Chevrolet is one of the most famous car brands in the world. They sell a variety of sedans, trucks, and hatchbacks, but the most famous model in pop culture has got to be the Corvette.
One of the best sports car brands on the planet is the Corvette. It combines incredible performance with gorgeous body shape and paint jobs. It’s also sold at one of the most affordable prices in the sports car industry.
Still, not everybody has the money to buy a Corvette — or any other sports car, for that matter. Treating yourself to a car of this caliber is usually a reward for years of hard work and dedication to building a fulfilling career and life. When the time comes to buy a fancy car, it becomes that much more rewarding. You’ve likely never bought something like this before, and you deserve it.
There are more questions to answer beyond just what color you like and whether you have the money to make the purchase. How much does it cost to insure a Corvette? Do different Corvette models affect the insurance of the vehicle, or are they all similar because they are the same brand? Does the age of the Corvette matter when buying insurance for the vehicle?
We’ll examine why some people choose to buy cars like the Corvette. We’ll also discuss whether other Chevy vehicles are a better choice depending on the situation you are in and whether the insurance costs are negotiable. Are they a deal-breaker when deciding to buy a Corvette?
Insurance for Corvettes
Like most cars, there are a lot of factors to consider when choosing an insurance policy for a Corvette.
Some people assume that sports cars are more pricey to insure because they are more expensive than other non-sporty counterparts. Still, there are some surprising facts showing that Corvettes are more affordable to buy insurance for than other similar vehicles.
The most expensive auto insurance is for drivers under 25 years old and over 65. This is because the inexperience of a teenage driver leads to more accidents. In turn, there are more expensive payouts and frequent claims from the client.
Older people have poor reaction times, they may have forgotten some rules of the road, and they get more tired behind the wheel. These factors all contribute to more wrecks caused by older drivers and high insurance rates.
The point of insurance for the company giving it out is to make more money off the premiums than the money that is spent on claims by the customers after an accident.
Chevrolet Corvettes are less likely to get into accidents for several reasons. The first is the age range we just discussed above. Middle-aged people, the demographic with the best driving record, buy Corvettes more often than the other age groups. Young folks can’t afford sports cars, and older folks get intimidated by the features of Corvettes like the 2016 C7.R.
Another factor in affordability for Corvette insurance is the fact that most people do not drive their Corvette around to work, the gym, or their next vacation spot like it’s the family sedan. Sports cars are usually driven sparingly. Therefore, the risk of car accidents happening in them is much smaller than non-sports cars.
It should be noted that the newer the Corvette, the higher the insurance rates you are going to have to pay. New cars are worth more in any brand or model because of the amount of modern tech in them.
Why do people love sports cars like the Corvette?
Isn’t it amazing that the automobile and auto insurance industries are as big as they are now? The only point of inventing cars was to transport ourselves and goods to places that we couldn’t walk to. Why do we love cars so much? What’s the big difference between buying a truck, an SUV, or a sports car?
Buying a car like a Corvette shows that the person wants status and material. These are things that are not symbolized by other vehicles. Corvettes are sleek, stylish, have huge motors, and are super fun to drive. Who wouldn’t want to drive one of these vehicles if they have the money?
Not everybody can purchase one, though. There are plenty of other Chevy cars or trucks to choose from that have more affordable rates. Surprisingly, they are not as cheap to get insurance for as the Corvette.
The Corvette is not meant for families or large parties, as it is typically a two-door car without much in terms of back seats or passenger space. If you are looking for a vehicle that can house larger groups of people, look into SUVs like the Chevy Equinox or the Chevy Traverse.
These vehicles are sometimes more expensive to insure, though, because they may be handed down to kids from their parents. They also are more likely to be driven by passengers, and this is deemed a greater risk for car accidents because more people in a vehicle leads to more distractions for the driver.
The Verdict on Buying a Corvette
Corvettes are more affordable than you would have originally thought. This is especially true if you buy a used car and consider that the used car insurance rates are very good compared to other sedans that are not sports cars.
Do you enjoy sports cars? If you want luxury safety features that are modern and also help give you discounts on your insurance, the Corvette is as good of a buy as any in the Chevy lineup. The best part is that you will be the coolest-looking person in the neighborhood, and you don’t even have to be rich to cash in on such an iconic car.
Compare the prices of the older ones to the newer ones, see which cars have the adequate amount of safety features, and ask antique car dealers how they think the Corvette will age in the decades to come. These tips should put you on the way to a fun experience owning a Corvette.
Author: Shawn Laib writes and researches for the car insurance comparison site, CarInsurance101.com. He enjoys helping people evaluate the insurance options they have on potential sports car purchases.