How long has it been since the last time you looked for more affordable Chevy Corvette insurance in Detroit? Did you fall for a flashy sales pitch and buy an under-performing, overpriced car insurance policy? Say no more because many Detroit drivers feel the same as you.
It’s amazing but the vast majority of car insurance customers have stayed with the same insurance company for four years or more, and almost 40% of drivers have never compared rates from other carriers. With the average car insurance premium being $6,262, Detroit drivers could save $3,836 every year just by comparing rates, but they underestimate how much savings they would realize if they switched.
Steps to buying discount Chevy Corvette insurance in Detroit
The best way to get affordable car insurance rates in Detroit is to compare prices once a year from companies in Michigan. Rates can be compared by following these steps.
First, learn about how your policy works and the factors you can control to drop your rates. Many rating criteria that are responsible for high rates like at-fault accidents and a bad credit rating can be improved by paying attention to minor details.
Second, compare rates from direct, independent, and exclusive agents. Exclusive and direct companies can only give prices from a single company like GEICO or Farmers Insurance, while independent agents can quote rates for a wide range of companies.
Third, compare the quotes to the price on your current policy and determine if cheaper Corvette coverage is available. If you find a better price, ensure there is no coverage lapse between policies.
Fourth, give notification to your current company of your intent to cancel your current auto insurance policy. Submit a completed policy application and payment for the new policy. Once received, keep the new proof of insurance certificate in your vehicle.
A crucial key to this process is that you use identical deductibles and limits on each quote and and to get prices from as many companies as feasibly possible. This enables a fair price comparison and many rates to choose from.
There is such a variety of insurers to insure vehicles with, and even though it’s nice to have a selection, lots of choices makes it harder to get the best deal for Chevy Corvette insurance in Detroit.
Consumers should take time to get comparison quotes before your next renewal because car insurance prices trend upward over time. Just because you had the best rates on Chevy Corvette insurance in Detroit a year ago the chances are good that you can find a lower premium rate today. Forget all the misinformation about car insurance because you’re about to learn the fastest way to buy cheaper Chevy Corvette insurance in Detroit.
How much is Chevy Corvette insurance in Detroit, MI?
Just remember that making a lot of price comparisons helps you find the best rates. Not every company provides price estimates online, so you should also compare price quotes from them as well.
The companies in the list below can provide price comparisons in Michigan. If multiple companies are listed, it’s a good idea that you visit as many as you can to get a more complete price comparison.
Car insurance statistics for a Chevy Corvette
The information displayed below outlines different insurance costs for Chevy Corvette models. Having insight into how auto insurance premiums are formulated can benefit drivers when making smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Corvette 2-Dr Coupe||$724||$1586||$552||$32||$166||$3,060||$255|
|Corvette GS 2-Dr Coupe||$860||$1772||$552||$32||$166||$3,382||$282|
|Corvette 2-Dr Convertible||$860||$1772||$710||$42||$212||$3,596||$300|
|Corvette GS 2-Dr Convertible||$926||$1956||$710||$42||$212||$3,846||$321|
|Corvette Z06 2-Dr Coupe||$926||$1956||$552||$32||$166||$3,632||$303|
|Corvette ZR1 2-Dr Coupe||$1196||$2692||$552||$32||$166||$4,638||$387|
|Get Your Own Custom Quote Go|
Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Michigan minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Premium amounts do not factor in specific location which can raise or lower prices greatly.
Price comparison of only insuring for liability
The example below compares Chevy Corvette yearly insurance costs with full coverage and liability only. The premiums are based on no claims or driving citations, $250 deductibles, single marital status, and no discounts are applied to the premium.
Deciding between full coverage and liability only
There is no exact rule to stop buying physical damage coverage, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let’s pretend your Chevy Corvette settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $8,000 after the deductible is paid. If premium cost is more than $800 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are some cases where eliminating full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not remove full coverage.
What Impacts Chevy Corvette Insurance Prices?
Many factors are part of the equation when you get a price on insurance. Some are obvious such as your driving record, although others are not quite as obvious like where you live or how safe your car is. Smart consumers have a good feel for the factors that come into play when calculating the rates you pay for insurance. If you understand what impacts premium levels, this enables you to make decisions that may result in better insurance rates.
The following are a few of the “ingredients” used by your company to calculate prices.
Is insurance coverage cheaper for females or males? – Over the last 50 years, statistics have shown that females take fewer risks when driving. Now that doesn’t mean females are better at driving than males. Both genders cause auto accidents at about the same rate, but guys tend to have higher claims. Men also tend to get cited for more serious violations like driving under the influence (DUI). Teenage male drivers cause the most accidents so they pay the highest premiums.
The diagram below compares Chevy Corvette annual premium costs for male and female drivers. The data is based on a clean driving record, no at-fault accidents, full physical damage coverage, $100 deductibles, single marital status, and no discounts are taken into consideration.
Consolidate home and auto and save – Lots of insurance companies allow better rates to policyholders that have more than one policy, otherwise known as a multi-policy discount. Discounts can add up to ten percent or more. Even if you’re getting this discount drivers will still want to shop around to help ensure you have the lowest rates.
Marriage reduces risk – Having a significant other can actually save you money when shopping for insurance. Having a spouse usually means you are less irresponsible and it’s proven that drivers who are married file infrequent claims.
Older drivers are lower risk – Older, more experienced drivers are proven to be safer behind the wheel, tend to file fewer claims, and get fewer tickets. Teenage drivers are statistically shown to be less responsible when driving with friends so they pay higher insurance rates.
The following data uses these variables: single driver, full coverage with $1000 deductibles, and no discounts or violations.
Insurance loss probability for a Chevy Corvette – Insurance companies take into consideration historical loss data for every vehicle to calculate a price that will offset losses. Vehicles that statistically have higher prevalence or dollar amount of losses will cost more for coverage.
The table below demonstrates the insurance loss data used by companies for Chevy Corvette vehicles. For each policy coverage type, the loss probability for all vehicles, regardless of make, model or trim level, is considered to be 100. Values that are 100 or less indicate a favorable loss history, while values over 100 indicate a higher chance of having a claim or an increased chance of larger losses than average.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Chevrolet Corvette 2dr||116||36||101||42||48||39|
|Chevrolet Corvette Convertible||99||25||57||36|
|Chevrolet Corvette Z06 2dr||176||126|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
It may be expensive, but it’s not optional
Even though Detroit Corvette insurance rates can get expensive, paying for auto insurance may be required and benefits you in several ways.
- The majority of states have minimum mandated liability insurance limits which means state laws require specific minimum amounts of liability in order to drive the car legally. In Michigan these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your Chevy Corvette has a loan, it’s most likely the lender will make it a condition of the loan that you have physical damage coverage to protect their interest in the vehicle. If the policy lapses, the lender may have to buy a policy to insure your Chevy at an extremely high rate and force you to pay for the expensive policy.
- Auto insurance preserves both your assets and your vehicle. Insurance will also pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, also pays for attorney fees and expenses if you cause an accident and are sued. If your Chevy gets damaged, collision and comprehensive coverages will cover the damage repairs after a deductible is paid.
The benefits of buying auto insurance more than cancel out the cost, particularly when you have a large claim. Unknowingly, the average driver overpays more than $810 a year so shop around every year to ensure rates are inline.