in.
- Bundle policies and save – Most larger companies give lower prices to customers that purchase more than one policy such as combining an auto and homeowners policy. This can amount to as much as ten percent or more Even if you qualify for this discount already, it’s always a smart idea to comparison shop to guarantee you are still saving the most.
- Occupation stress can affect rates – Do you have a high-stress occupation? Occupational choices like fire fighters, airline pilots, and stock brokers usually pay higher premiums than the average policyholder because of intense work requirements and long work days. On the flip side, careers such as actors, athletes and retirees get better rates.
- Pay less if you’re married – Having a significant other can actually save you money on your auto insurance policy. Having a spouse translates into being more mature and statistics prove drivers who are married are more cautious.
-
Chevy Corvette insurance loss probability – Car insurance companies use past insurance losses when setting premium prices. Models that statistically have higher number or severity of losses will cost more for coverage. The data below shows the loss history for Chevy Corvette vehicles.
For each policy coverage, the claim probability for all vehicles averaged together equals 100. Values below 100 suggest losses that are better than average, while numbers that are greater than 100 indicate frequent claims or an increased chance of larger losses than average.
Insurance Loss Ratings for Chevrolet Corvette Vehicles Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Corvette 2dr 116 36 101 42 48 39 Chevrolet Corvette Convertible 99 25 57 36 Chevrolet Corvette Z06 2dr 176 126 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Three reasons to not skimp on auto insurance
Even though it can be expensive, buying auto insurance may not be optional for several reasons.
First, most states have mandatory liability insurance requirements which means it is punishable by state law to not carry a minimum amount of liability insurance coverage in order to get the vehicle licensed. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
Second, if your vehicle has a lienholder, almost every bank will force you to carry insurance to ensure the loan is repaid in case of a total loss. If you let the policy lapse, the bank will be required to insure your Chevy at a significantly higher premium and require you to reimburse them the higher price.
Third, insurance protects both your Chevy Corvette and your assets. It will also cover medical transport and hospital expenses that are the result of an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees if anyone sues you for causing an accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will pay to restore your vehicle to like-new condition.
The benefits of having insurance are definitely more than the cost, especially with large liability claims. According to a recent study, the average American driver is wasting up to $750 every year so we recommend shopping around at every policy renewal to make sure the price is not too high.