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When calculating auto insurance premiums, your insurance company will consider your age, gender and driving history as a way to assess your risk. The type of car you drive has an effect on the cost of your insurance as well, however, and some cars are undeniably more expensive to repair than others. Vehicles are assessed based on price, safety, general history of accidents for that model and other factors. In some cases, the cost of coverage may surprise you.
Most people know that sports cars cost more to insure than other types of vehicles, and for many, the Chevrolet Corvette is the preeminent sports car. Although many cars are faster, the Corvette is one of the longest-running models of sports cars on the market, and it’s one of the few that an average person may encounter or purchase in their lifetimes. Fortunately, Corvettes are surprisingly cheap to insure despite their flashy status; while definitely more expensive than a minivan, insuring a Corvette may cost you much less than you’d think.
How Much Does a Corvette Cost to Insure?
Of course, every person’s insurance cost will be different, and the price of insuring a Corvette for one person will not match another driver’s. The only way to know for sure how much your policy will cost is by receiving a quote tailored to your specific vehicle, age, geographic location and other factors. Nevertheless, the average cost of a Corvette’s insurance is around $1,802 per year, which is a little more than half the cost of insuring a rival sports car like the Mercedes SL65 AMG.
In fact, the Chevrolet Corvette is so affordable that it ranks 10th most affordable car to insure, ranking just below the Chrysler Town and Country. The only sports car that outranks the Corvette is the Mazda Miata, which ranked fifth on the list.
Why Corvettes Are Cheaper than Some Family Sedans
Although Corvettes are small, lightweight, fast and pricey, they are involved in fewer collisions each year than most other types of cars. In fact, in a study released by the Insurance Institute for Highway Safety, Corvettes ranked as having some of the fewest claims filed against them. It had less than a third as many losses during an average year than the Mitsubishi Lancer, Dodge Charger or Chevy Cobalt.
Corvettes are involved in fewer accidents because of the way they’re driven. Most young people cannot afford a luxury sports car, and most elderly people do not choose to drive one; this means that the two driver categories with the highest risk have a low likelihood of operating Corvettes. Additionally, most people do not drive their Corvette frequently; the car is kept in the garage for special occasions, not driven to work each day. Because fewer Corvettes are on the road at any given time, they will be involved in fewer accidents.
Why Corvettes Are Cheaper than Other Sports Cars
Of course, all of the above factors also apply to other sports cars. So why is the Chevrolet Corvette cheaper to insure than a Porsche Boxster or a Lamborghini? Corvettes are more affordable to insure because they are cheaper to repair than foreign sports cars.
Though made from similar lightweight materials, all Corvettes are manufactured in America and it’s easy to find spare parts and a mechanic to work on them. It’s also cheaper to order new parts because the manufacturers are located in America; foreign vehicles must have parts imported from overseas, which can be difficult and expensive.
Additionally, because Corvettes have been made for over 50 years, it’s very easy to find used parts for them and mechanics are familiar with working on them; although body and mechanical changes have undeniably occurred over the decades, the basics of Corvette mechanics have stayed very similar, making it comparably easy to find a technician to work on the car.
Corvettes are also more affordable than most foreign sports cars. Although they can cost up to $60,000 to buy new, that’s still substantially less than a $1 million or higher McLaren, Porsche, Ferrari or other super-exotic race car model. Their relatively low replacement cost and ease of repairs make the Chevrolet Corvette one of the easiest and cheapest sports cars to insure.
If you’ve always wanted a sports car but were afraid to pay a high premium for insurance, the Corvette is a great compromise. Not only is it safe, reliable and affordable to insure, but it’s one of the most iconic sports cars in America and is sure to give you many hours of pleasurable driving and the envy and admiration of your friends.