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|Chevrolet Corvett Summary||Details||Source|
|MSRP Range: (2019 to 2020):|
Fair Market Range (2017 to 2019):
|Kelley Blue Book|
Difference from prior year:
|Overall safety ratings||Convertible: Not yet rated|
Coupe: Not yet rated
|National Highway Traffic Safety Association|
|Number of vehicle thefts (2014)||25||National Highway Traffic Safety Administration|
|Average cost of repairs||$734||RepairPal|
|Fatality rate for vehicle’s size group||41 per million people||Insurance Institute for Highway Safety|
|Frequency of claims (passenger cars and minivans)||8.4 Per 100 insured vehicle years||Insurance Information Institute|
|Comprehensive rate average||$468||Quadrant Information Services|
|Liability rate average||$279||Quadrant Information Services|
|Collision rate average||$879||Quadrant Information Services|
When it comes to American sports cars, the Chevrolet Corvette has led the conversation for over 50 years. If you’re one of the proud owners of these cars, or are planning to be, you might be wondering about Corvette car insurance costs.
Making its debut in 1953, the Vette is one of the longest-running models of sports cars on the market. And though many cars are faster, it is arguably the most iconic sports car in America, sure to give you many hours of pleasurable driving and the envy and admiration of your friends and peers.
So let’s say you’ve always wanted a sports car but were worried about finding affordable insurance — are Corvettes expensive to insure? You’ll be happy to know the Vette is a great compromise.
How much is insurance on a 2020 Corvette? In this guide, we’ll be exploring Corvette insurance costs. We’ll also look at safety ratings, vehicle MSRP, repair costs, and more.
Enter your ZIP code in our free tool, to find great car insurance rates for your Corvette, or keep reading to learn more.
How does the frequency of claims filed on the Corvette affect car insurance rates?
There are a number of factors that determine your insurance rates for a particular vehicle. In this section, we’ll be talking about the frequency of claims.
Insurers want to know how likely it is that you’ll be filing a claim, as this affects the company’s financial prospects. One thing they’ll look at to determine this is how often claims are filed for the vehicle you’ll be driving. Let’s take a look at the claim frequency for passenger vehicles. The following data concerns used 2016-2018 vehicles.
|Type of Car||Car Insurance Claim Frequency||Car Insurance Claim Severity||Overall Losses|
|Passenger cars and minivans||8.4||$5,949||$501|
|All passenger vehicles||7.3||$6,005||$438|
The data in the table displays the frequency of claims made on passenger cars versus the average claim frequency for all vehicle types. Severity refers to the cost of a claim. Overall losses are average payments per insured vehicle year.
As you can see, passenger cars have a higher claim rate at 8.4 claims per 100 vehicles in a single year compared to all passenger vehicles. Another interesting thing to note is that the claim severity for passenger vehicles is lower than that of passenger cars — this is most likely due to the fact that it costs less to repair cars compared to larger vehicles.
Overall losses for passenger cars and minivans are higher than those of all passenger vehicles.
The frequency of these claims affects insurance rates because if an insurer is noticing they have to pay out more in claims (in the case of passenger cars like the Corvette, for example), then they’ll increase insurance rates to cover the loss. Insurance companies don’t want to be in a position where they’re paying out more in claims than they’re receiving in customers’ premiums — insurance is a business, after all.
Information provided by the Insurance Institute for Highway Safety (IIHS) shows that the Corvette ranks among the vehicles with the lowest claim frequencies.
Let’s look at the data provided for a Chevrolet Corvette Z06 convertible — data for this vehicle is a bit dated (2014-2016) compared to the data above found on passenger vehicles, but still relevant.
|Car Insurance Claim Frequency||Car Insurance Claim Severity||Overall Loss|
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 of getting into an accident 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.
Depending on which state you live in, your cost to insure a Vette can vary, as each state has its own minimum required amount of coverage. While you might not need full coverage if you buy your car with cash versus financing, you might want to get comprehensive or collision coverage just to be on the safe side, as accidents happen (we’ll talk a bit more about these types of coverages soon).
What is the size and class of the Corvette?
The size of a vehicle isn’t an arbitrary factor you can overlook when considering which vehicle may suit you best. In fact, data shows that the size of your car impacts your insurance rates. We’ll take a look at that next. But first, let’s explore the size and class of a Corvette.
