2016 Chevrolet Corvette Insurance Cost – 5 Policy Discounts

Searching for cheaper car insurance rates for your Chevrolet Corvette? Locating cheaper insurance for your Chevy Corvette could be a lot of work, but you can learn these tips to find lower rates.

There are both good and bad ways to buy car insurance so you’re going to learn the proper way to quote coverages for a Chevy and find the cheapest rates either online or from local insurance agents.

If you have a current car insurance policy or need new coverage, you can use this information to find the best rates while maximizing coverage. Shopping for affordable car insurance can be fairly easy. Drivers only need an understanding of the most efficient way to find the lowest price online.

Do you qualify for discount auto insurance?

Insuring your fleet can be pricey, but there could be available discounts to help bring down the price. Many of these discounts will be applied automatically when you purchase, but once in a while a discount must be asked for before you will receive the discount.

  • No Charge for an Accident – but companies like State Farm and Allstate will allow you to have one accident before raising your premiums so long as you are claim-free for a particular time prior to the accident.
  • Driver’s Education for Students – Teen drivers should participate in a local driver’s education class as it can save substantially.
  • Safety Course Discount – Completing a class that teaches driver safety techniques could save 5% or more and easily pay for the cost of the class.
  • Auto/Life Discount – Select insurance carriers reward you with a break if you buy auto and life insurance together.
  • Air Bag Discount – Cars that have air bags and/or automatic seat belt systems can receive discounts of 20 to 30 percent.

You can save money using discounts, but most of the big mark downs will not be given to all coverage premiums. A few only apply to the price of certain insurance coverages like medical payments or collision. Despite the fact that it seems like you would end up receiving a 100% discount, company stockholders wouldn’t be very happy.

A list of auto insurance companies and some of the discounts include:

  • Progressive offers premium reductions for multi-vehicle, good student, homeowner, multi-policy, and continuous coverage.
  • MetLife offers discounts for claim-free, defensive driver, good student, multi-policy, good driver, and accident-free.
  • Mercury Insurance offers discounts including anti-theft, ease of repair, multi-policy, multi-car, and good student.
  • Nationwide may have discounts that include family plan, good student, defensive driving, easy pay, and accident-free.
  • GEICO policyholders can earn discounts including military active duty, driver training, anti-theft, anti-lock brakes, and membership and employees.
  • AAA includes discounts for good student, multi-policy, pay-in-full, education and occupation, and anti-theft.

Before you buy a policy, ask every insurance company what discounts are available to you. Some discounts listed above might not apply in your area.

Low cost insurance coverage prices

Finding a lower price on 2016 Chevy Corvette insurance is a fairly straight forward process. The only thing you need to do is take a few minutes getting comparison quotes from online providers. It’s super easy and can be done in just a few minutes using one of these methods.

  • If you don’t have a lot of time, the easiest way to get quotes for comparison would be an industry-wide quote request form like this one (opens in new window). This form keeps you from doing separate quote forms to each individual insurance coverage company. Just one form will get you price quotes from multiple low-cost companies. Recommended for those who want to invest the least amount of time.
  • A more time consuming way to analyze rates requires visiting each company’s website to complete a price quote. For example, let’s say you want to compare prices for Nationwide, Farmers and Allstate. You would have to spend time on each company’s site to enter your coverage information, which can take a lot of time. For a list of links to companies insuring cars in your area, click here.

It’s up to you which method you use, but compare apples-to-apples coverages on every price quote you get. If you use unequal deductibles or liability limits it will be nearly impossible to truly determine the lowest rate.

What insurance coverages do I need?

When choosing proper insurance coverage for your vehicles, there really is not a cookie cutter policy. Each situation is unique.

These are some specific questions could help you determine if your insurance needs might need an agent’s assistance.

  • Can I rate high risk drivers on liability-only vehicles?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Do I need an umbrella policy?
  • Do I need replacement cost coverage on my 2016 Chevy Corvette?
  • Are my tools covered if they get stolen from my vehicle?
  • Why am I required to buy high-risk coverage?
  • Am I covered if I hit my neighbor’s mailbox?
  • What if I don’t agree with a claim settlement offer?

If it’s difficult to answer those questions but one or more may apply to you, then you may want to think about talking to an agent. To find lower rates from a local agent, take a second and complete this form. It’s fast, free and you can get the answers you need.

Car insurance policy coverages for a 2016 Chevy Corvette

Learning about specific coverages of your policy helps when choosing which coverages you need and the correct deductibles and limits. The terms used in a policy can be ambiguous and reading a policy is terribly boring.

Collision – This coverage pays for damage to your Corvette resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for claims such as colliding with another moving vehicle, backing into a parked car, sustaining damage from a pot hole and driving through your garage door. This coverage can be expensive, so you might think about dropping it from vehicles that are 8 years or older. It’s also possible to raise the deductible to save money on collision insurance.

Med pay and Personal Injury Protection (PIP) – Medical payments and Personal Injury Protection insurance provide coverage for bills such as nursing services, EMT expenses and X-ray expenses. They can be used in conjunction with a health insurance plan or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. PIP coverage is not available in all states and may carry a deductible

Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage protects you and your vehicle from other drivers when they either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants and also any damage incurred to your Chevy Corvette.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea. Frequently these coverages are similar to your liability insurance amounts.

Comprehensive insurance – Comprehensive insurance will pay to fix damage from a wide range of events other than collision. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers things such as damage from a tornado or hurricane, falling objects, hitting a deer and hitting a bird. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Liability auto insurance – Liability coverage protects you from injuries or damage you cause to other people or property. It consists of three limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 100/300/100 which means a limit of $100,000 per injured person, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000. Alternatively, you may have one limit called combined single limit (CSL) which combines the three limits into one amount without having the split limit caps.

Liability insurance covers claims such as structural damage, medical services, repair bills for other people’s vehicles and emergency aid. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as high a limit as you can afford.

More quotes mean more savings

Insureds leave their current company for a number of reasons such as an unsatisfactory settlement offer, poor customer service, extreme rates for teen drivers or even lack of trust in their agent. It doesn’t matter what your reason, finding a new auto insurance company can be easier than you think.

When buying insurance coverage, it’s very important that you do not reduce needed coverages to save money. There are too many instances where drivers have reduced collision coverage and learned later that the small savings ended up costing them much more. The goal is to find the BEST coverage at a price you can afford while not skimping on critical coverages.

Cost effective 2016 Chevy Corvette insurance can be purchased both online and from local agencies, so get free auto insurance quotes from both of them so you have a total pricing picture. Some auto insurance companies may not provide internet price quotes and many times these small, regional companies provide coverage only through independent insurance agencies.

Other information