You’re interested in vehicle insurance for a Corvette. You may be looking at it from two different perspectives. There are some that are looking for insurance for new Corvettes. Then there are others that are looking for Corvette coverage for classic insurance.
Insurance for the Collector Corvette Owners
There are a lot of individuals that own Corvettes that are newer than 1980. If they do, then they may be able to get collector vehicles insurance. There will be some criteria that these vehicles will have to meet. They cannot be valued at any less than $3500 if they are 26 years or older. There are expectations that the vehicle is going to be in good condition. If the vehicle is 25 years or newer than the minimum value increases to $7500.
Some are out of the collector’s category based on age. There is an option for special insurance for those cars. For ones that get classed as high-performance vehicles. To fall into this category, there must be a value of at least 40,000 put on the vehicle.
New Corvettes
Some are looking for insurance for the latest model Corvettes. There are some components about them that the insurance company is going to get concerned about. One of these is going to be the price. Corvettes do not come cheap. Insurance companies get concerned about the cost replacement. For vehicles that they are going to ensure. Corvettes are a higher priced vehicle. It increases their risk for cost replacement.
There is a big a concern for the insurance companies with the new Corvettes. It is the amount of power that they are capable of producing. The more power, the more risk for the insurance companies. Although some will look at this factor in a different way. Compared to others.
What Statistics Do the Insurance Companies Care about for Insuring Corvettes
Insurance companies care about statistics no matter what the vehicle is going to be. With a high powered vehicle like the Corvette, they are going to have an increased interest in many of the statistics surrounding it. Each insurance company is different in the way they approach their premium ratings. They will also tend to use a different metrics. Most often when it comes to statistics of the Corvette, they are fairly close. There may be some slight differences in the ratings with the US and Canada. But they are still relatively close overall.
Claims Risks
There is another big concern with insurance companies. When it comes to specific models. It is the type of claims that get put in for specific type of vehicle. They are going to get concerned about those that come with the Corvettes. They will also look at the different models individually. To see what risk factors they are creating. Some of the statistics show that some of the Corvettes create more of a risk than some of the others. Statistics do change on a constant basis. So it will depend on the time that the insurance company is checking out the statistics.
Theft Risks
Another concern Insurance Companies have is the risks of the Corvette getting stolen. No matter whether it is a new modern or a collector. There have been some instances of Corvette thefts hitting the news.
One was in BC where the Corvette was stolen right through the dealerships window. The Corvette did not make the top ten list of most stolen vehicles. This statistic alone will help in keeping the cost of the insurance for the Corvette down.
Reducing the Cost of Corvette Insurance
You have made up your mind that the Corvette is your vehicle of choice. You are ready to deal with the higher cost of insurance. That is partially based on the cost of replacement of the vehicle and the power that it possesses. That doesn’t mean that there are not ways that you can help to reduce your cost.
Insurance Discounts for Corvette Insurance
There are some things when it comes to the insurance costs that you have control over. There are others that you do not. It is important to know those that you do control so that you can use them to your best advantage. What you want to do is concentrate on the discounts. Keep in mind that every insurance company is different. They all want to build their client database. To be able to do this it is more feasible to do it through discounts. They cannot do it with premium discounts. Being as insurance is a personalized product.
When it comes to discounts of the insurance companies will vary on what they have to offer. A simple but effective discount could be simply with using winter tires. Many insurance companies realize the value of the winter tires. They want to encourage their clients to utilize these. It helps to keep the claims cost down. The claims costs are much more of a cost factor to the insurance company than what a small discount for winter tires is. Another big factor, of course, will be keeping the driver history clean. There may be additional options such as for using antitheft devices. It is important that an insurance shopper knows exactly what discounts there are. Also what the insurance company they get interested in has to offer.
Shopping for Insurance
There are ways that individuals lose money when it comes to insurance premiums. One by not being a savvy insurance shopper. This is based on two reasons. One is that many feel that it’s inconvenient and a hassle to have to shop for insurance. Another reason is the assumption that all insurance companies are the same. There is an effective way for Corvette insurance shoppers to get the best deals. It is to do some quote shopping and then do a comparison of the quotes that they get. By doing this, they can see the average of what the premiums are going to cost. They can work with these figures. They can see which company is offering the best discounts. Ones that apply to the specific insurance shopper.
About the Author: Ashley Miller