A car’s class is determined based upon both their weight and shadow (the overall length x width in square feet). Similarly classified, SUVs and pickups rely more on weight than shadow.
With that said, the Corvette is considered a “midsized” (or intermediate) sports car. Here is a list of cars similar to the Vette in size and class:
|Car Make and Model|
|Chevrolet Corvette 2dr|
|Chevrolet Corvette convertible|
|Chevrolet Corvette Grand Sport 2dr|
|Chevrolet Corvette Grand Sport convertible|
|Chevrolet Corvette Z06 2dr|
|Chevrolet Corvette Z06 convertible|
|Ferrari 488 GTB 2dr|
|Ferrari 488 GTS convertible|
|Ferrari California T convertible|
|Ford Mustang 2dr|
|Ford Mustang convertible|
|Ford Mustang GT 2dr|
|Ford Mustang GT convertible|
|Ford Mustang Shelby GT350 2dr|
|Mercedes-Benz SL class convertible|
|Nissan 370Z 2dr|
|Nissan 370Z convertible|
|Nissan GT-R 2dr 4WD|
|Porsche 911 Carrera 2dr|
|Porsche 911 Carrera convertible|
|Porsche 911 Targa 2dr 4WD|
|Porsche 911 Turbo 2dr 4WD|
|Porsche 911 Turbo convertible 4WD|
Data provided by IIHS shows that individuals in midsized cars suffered fewer traffic fatalities (396) in 2018, compared to smaller vehicles (427 deaths). Large and very large vehicles, however, had fewer fatalities than both classes.
This is because, during impact, the smaller vehicle applies less force to the bigger car. So while the Corvette is in a better position than, say, a compact car, a bigger car would ultimately provide more cushion for impact.
How does the size of the Corvette affect bodily injury liability car insurance rates?
Liability insurance, the most basic type of car insurance, only covers the damages you cause in a collision. It’s generally the cheapest Corvette insurance you can buy, and meets state legal requirements in most states.
Let’s take a look at insurance liability losses for the two-door Corvette Coupe (which is more affordable than the convertible) and other vehicles similar in class and size.
|Car Make and Model||Bodily Injury Liability Losses|
|Chevrolet Corvette Z06 2dr||-64%|
|Chevrolet Corvette 2dr||-60%|
|Nissan 370Z 2dr||-16%|
|Ford Mustang GT 2dr||-10%|
|Ford Mustang convertible||-1%|
|Ford Mustang 2dr||21%|
Results for liability (as well as collision and comprehensive, which we’ll talk about later) reflect overall loss, which means they reflect both the frequency of claims and the average loss payment per claim — whether better or worse than average.
Ranging from -64 to 21 percent, the Chevrolet Coupe had a -60 percent bodily injury loss. That’s considered “substantially better than average.”
We know that insurance companies take this into account when assessing rates. So what does this mean for your premium?
We’ve pulled actual quotes from Geico for this, based on a 40-year-old male driver in California with no accidents on their record. So how much is insurance for a Corvette Stingray? Below are the rates for a 2018 basic Corvette model. Note that rates will vary by age. The cost of Corvette insurance for a 16-year old or a 22-year old will likely be higher.
|Level of Car Insurance Coverage||6-Month Bodily Injury Liability Car Insurance Rates|
These results were based on a 40-year-old male leasing a 2018 model with no accidents or violations, $500 comprehensive and collision deductibles, minimum liability limits, and uninsured/underinsured motorist coverage.
The lowered risk is probably why insuring a Corvette is fairly reasonable. For instance, if you wanted to beef up your coverage, there’s only an $11 difference between the lowest and highest levels of liability coverage.
How does the size of the Corvette affect property damage liability car insurance rates?
Another type of liability coverage is called property damage. Let’s say you get into an accident and you hit a government structure like a fence or damage a sidewalk. Property damage insurance would come in handy. It also comes in handy if you damage someone else’s vehicle — so basically, it covers damages you accrue to property belonging to someone else.
