2007 Chevrolet Corvette Insurance Cost

Trying to find the cheapest insurance for a Chevy Corvette could be difficult, but you can learn the following methods to make it easier.

There are more efficient ways to find insurance coverage online and you need to know the quickest way to price shop coverage on a Chevy and get the best price possible from both online companies and local agents.

Locating cheaper auto insurance coverage is quite easy. If you have a policy now or are just looking to switch companies, you can use these tips to find the best rates while maintaining coverages. Consumers only need to know the most efficient way to get comparison rates online.

Insurance Comparisons

Finding cheaper 2007 Chevy Corvette insurance prices is actually quite simple. All you need to do is invest a little time comparing rate quotes online from several insurance companies. This is very easy and can be done in just a few minutes using one of these methods.

  • One of the best ways to compare a lot of rates at once would be an industry-wide quote request form click here to open form in new window. This easy form saves time by eliminating multiple quote forms to each individual insurance company. One simple form will get you price quotes direct from many companies. It’s definitely the quickest method.
  • A harder way to get comparison quotes is going to the website of each company and fill out their own quote form. For sake of this example, let’s assume you want rates from Liberty Mutual, Esurance and GEICO. You would have to visit each site and enter your information, and that’s why the first method is more popular. For a handy list of car insurance company links in your area, click here.
  • The hardest method to compare rates is to drive around to and from local insurance agencies. The ability to buy insurance online makes this process obsolete unless you prefer the trained guidance only provided by licensed agents. You can, however, find lower rates online and get advice from an agent in your area and we’ll talk about that later.

It doesn’t matter which method you choose, just make darn sure you compare the exact same coverages for every quote you compare. If each company quotes unequal deductibles or liability limits it will be very difficult to determine which rate is truly the best.

How much can you save with discounts?

Insurance can be prohibitively expensive, but you may find discounts to help bring down the price. Certain discounts will be applied at quote time, but a few must be specially asked for prior to receiving the credit. If you aren’t receiving every discount available, you are paying more than you should be.

  • Auto/Life Discount – Select insurance companies reward you with lower rates if you buy life insurance from them.
  • Use Seat Belts – Buckling up and requiring all passengers to use a seat belt could save 15% off the personal injury premium cost.
  • Senior Citizens – Older drivers can possibly qualify for better car insurance rates on Corvette coverage.
  • Multi-policy Discount – If you insure your home and vehicles with one insurance company you will save 10% to 20% off each policy.
  • Accident Forgiveness – A handful of insurance companies permit an accident before your rates go up if your claims history is clear prior to the accident.

It’s important to understand that many deductions do not apply to the entire policy premium. Most cut the price of certain insurance coverages like liability, collision or medical payments. So when the math indicates all those discounts means the company will pay you, car insurance companies aren’t that generous. Any amount of discount will help reduce your premiums.

Companies that possibly offer some of the above discounts include:

Double check with all companies you are considering which discounts they offer. Some discounts may not apply in your state.

How much car insurance do I need?

When choosing coverage, there isn’t really a cookie cutter policy. Everyone’s situation is unique.

Here are some questions about coverages that could help you determine whether you might need professional guidance.

  • Am I better off with higher deductibles on my 2007 Chevy Corvette?
  • Does coverage extend to my business vehicle?
  • Does my policy cover me when driving someone else’s vehicle?
  • Is pleasure use cheaper than using my 2007 Chevy Corvette to commute?
  • Do I need PIP (personal injury protection) coverage in my state?
  • Should I put collision coverage on all my vehicles?
  • Does my medical payments coverage pay my health insurance deductible?

If you’re not sure about those questions but a few of them apply, you might consider talking to an insurance agent. If you don’t have a local agent, take a second and complete this form. It’s fast, doesn’t cost anything and may give you better protection.

What determines your Chevy Corvette insurance premium

Smart consumers have a good feel for the different types of things that come into play when calculating the price you pay for car insurance. Understanding what impacts premium levels empowers consumers to make smart changes that can help you get much lower annual insurance costs.

