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Car Insurance Costs for a Chevrolet Corvette Z06

2012 Corvette-C7
Here's what you need to know...
  • A collector’s car insurance policy generally costs less than two percent of the car’s value every year
  • For higher value cars, the cost of an insurance policy can decrease further to approximately 6 dollars a year for each $1,000 of the vehicles value
  • For a Corvette,  you can expect to pay up to $1200 a year depending on your age, driving record and other factors
  • When looking for an insurance provider, choose a company that specializes in coverage for collectible cars as they will have better resources and more experience in dealing with what you need

Most of us believe that every Corvette is a collectible car. However, even newer model Corvettes, such as the Corvette Z06, can sometimes qualify for the lower collector car insurance rates.

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Expensive Insurance for a Chevy Corvette

Couple in real-estate agency signing property loan contractExpensive cars are expensive to insure, especially if you have comprehensive and collision on the policy. If you total your $50,000 Corvette, your insurance company will have to pay much more to replace it than it would if you totaled a $20,000 sedan.

The Corvette is both expensive and fast.  The Corvette Z06 is equipped with a 7.0 V8 engine. Even the basic coupe has a 6.0 liter V8, 400 horsepower engine that can reach speeds of 190 mph.

Corvettes by their nature do not lend themselves to sedate driving. People who purchase a Corvette do so because they want a fast car.

Insurance companies know that sports car owners drive faster and more recklessly than do drivers of minivans or sedans.

Thus, all sports cars owners pay higher insurance premiums. The Corvette is faster than most sports cars and is more expensive. For more information on why sports cars cost more to insure, read Kelley Blue Book’s article on the subject.

Finding the Right Coverage for a Chevrolet Corvette Z06

top rated 2012 sports carTo find coverage for a Chevrolet Corvette Z06, one need only turn on the computer and access the Internet. However, finding the right car insurance company is just as important as finding the right insurance policy.

One important thing to look for when shopping for an insurance company or insurance agent is one that doesn’t steer their policyholders to any particular shop.

For example, your 1982 Chevrolet Corvette Z06 needs body repair, and you want to take it to the body shop of your choice, Shop A” but your insurance company insists that you take it to body Shop B instead.

A truly reputable insurance company would not do this.

If you need repairs for your Corvette Z06, you should be able to use your preferred mechanic. After all, treating you and your vehicle rate after a loss should be your insurance company’s main job and may be the most important measure of the quality of their customer service.

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Selecting a Company Experienced in Insuring Collector Cars

Another thing to look for when selecting the right insurance company for your classic Corvette is one which has a staff of experienced classic car or Corvette enthusiasts who also happen to own and restore classic cars or Corvettes themselves.

This is perhaps one of the biggest tests that any insurance company should have to pass before getting your business, along with getting your car repaired and back on the road as quickly as possible.

Yet one more consideration is how long the insurance company you actually select is been in business.

The company’s record and health may help to reduce the cost of your insurance policy while increasing the coverage of your Corvette Z06. Keeping the current economy in mind, three important issues should be considered when looking for the right car insurance policy for your Corvette Z06:

  • First, is it possible for the vehicle to be insured as a collectible car? Going from a general auto policy to a collector car policy can provide you with enormous savings.
  • Second, how will the vehicle be used? If it is not driven regularly or is driven less than it used to be, this alone can account for lower gas mileage per year, which can lower your premium in the long run.
  • Finally, should your car be insured by using an agreed value policy and have there been any market value changes? If the value of the vehicle goes down the amount of coverage you actually will need may go down as well.

Saving More Money

savings, money, annuity insurance, retirement and people concept - close up of senior woman hand putting coin into piggy bank

There are even more ways to save. For example, if you have more than one vehicle, some companies will charge you liability coverage for the first vehicle that they insure not the others.

There would be no charges for liability coverage for any additional cars that would be on that insurance policy.

Not having additional charges can make a significant difference when spending on insurance especially if you have a collection. Comparing it to a family auto policy, every vehicle would be charged for liability coverage.

Along with considerable savings, car insurance for collectible cars has yet one more important advantage: a price that is agreed upon by both you and your insurance company.

For example, if there is an accident and your car is totaled, your insurance company would not argue with you on the value of your vehicle.

If you decide to own a premium sports car like a Chevy Corvette, you must understand that part of the cost of ownership is higher-than-average car insurance costs.

Obviously, young drivers or drivers with many tickets or accidents on their driving records will pay more for insurance on any vehicle, but this is especially true on a high-performance sports car.

To keep the insurance costs as low as possible, resist the urge to use the speed available in the Corvette to avoid costly tickets and wrecks.

The more you drive a car, the higher the insurance is for it.

If you have a less expensive car that you can use as your commuter car and drive the Corvette only for pleasure, you can also reduce the premiums. You’ll have to do the math to see if the expense of a second car will save you enough on the Corvette premiums to make it worth it.

You can almost always get a discount if you have more than one policy with the same insurance company. By getting a discount on all of your vehicles and your homeowner’s insurance, you could save money on all them, compensating in part for the costly Corvette.

These and other tips on saving money on car insurance can be found on Edmunds.com.

Shop Around For the Best Rates

Also, get quotes from several companies to see where you can get the best deals on all these policies. By shopping around and doing your homework, you are certain to be able to find how much car insurance costs for a Chevrolet Corvette Z06.

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