Again, let’s look at how the Corvette and other midsized cars compare to one another.
|Car Make and Model||Property Damage Car Insurance Losses|
|Chevrolet Corvette convertible||-68%|
|Porsche 911 Targa 2dr 4WD||-66%|
|Chevrolet Corvette Z06 convertible||-65%|
|Porsche 911 Carrera 2dr||-65%|
|Chevrolet Corvette Grand Sport 2dr||-63%|
|Chevrolet Corvette Z06 2dr||-61%|
|Ford Mustang Shelby GT350 2dr||-61%|
|Porsche 911 Carrera convertible||-58%|
|Chevrolet Corvette 2dr||-55%|
|Porsche 911 Turbo 2dr 4WD||-43%|
|Mercedes-Benz SL class convertible||-40%|
|Ford Mustang GT convertible||-36%|
|Ford Mustang convertible||-10%|
|Nissan 370Z 2dr||-7%|
|Ford Mustang GT 2dr||-6%|
|Ford Mustang 2dr||25%|
The losses range from -68 percent to 25 percent.
The Vette Coupe is “substantially better than average” in regards to claims losses for property damage insurance.
There are also several other models of Corvettes that ranked higher than the Coupe. This means that even pricier models of the Vette were lower than average, so you could get a great deal on insurance for Vettes with more specs.
So how does this correlate with your monthly rates? We’ve based the rates in the table below off the parameters in the previous section — our 40-year-old male example.
|Car Insurance Coverage Level||6-Month Property Damage Car Insurance Rates|
In this case, for just a dollar more every six months, you can go from the lowest to the highest amount of coverage. That’s a value you simply can’t beat for your protection and safety, right?
What are the safety features of the Corvette?
So far we’ve found that with the most basic form of insurance — liability — the Corvette is more than affordable.
Next it would be wise to take a look at the Corvette’s safety features. Why? Because having quality safety features could lower your monthly insurance rates.
Insurance companies will often lower your monthly payments if your vehicle has effective safety features because these features are designed to prevent accidents and to mitigate the damage if an accident does occur.
Here are the safety features associated with the entry-level Corvette, the Stingray:
- Driver Airbag
- Passenger Airbag
- Stability Control
- Traction Control
- Emergency and Security Services
- Front Side Airbag
- Rear View Camera
- Side View Cameras
- Security System
Again, these features can help reduce your insurance rates, as insurance companies know they can prevent or lessen the damage of expensive accidents.
And coupled with the already reasonable liability rates, the cost of your Corvette’s insurance is starting to look pretty affordable.
How are the safety ratings of the Corvette?
Now that we’ve talked about safety features, let’s dive a little deeper and talk about safety ratings.
A safety rating can make or break a car manufacturer’s reputation. And rightly so, as the drivers’ and passengers’ lives are on the line when it comes to vehicle safety.
While the Corvette has built-in safety features, it has yet to be crash-tested.
One hopes that the features we just discussed help to prevent collisions or, in a worst-case scenario, make the consequences of an accident less severe. We will, however, explore numbers for collisions based on vehicles belonging to the same size and class of the Corvette in the next section.
How does the safety of the Corvette compare to other vehicles with the same size and class?
The Vette is considered a “midsized” sports vehicle. So how does that affect its safety?
|Registered Vehicles||Deaths||Rate (Per Million People)|
In 2018, there were nearly 10 million midsized vehicles registered that were one to three years old.
With the fatality rate of 41 per million people, midsized cars had fewer deaths than the average for all cars, which was 48 per million.
The fatality rate for midsized cars, however, didn’t beat out the fatality rate for all vehicles at 36 per million people, which included SUVs and pickups. Fatality rates also differ based on where the initial impact occurred in the crash. Let’s take a look at these telling numbers.
|Point of Initial Impact||Car Occupants||All Occupants|
Number of deaths:
Percentage of total:
Number of deaths:
Percentage of total:
Number of deaths:
Percentage of total:
|OTHER (MOSTLY ROLLOVER)|
Number of deaths:
Percentage of total:
Front initial impact crashes make up more fatalities than all the other types put together.
Earlier we talked about how bigger vehicles absorb less force when colliding with smaller ones, making them safest in the event of an accident. Again, compared to a smaller car, the Corvette has more room from the front of the car to occupant seating, giving it more room for a cushion in the event of an accident.
This, coupled with the fact that Corvettes tend to have lower claim frequencies and get involved in fewer accidents proves they are less likely to be a liability to insurance companies. This is good news for your wallet.