  • Never allow your policy to lapse – Driving with no insurance is against the law and you will pay a penalty because you let your coverage lapse. And not only will insurance be more expensive, but being ticketed for driving with no insurance might get you a hefty fine and possibly a revoked license.
  • Battle of the sexes – Statistics demonstrate that men are more aggressive behind the wheel. Now that doesn’t mean men are worse drivers. Men and women have accidents in similar numbers, but the males tend to have more serious accidents. They also get cited for more serious violations such as reckless driving.
  • Your location affects your rates – Residing in a rural area can save you money when buying car insurance. Urban drivers have to deal with traffic congestion and much longer commute distances. Less people living in that area means fewer accidents and also fewer theft and vandalism claims.
  • Clean credit earns discounts – A driver’s credit rating is a large factor in your rate calculation. Consumers who have high credit scores tend to be less risk to insure than drivers who have poor credit. Therefore, if your credit history can use some improvement, you could be paying less to insure your 2007 Chevrolet Corvette by improving your rating.
  • Your stress level may be raising your rates – Occupations like real estate brokers, social workers and stock brokers tend to pay the highest rates attributed to high stress levels and lengthy work days. On the other hand, occupations such as scientists, students and the unemployed have the lowest average rates on Corvette coverage.
  • Do you have enough liability coverage? – Liability coverage will protect you if ever you are found to be at fault for personal injury or accident damage. Liability insurance provides you with a defense in court up to the limits shown on your policy. This coverage is very inexpensive when compared with rates for comp and collision, so drivers should carry high limits.
  • Do you qualify for a multi-policy discount? – Many insurers will award you with lower prices to policyholders who have multiple policies with them such as combining an auto and homeowners policy. Discounts can add up to five, ten or even twenty percent. If you currently are using one company, it’s in your best interest to shop around to make sure you are getting the best deal.

What auto insurance coverages do you need?

Knowing the specifics of auto insurance can be of help when determining the best coverages and proper limits and deductibles. Auto insurance terms can be ambiguous and reading a policy is terribly boring.

Comprehensive protection

Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive can pay for things such as fire damage, falling objects, rock chips in glass and damage from getting keyed. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Coverage for collisions

Collision coverage will pay to fix damage to your Corvette resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as crashing into a building, damaging your car on a curb, hitting a parking meter, driving through your garage door and colliding with another moving vehicle. This coverage can be expensive, so consider removing coverage from vehicles that are older. You can also raise the deductible to save money on collision insurance.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage gives you protection when the “other guys” either have no liability insurance or not enough. Covered claims include hospital bills for your injuries and also any damage incurred to your 2007 Chevy Corvette.

Since a lot of drivers only purchase the least amount of liability that is required, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family. Usually these coverages do not exceed the liability coverage limits.

Medical expense coverage

Coverage for medical payments and/or PIP kick in for immediate expenses like nursing services, chiropractic care, EMT expenses and funeral costs. The coverages can be utilized in addition to your health insurance program or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP coverage is not universally available but can be used in place of medical payments coverage

Auto liability insurance

This coverage can cover injuries or damage you cause to other’s property or people that is your fault. It protects you from claims by other people, and doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged propery. Alternatively, you may have a combined limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage pays for claims such as repair costs for stationary objects, medical services and bail bonds. The amount of liability coverage you purchase is your choice, but buy as high a limit as you can afford.

Keep this in mind

We’ve covered many ways to save on 2007 Chevy Corvette insurance. It’s most important to understand that the more companies you get rates for, the better your comparison will be. You may even find the lowest rates come from some of the smallest insurance companies.

As you shop your coverage around, it’s a bad idea to sacrifice coverage to reduce premiums. Too many times, someone dropped collision coverage and discovered at claim time that their decision to reduce coverage ended up costing them more. The proper strategy is to buy the best coverage you can find for the lowest price while not skimping on critical coverages.

Affordable insurance is available online in addition to many insurance agents, and you need to price shop both to have the best rate selection. There are still a few companies who do not provide the ability to get a quote online and usually these smaller companies provide coverage only through local independent agents.

More resources