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Chevy Corvette Insurance Factors

5 Factors that Affect Your Chevy Corvette Insurance Premiums

One of the coolest cars out there is the Corvette. The Corvette brand is known around the world and, since its introduction in the 1950s, has often been the face of American sports cars. The Corvette has gone through six generations, and the rumor is that another version has been in development since 2007.

Corvette owners take pride in their cards, from astronaut Alan Shepard to talk show host Jay Leno to musician Sheryl Crow. However, if you own a Corvette, you do need to pay to insure it. The good news is that insuring a Corvette is often cost-effective when compared to other sports cars.

The average cost to insure a Corvette, according to Automotive.com, is $1,887 a year. (Compare that to $3,000 a year to insure a Porsche 911.) However, it’s possible to pay less than that, depending on various factors. Here are 5 factors that will affect your Chevy Corvette insurance premiums:

1. Your Driving History

The most important factor in obtaining a lower insurance rate for your Corvette is your driving history. According to the Insurance Institute for Highway Safety, Corvettes have few claims filed against them. It looks as though Corvette owners are generally safe drivers – and that is one of the reasons that it is possible to find insurance that is at least manageable. If you have a pristine driving history, you might even be able to find a policy as low as $700 or $800 a year.

2. Where You Live

Your location matters when it comes to auto insurance premiums. If you live in an area that has a high incidence of car accidents, your insurance is going to be higher, whether you have a Corvette or another type of car. Another issue is whether or not car theft is common in your area. An area prone to high-end car thefts can mean a higher premium for you.

3. The Actual Insurance Policy

The insurance policy you choose to cover your Chevy Corvette can impact your premium. Choose a higher deductible, and you could end up with a lower premium. Because Corvettes are American cars, finding the parts to repair them is often easier than getting the parts for foreign sports cars. Choose a higher deductible, and consider the actual coverage you need, and you will likely see a lower premium.

4. How Much You Drive Your Corvette

Frequent drivers are more likely to get in an accident. If you garage your Corvette most of the year, and only drive it a few thousand miles annually, you could get a break on your insurance premium. Most Corvette drivers don’t take their cars to work each day, and that can mean a lower insurance rate.

5. Your Demographics

Your age and gender can also influence your insurance premium. A single man in his early 20s is likely to be considered a larger accident risk than a middle-aged mom. As a result, insurance rates – especially on a cool, sporty car like a Corvette – can be higher for certain demographics. Look for ways to offset these costs by boosting your deductible, or showing your good driving history.

Among sports cars, the Chevy Corvette is one of the most affordable in terms of insurance. You can make the most of your driving experience by paying attention to the factors that determine your rate, and taking steps to save as much as you can on insurance premiums.