Let’s take a look at occupant deaths per million over the last decade.
|Year||Driver Deaths||All Passenger Deaths|
Despite a recent rise in numbers, fatalities are still down compared to a decade ago. So, for the most part, fatality rates have decreased.
What is the MSRP of the Corvette?
Now that you know a bit of history about the Corvette, its safety features, and how much you might pay to insure it, you may be wondering how much a Corvette costs.
So now we’ll look at the “manufacturer suggested retail price” (or MSRP) of the vehicle. Simply put, the MSRP is the suggested price that the manufacturer gives the dealership for how much a particular vehicle should be sold for. This is also commonly known as the “sticker price” of the vehicle.
The “fair market price” on the other hand is how much a vehicle usually sells for. Or, to put it another way, it’s what a willing buyer will pay to someone selling a car. Kelly Blue Book establishes these prices as well.
Let’s take a look at the MSRP and the fair market price for the Corvette.
To clarify, the Vette currently has three basic styles: the Stingray, which is the entry-level model; the Grand Sport, which has enhanced performance and aesthetics; and the all-out Z06, which has the best performance and the highest price. All C7 Vettes are available as a coupe or a convertible.
The data below shows the rates for the entry-level option, the Stingray. If you are looking for car insurance on the Corvette Z06, the price will be higher for the higher-trim models.
|Model Year||2DR Coupe||Covertible|
Fair Market Range
Fair Market Range
$46,991 - $52,650
$54,519 - $61,024
Fair Market Range
|$42,091 - $46,836||$41,090 - $45,723|
Fair Market Range
|$36,499 - $40,738||$39,558 - $44,151|
So how can the MSRP affect insurance rates? It can influence them quite a bit, actually.
For one, it costs more to insure a more expensive car than it would an economy car. Also, a more expensive car could be more prone to theft, so it might have a higher insurance rate because of that potential risk. The MSRP could also spike rates because of the cost to repair; if it is a newer car, it may have more costly parts.
These are just some examples of how the MSRP might affect your rate. But remember, newer cars also tend to have enhanced safety features, and those can bring your insurance costs down.
Let’s say you’re financing your vehicle. The lender would most likely require you to have full coverage, adding collision and comprehensive insurance (we’ll talk more about those in a second) to your plan. This would ensure that the car is completely covered in the event of any damage-causing incident.
If you don’t take out enough coverage, the lender may require you to take out something called force-placed insurance. Force-placed insurance covers the lender’s property, and in some cases, you may have to take out additional liability to ensure you’re covered.
How does the MSRP of the Corvette affect collision car insurance rates?
Let’s say you’ve already purchased your flashy Corvette. While liability is definitely a start, it won’t protect you fully. That’s not to say it isn’t good — it covers the other driver’s damages if you’re at fault in a collision, and that’s great to have.
But let’s say you’re out on the road in your stylish Corvette and the unthinkable happens (because accidents happen every day). Suddenly, you jolt forward. Someone has rear-ended you and they’re uninsured. Yikes.
Well, if you’re not fully protected, you could be responsible for the damages to your car. And with a luxury vehicle like the Corvette, out-of-pocket costs can get pretty expensive fast.
In this case, collision coverage would come in handy. If your Corvette collides with another car or object (like a tree or fence) or if another vehicle collides with you, collision coverage would pay for your damages, regardless of who was at fault.
Let’s take a look at collision insurance for a Corvette.
|Model Year||Average Collision Car Insurance Rates|
These rates are averages based on all Corvette models with all trim levels. The data supposes the driver is a 40-year-old male with a clean driving record and full coverage with a $500 deductible.
Looking at the data, we see that the newer the model, the higher the rates tend to be. This supports the fact that older models have depreciated in value. Because they aren’t worth as much, car insurance on an older Corvette will be lower.
But let’s see how the Corvette stacks up against other cars in its class when it comes to collision losses.
|Ferrari 488 GTB 2dr||464%|
|Ferrari 488 GTS convertible||375%|
|Nissan GT-R 2dr 4WD||285%|
|Porsche 911 Turbo 2dr 4WD||227%|
|Ferrari California T convertible||225%|
|Porsche 911 Carrera 2dr||114%|
|Porsche 911 Turbo convertible 4WD||106%|
|Nissan 370Z 2dr||84%|
|Ford Mustang GT 2dr||80%|
|Porsche 911 Carrera convertible||80%|
|Mercedes-Benz SL class convertible||74%|
|Porsche 911 Targa 2dr 4WD||73%|
|Ford Mustang 2dr||61%|
|Chevrolet Corvette Z06 2dr||51%|
|Nissan 370Z convertible||29%|
|Chevrolet Corvette Z06 convertible||25%|
|Ford Mustang Shelby GT350 2dr||18%|
|Ford Mustang convertible||10%|
|Chevrolet Corvette 2dr||7%|
|Ford Mustang GT convertible||-2%|
|Chevrolet Corvette convertible||-7%|
|Chevrolet Corvette Grand Sport 2dr||-12%|
|Chevrolet Corvette Grand Sport convertible||-26%|
These numbers show the loss percentages (whether above or below the average) for all midsized sports vehicles. The rates here range from -26 to 464 percent.
That being said, the base model Corvette Coupe had a 7 percent collision insurance loss — this was average.
Keep in mind that even if an insurance company feels they’re breaking even on a particular aspect of a vehicle (in this case, collision insurance for a Corvette), they still could add a percentage to the rates to make a profit.
How does the MSRP of the Corvette affect comprehensive car insurance rates?
Being protected with liability and collision insurance is great. But there’s another type of coverage that you might want to consider. Next we’ll be talking about comprehensive insurance.
While collision helps in the event that you collide with an object or vehicle, comprehensive insurance will cover other types of damage, perhaps from a natural disaster, a tree falling on your vehicle, or a run-in with an animal. It also covers theft and vandalism done to your vehicle.
As is custom, let’s take a look at insurance rates for the topic at hand, in this case, comprehensive rates for the Vette.
|Model Year||Average Comprehensive Car Insurance Rates|
Insurance rates drop for older models as their value has decreased and they aren’t as much of a liability to cover.
And how does the Corvette compare to other midsized cars? Let’s take a look. Feel free to use the search box.
|Car Make and Model||Comprehensive Car Insurance Losses|
|Chevrolet Corvette 2dr||22%|
|Chevrolet Corvette convertible||-10%|
|Chevrolet Corvette Grand Sport 2dr||-5%|
|Chevrolet Corvette Z06 2dr||29%|
|Chevrolet Corvette Z06 convertible||86%|
|Ford Mustang 2dr||19%|
|Ford Mustang convertible||12%|
|Ford Mustang GT 2dr||36%|
|Ford Mustang GT convertible||-20%|
|Ford Mustang Shelby GT350 2dr||6%|
|Mercedes-Benz SL class convertible||168%|
|Nissan 370Z 2dr||17%|
|Nissan GT-R 2dr 4WD||597%|
|Porsche 911 Carrera 2dr||45%|
|Porsche 911 Carrera convertible||128%|
|Porsche 911 Turbo 2dr 4WD||9%|
|Porsche 911 Turbo convertible 4WD||461%|
With losses ranging between -20 and 597 percent for 2016 to 2018, the standard Corvette has a comprehensive loss of 22 percent, which is considered to be worse than average. Insurance companies would most likely take this into account when assessing rates.
What are the theft rates of the Corvette?
While Chevrolet has almost managed to churn out a new Corvette with each passing year, they’re still fairly rare. Simply put, they aren’t the most popular vehicle you would see being driven out on the streets.
While some individuals get around in their Corvette, most are only used on occasion. So are they highly susceptible to theft?
The Corvette did not make the National Insurance Crime Bureau’s list of top 10 most stolen vehicles in 2019 and 2018.
Of course, that’s good news.
But there’s more. The National Highway Traffic Saftey Administration (of NHTSA) also publishes data of stolen vehicles. Their most recent data is from 2014, and while that’s a bit dated, it’s still a good launching point to see how frequently the Corvette was prone to theft.
In 2014, there were 25 Corvettes reported stolen for every 1,000 vehicles, giving the car a theft rate of 0.72. This was a higher theft rate than others in its class, like the Porsche, but lower than that of the Mercedes-Benz S-Class.
Again, this information is a bit dated but still useful to know.
How do the theft rates of the Corvette affect comprehensive car insurance rates?
Car theft is something that occurs more often than we’d like. And it occurs in some places more frequently than others.
Take this study done by the National Criminal Justice Reference Service, for instance. It found that vehicle theft was much higher in urban areas, and particularly those with a lot of rental properties or industrial/manufacturing sites. Rural areas, generally speaking, have less of a problem with car theft.
The study found that stolen vehicles ranged in age from 2003 to 1958 models. The average year for stolen models was 1993 and 50 percent of vehicles stolen were year 1995 or older, suggesting that newer vehicles are less likely to be targeted by thieves.
So overall, older vehicles were found to have higher theft rates than newer models.
It’s also worth mentioning that your rates can change based on your ZIP code, in part because of crime rates. If the area you live in has a high rate of vehicle thefts and vandalism, you’ll likely be charged more for insurance than someone that lives in a neighborhood with less crime.
How much will it cost to repair my Corvette?
Some cars are undeniably more expensive to repair than others. Vehicles are assessed by car insurance companies based on price, safety, general history of accidents for that model, and other factors.
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, for instance?
Corvettes are more affordable to insure because they’re 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.
So let’s say that the worst has happened — you’ve been in a car accident. How much, on average, are you looking at for repair costs?
The average annual cost of repairs for a Corvette is $734, compared to the national average of $526 for midsize cars.
This also includes routine Corvette maintenance costs, such as oil changes. And while this may seem like a lot, keep in mind that claims are less frequent for the Corvette.
But in the event you do get into a collision, we’ve gathered data to give you a feel for how much it may cost to fix your vehicle. We’ve gotten the estimates for level two (out of four) severity damage for the front and rear bumpers, hood, roof, two doors, and a quarter panel. Check it out.
This data is for a 2020 Corvette sports car.
|Car Part||Front Bumper||Rear Bumper||Hood||Roof||Front Door||Rear Door||Quarter Panel|
|Hazardous waste disposal||5.00||5.00||5.00||5.00||5.00||5.00||5.00|
|Color sand and buff||17.50||17.50||17.50||17.50||17.50||17.50||17.50|
Replacing parts can be costly. And surprisingly, for the Vette, small details add up. Take the paint jobs, for instance, which could rack up more in fees than the actual body labor.
Overall, if insurers see that a certain vehicle costs more to repair, this will most likely be reflected in your rates. Nevertheless, having insurance is still critical, as it could be detrimental to end up having to pay repair costs out of pocket — nobody wants that.
How does the cost of repairs affect collision and comprehensive car insurance rates?
Earlier we talked about collision and comprehensive insurance. Just to rehash, comprehensive insurance helps in the event of natural disasters or theft and vandalism. Collision, on the other hand, covers damages that come from an incident you have with another vehicle or object, regardless of who is at fault.
If your vehicle happens to be costly to repair, you may see this reflected in your collision and comprehensive rates. It comes down to the fact that the insurer wants to charge you more for a more expensive car, partly because it would be so expensive to repair.
The relatively low replacement cost and ease of repairs make the Chevrolet Corvette one of the easiest and cheapest sports cars to insure.
Because of this, you may want to expand your coverage to get more protection while on the road besides the average liability insurance — you might be really glad you did.
Other Car Insurance Coverage Rates for the Corvette
Up until this point, we’ve delved into liability, comprehensive, and collision coverage for the Corvette. There are also a few other types of coverage that you may want to consider when insuring your Vette.
We’ll take a look at Personal Injury Protection (or PIP) next.
How do safety ratings of the Corvette affect Personal Injury Protection (PIP) car insurance rates?
What is PIP? Well, it’s also known as “no-fault insurance.” This type of insurance covers healthcare expenses caused by a vehicle collision. Who does it cover? Both injured policyholders and passengers, even if some don’t have healthcare at the time.
Again, companies measure the losses related to these claims. Let’s take a look at the Corvette and how it stacks up against similar midsized sports cars.
|Car Make and Model||Difference in Personal Injury Rates|
|Ford Mustang 2dr||23%|
|Nissan 370Z 2dr||8%|
|Ford Mustang GT 2dr||-8%|
|Ford Mustang convertible||-16%|
|Chevrolet Corvette 2dr||-44%|
|Ford Mustang GT convertible||-44%|
|Chevrolet Corvette convertible||-53%|
|Chevrolet Corvette Grand Sport 2dr||-57%|
|Mercedes-Benz SL class convertible||-59%|
|Chevrolet Corvette Z06 2dr||-63%|
|Ford Mustang Shelby GT350 2dr||-71%|
|Porsche 911 Carrera 2dr||-73%|
These numbers include losses for Med Pay (which we’ll discuss next) and represent claim frequencies only and do not factor in payment per claim.
So what does the data show us?
For the 2016-2018, the PIP loss for the Corvette was -44 percent. That’s rated as substantially better than average.
Insurance companies tend to charge higher rates for vehicles with a high amount of claims. Given that the PIP losses for the Corvette were substantially above average, it may be wise to invest in this type of insurance. Medical bills from accidents do tend to add up and you wouldn’t want to be stuck paying those out of pocket.
How do safety ratings of the Corvette affect Med Pay car insurance rates?
Along with PIP, you can also get Medical Payments to Others (or Med Pay) insurance if you want further protection.
Car insurance only protects your vehicle. Med Pay covers medical payments for all individuals in your vehicle (regardless of who was at fault) in the event of a collision. So if there is a dispute when filing a PIP claim, Med Pay can kick in and start to cover the bills. Med Pay also doesn’t have a deductible like PIP.
|Car Make and Model||Difference in Medical Payment Rates|
|Ford Mustang 2dr||23%|
|Ford Mustang convertible||8%|
|Ford Mustang GT 2dr||-2%|
|Chevrolet Corvette 2dr||-47%|
|Chevrolet Corvette Z06 2dr||-67%|
With losses ranging between -67 and 23 percent for 2016 to 2018, the Corvette has a Med Pay loss of -47 percent, which is considered to be substantially better than average.
Again, results for injury (PIP and MedPay) coverages represent claim frequency only.
The History of the Corvette
From its first generation (C1) to its eighth (C8), the Corvette has proven to be a powerful force in the American sports car industry.
After the first full concept was displayed in New York, production began on a Flint, Michigan, assembly line in 1953. Over the years that followed, the Vette hit many milestones and went through many variations. The “T-top” removable roof panel was introduced in 1968 — the first American car to have this feature. The most recent milestone? The mid-engine in its C8 Stingray model.
Year-to-date sales for the Corvette are as follows:
- 2019 calendar year: 17,988 units
- 2018 calendar year: 18,789 units
Between 2018 and 2019, Corvette sales dropped 4.26 percent. That’s amounts to a little over 800 vehicles.
Despite its lower figures, the Corvette ranked fourth in sales among other miscellaneous sports cars in its class, following the the Audi A5, BMW 2-Series, and Buick Cascada, respectively.
The continuous momentum of the Vette was noted in this feature by CNBC. Take a look:
So while the Corvette has dropped in sales over the years, it’s still pretty dominant in the car industry, which is why we’re all still talking about it.
But what about the numbers just below the surface? Keep reading to find out more.
Corvette Insurance FAQs
In this last section, we’ll go over some of the most pressing concerns regarding the Corvette.
Let’s get to it.
Who made the Corvette?
Harly Earl, an American automotive designer and businessman, initially worked as head of design at General Motors before he became their Vice President. He invented the Corvette. Zora Arkus-Duntov, Belgian-born American engineer, is credited with bringing about a more high-performing, sportier version.
Which Corvette is the fastest?
The 2020 Stingray is the fastest Vette as of yet. With a 6.2 liter V-8 engine that has 495 horsepower and 470 pounds-feet of torque, this new Vette will hit 60 mph in less than three seconds with a performance package.
Why are Corvettes so cheap to insure?
Corvettes are known to have low claim frequencies, which is sure to be noted by insurance companies. This is why you probably won’t see super-high rates on these vehicles. Also, the Corvette is cheaper to insure because it’s cheaper to repair than foreign cars in the event of an accident.
How much is a Corvette?
General Motors promised that the C8 would be under $60,000. They fulfilled their promise, as the base 1LT model of the 2020 Corvette starts at $58,900. Trendier models will, of course, add additional costs.
In what city is the Corvette manufactured?
The Corvette was originally manufactured in Flint, Michigan and St. Louis, Missouri. But since 1981, the Corvette has been manufactured in Bowling Green, Kentucky.
This concludes our car insurance guide to the Corvette. We hope we’ve answered all of your questions. We’d also love to hear what was most helpful to you.
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